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

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Recent Editions

A trader on the floor of the New York Stock Exchange last month. Photo by Bloomberg.

An Aborted IPO Reflects Market Jitters About Covid Winners

By Martin Peers · Oct 7, 2021 5:00pm PDT

After a spate of IPO filings earlier this week, including from companies Rent the Runway, Udemy and GlobalFoundries, you might have thought the roller-coaster ups and downs of the market weren’t deterring anyone from going public. Wrong! Today iFit Health & Fitness, a competitor to Peloton, decided to postpone its IPO due to “adverse market... After a spate of IPO filings earlier this week, including from companies Rent the Runway, Udemy...

BITKRAFT Ventures Founding General Partner Jens Hilgers. Photo by BITKRAFT Ventures.

BITKRAFT’s $75 Million Blockchain Bet; Tether’s New Trouble

By Hannah Miller · Oct 7, 2021 4:56pm PDT

BITKRAFT Ventures is launching a $75 million token fund for investing in startups involved in both crypto and gaming, The Information is first to report. The fund adds to the mounting pile of cash venture capitalists are aiming at blockchain-based games. This new fund could help pave the way for what BITKRAFT founding general partner Jens... BITKRAFT Ventures is launching a $75 million token fund for investing in startups involved in...

WTF: Women in Tech, Media and Finance

Excerpts From Day Two of The Information’s WTF 2021 Conference

By The Information Staff · Oct 7, 2021 3:51pm PDT

At The Information’s WTF conference today, speakers included Robinhood COO Gretchen Howard, Snap’s Chief Business Officer Jeremi Gorman and Clubhouse marketing head Maya Watson. We also heard from a media panel of Janice Min, Contributing Editor, Time and the former co-president, Hollywood Reporter-Billboard Entertainment Group as... At The Information’s WTF conference today, speakers included Robinhood COO Gretchen Howard,...

Ten Startups Focused on Creators and NFTs

By Mahira Dayal · Oct 7, 2021 3:30pm PDT

Creator Economy

Ten Startups Focused on Creators and NFTs

By Mahira Dayal · Oct 7, 2021 3:30pm PDT

Our latest chart shows that venture capitalists are enthused about investing in companies that are straddling two in-the-moment sectors: creators and non-fungible tokens (NFTs), the unique digital assets based on the blockchain. Our analysis of The Information’s Creator Economy database shows that venture firms have invested $250 million in... Our latest chart shows that venture capitalists are enthused about investing in companies that...

Andreessen Horowitz General Partner Katie Haun

WTF: Women in Tech, Media and Finance

Andreessen Horowitz’s Haun: Competition for Crypto Equity Deals ‘Has Intensified’

By Kate Clark · Oct 7, 2021 2:07pm PDT · 2 comments

Venture firm Andreessen Horowitz’s new $2.2 billion cryptocurrency fund has given the venture firm the ammo to pursue more and bigger deals. But it’s got far more competition for crypto equity deals than it did a year ago. “There’s a lot of investor excitement in crypto and a lot of investors who haven’t been... Venture firm Andreessen Horowitz’s new $2.2 billion cryptocurrency fund has given the...

WTF: Women in Tech, Media and Finance

Salesforce CFO Weaver Says Women Are ‘Primed’ for CEO Appointments

By Laura Mandaro · Oct 7, 2021 1:30pm PDT · 1 comment

Salesforce’s chief financial officer, Amy Weaver, recalls reading reports from analysts published after the software giant last year named Weaver, then its most senior lawyer, to succeed its longtime CFO. “A couