The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

Get smarter about the day’s news in tech, media and finance by following Silicon Valley’s most-read executive newsletter.

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Recent Editions

A virtual private island based in the Sandbox metaverse's Fantasy Islands real estate development. Photo by Republic Realm.

A Second Life for Crypto and NFTs in the Metaverse; Another Meta Exec Quits

By Hannah Miller · Dec 7, 2021 4:27pm PST

As Meta Platforms has pivoted toward the metaverse, cryptocurrencies related to this immersive, three-dimensional version of the internet have taken off. Meta’s announcement helped boost the value of metaverse-related cryptocurrencies, according to new data from Macro Hive. The market research firm found that its Meta index, which tracks the... As Meta Platforms has pivoted toward the metaverse, cryptocurrencies related to this immersive,...

Discord is testing a new feature that allows creators to charge fans for subscriptions on the chat app. Photo: Bloomberg

Creator Economy

Discord Takes Back Turf from Patreon; Facebook Boosts Tipping

By Kaya Yurieff · Dec 7, 2021 3:45pm PST

It’s long been popular practice for creators to sell access to their private Discord communities as part of paid subscriptions on Patreon, YouTube and Twitch. The arrangement kept creators, such as gamers with big followings, conversing with their fans on Discord. But the chat app didn’t get any subscription revenue; the other platforms did.... It’s long been popular practice for creators to sell access to their private Discord communities...

Signage for Bumble on the day the company went public on the Nasdaq earlier this year. Photo by Bloomberg.

Just How Much Did 2021’s Tech IPOs Underperform Last Year’s? A Lot

By Aidan Ryan · Dec 7, 2021 11:30am PST

If you have the impression that a lot of this year’s tech initial public offerings haven’t done well, you’re not wrong. Nearly two-thirds of tech companies that went public via IPO this year are trading below their IPO price, according to data provided by Dealogic. The weak performance is a reflection of both the market, which... If you have the impression that a lot of this year’s tech initial public offerings...

An AR menu demo made for Snap's Spectacles by developer Brielle Garcia. Photo: Snap

Co-Founder Bobby Murphy on Snap’s AR Wins and Road Ahead

By Mathew Olson · Dec 7, 2021 11:00am PST

An AR menu demo made for Snap's Spectacles by developer Brielle Garcia. Photo: Snap

Co-Founder Bobby Murphy on Snap’s AR Wins and Road Ahead

By Mathew Olson · Dec 7, 2021 11:00am PST

Snap’s co-founder Bobby Murphy is stepping out of the shadows. The company’s Chief Technology Officer long has taken a back seat to his colleague, CEO Evan Spiegel, when it comes to dealing with the public. But as Snap becomes more of a force in AR, Murphy has plenty to discuss.In an interview with The Information to mark today’s beginning of... Snap’s co-founder Bobby Murphy is stepping out of the shadows. The company’s Chief Technology...

Apple CEO Tim Cook. Photo collage by Haejin Park. Photos by Bloomberg

Inside Tim Cook’s Secret $275 Billion Deal with Chinese Authorities

By Wayne Ma · Dec 7, 2021 6:00am PST · 8 comments

Apple’s iPhone recently became the top-selling smartphone in China, its second-biggest market after the U.S., for the first time in six years. But the company owes much of that success to CEO Tim Cook, who laid the foundation years ago by secretly signing an agreement, estimated to be worth more than $275 billion, with Chinese officials... Apple’s iPhone recently became the top-selling smartphone in China, its second-biggest...

DoorDash riders in New York in April. Photo by Bloomberg.

Ultrafast Wars Raise Risk of Investor Injury

By Martin Peers · Dec 6, 2021 5:00pm PST

Wandering around Manhattan has lately become a not-so-fun exercise in dodging the stream of bicycles ridden ferociously by delivery couriers, a population that is growing with the proliferation of ultrafast grocery-delivery services. DoorDash’s announcement on Monday that it is jumping into the ultrafast fray suggests that the danger of severe... Wandering around Manhattan has lately become a not-so-fun exercise in dodging the stream of...

Sam Bankman-Fried, founder and CEO of FTX US. Photo by FTX. Art by Mike Sullivan.

What a Lofty Valuation Could Mean for FTX US; OpenSea Takes Lyft’s CFO

By Hannah Miller · Dec 6, 2021 4:16pm PST

Late Friday, my colleagues Kate and Berber and I broke the news that Bahamian crypto exchange FTX and its U.S. affiliate FTX US are looking to raise a total of $1.5 billion at valuations of $32 billion and $8 billion, respectively. The figures represent not only potential gains for FTX, which was valued at $25 billion after it raised $420... Late Friday, my colleagues Kate and Berber and I broke the news that Bahamian crypto exchange FTX...

Universe CEO Joseph Cohen. Photo credit Jayson Carter.

Addition Leads Funding for Website Builder Universe; Twitter Shuffles Top Team

By Kaya Yurieff · Dec 6, 2021 2:32pm PST

Universe CEO Joseph Cohen. Photo credit Jayson Carter.

Creator Economy

Addition Leads Funding for Website Builder Universe; Twitter Shuffles Top Team

By Kaya Yurieff · Dec 6, 2021 2:32pm PST

Creators are making custom websites in vogue again.After years of watching social networks abruptly tweak their algorithms or make other changes like hiding popularity metrics, influencers are trying to exert more control over their audiences by launching their own websites and blogs. That’s feeding demand for the startups that help them build... Creators are making custom websites in vogue again.After years of watching social networks...

Roblox's home page, as shown on a laptop. Photo by Bloomberg.

Apple’s Treatment of Roblox in Spotlight in DOJ Antitrust Probe

By Josh Sisco · Dec 6, 2021 12:20pm PST

As the U.S. government tries to put together an antitrust case against Apple for the way it controls iPhones, prosecutors are looking for instances in which the company is unevenly enforcing rules for app developers in ways that could hurt its potential rivals. One example they’re focused on is Apple’s hands-off approach with gaming... As the U.S. government tries to put together an antitrust case against Apple for the way it...

A close-up of a controller for the next PlayStation VR headset. Credit: Sony

Sony’s Subscription Opportunity; An Indie VR Sensation

By Mathew Olson · Dec 6, 2021 11:00am PST

Sony appears to finally see Xbox Game Pass, Microsoft’s subscription service often likened to a “Netflix for games,” as a threat to the PlayStation business. It’s reportedly planning a revamp to its own set of subscription plans that will see it compete more directly with Xbox’s. If Sony wants to be really smart about this, though, it should... Sony appears to finally see Xbox Game Pass, Microsoft’s subscription service often likened to a “...

Illustration by Danielle Davis

Internal Google Data Reveals It’s Bigger Than Snowflake in Key Cloud Business

By Kevin McLaughlin and Amir Efrati · Dec 6, 2021 6:00am PST

Google may lag far behind rivals Amazon Web Services and Microsoft in the cloud market. But at least the company can boast that it’s outselling one of the hottest cloud companies, Snowflake, in an important segment of the business—at least right now. Snowflake’s business is data warehousing, which uses a type of database... Google may lag far behind rivals Amazon Web Services and Microsoft in the cloud market. But at...

The Monroney sticker

Why a Car Window Sticker is America’s Best Weapon Against Chinese Battery Domination

By Steve LeVine · Dec 5, 2021 2:00pm PST

The Monroney sticker

Why a Car Window Sticker is America’s Best Weapon Against Chinese Battery Domination

By Steve LeVine · Dec 5, 2021 2:00pm PST

Welcome back to The Electric! Non-Chinese electric vehicle makers are putting themselves at risk of a repeat of the semiconductor crisis: For at least the 2020s, they will be largely reliant on a single source of supply for lithium-ion battery materials—China. Today I examine a proposed strategy to address this vulnerability to a future... Welcome back to The Electric! Non-Chinese electric vehicle makers are putting themselves at...

Modern Health's cofounders are locked in a never-ending breakup.

As Hollywood Shines Its Klieg Lights on Silicon Valley, a New Tech Scandal Arises

By Jon Steinberg · Dec 4, 2021 8:00am PST

Hi, welcome to your Weekend!The Valley is small and memories are long. I’ve heard countless versions of that old venture capital saw. And true enough, it sometimes seems like Silicon Valley is one clubby, insular, gossip-addled village. That’s why it can feel so disorienting when the outside world gets interested in Valley business. As TI... Hi, welcome to your Weekend!The Valley is small and memories are long. I’ve heard countless...

FTX co-founder and CEO Sam Bankman-Fried. Photo: Bloomberg

Crypto Exchange FTX, U.S. Affiliate Seek to Raise $1.5 Billion

By Kate Clark, Berber Jin and Hannah Miller · Dec 3, 2021 8:09pm PST

FTX co-founder and CEO Sam Bankman-Fried has told investors he is seeking a new round of funding for the global crypto exchange and he is also asking investors to buy shares in its U.S. affiliate, according to two people with direct knowledge of the matter. The new fundraising aims to value FTX at $32 billion and FTX’s U.S. affiliate... FTX co-founder and CEO Sam Bankman-Fried has told investors he is seeking a new round of funding...

Didi's offices in Hangzhou, China. Photo by Bloomberg.

Why Alibaba Is No Didi

By Martin Peers · Dec 3, 2021 5:00pm PST

This is a nervous stock market. News that Didi Global will delist from the New York Stock Exchange and move to Hong Kong sent Didi stock plunging 22% on Friday to its lowest point yet. That’s an understandable reaction: We don’t know exactly what the shift means for shareholders. But the news also knocked other Chinese stocks for a loop as well:... This is a nervous stock market. News that Didi Global will delist from the New York Stock...

Art by Haejin Park

Redwood Trees and NFTs: Silicon Valley’s Holiday Gifting Arms Race Is Back

By Annie Goldsmith · Dec 3, 2021 3:00pm PST · 2 comments

Art by Haejin Park

Redwood Trees and NFTs: Silicon Valley’s Holiday Gifting Arms Race Is Back

By Annie Goldsmith · Dec 3, 2021 3:00pm PST · 2 comments

Each December, a few lucky individuals come home to a hefty package from Laurene Powell Jobs. The sustainable wooden crate, plopped on doorsteps in the San Francisco Bay Area and beyond, has included honey from the Jobs family beehives, specialized teas, a collection of the Emerson Collective founder’s favorite books (The Overstory by Richard... Each December, a few lucky individuals come home to a hefty package from Laurene Powell Jobs. The...

The Talent Cloud - The 411 Podcast

By The Information Staff · Dec 3, 2021 2:44pm PST

This week we continue our special five-episode series on The Information 50, our annual list of the most promising startups valued at less than $1 billion, by taking a look at the B2B category. More than half the startups in this group reflect two big pandemic related trends: companies trying to control spending on subscription... This week we continue our special five-episode series on The Information 50, our annual list of...

Photograph by Dave Zahrobsky. Art by Haejin Park.

The Inside Story of a Scorched-Earth Breakup Between Two Founder Friends

By Janice Min · Dec 3, 2021 12:41pm PST · 4 comments

At 31, Erica Johnson, a neuroscientist and engineer, had never been rich, and certainly not tech-unicorn, eff-you-money rich. At Stanford Medical School and University of California San Francisco, Johnson researched brain health and cognitive function, earning between $45,000 and $55,000 a year. Making big money would be great someday, sure, but... At 31, Erica Johnson, a neuroscientist and engineer, had never been rich, and certainly not...

Howie Liu, co-founder and CEO of AirTable. Photo by Bloomberg

Airtable Valuation to Double to $11.7 Billion in New Funding

By Berber Jin · Dec 3, 2021 12:41pm PST

Airtable, a developer of cloud-based collaboration software, is finalizing a new round of funding that would value the San Francisco startup at $11.7 billion including the new capital, said two people familiar with the discussions. XN LP, a multibillion-dollar investment firm that backs both public and private companies, is set to lead the... Airtable, a developer of cloud-based collaboration software, is finalizing a new round of funding...

Art Credit: Vinnie Neuberg

CEO Phil Libin Moved to Bentonville, Arkansas at Random—Now, He’s Planting Roots

By Annie Goldsmith · Dec 3, 2021 12:00pm PST · 3 comments

Art Credit: Vinnie Neuberg

CEO Phil Libin Moved to Bentonville, Arkansas at Random—Now, He’s Planting Roots

By Annie Goldsmith · Dec 3, 2021 12:00pm PST · 3 comments

Editor’s Note: In this week’s“Decamped,” catchingup with Phil Libin, CEO of video communication company mmhmm and former CEO of Evernote, about the realities of leaving San Francisco for small-townArkansas. The last straw: I needed a change of scenery—San Francisco was just stressful. So my girlfriend and I just thought, it doesn’t really matter... Editor’s Note: In this week’s“Decamped,” catchingup with Phil Libin, CEO of video communication...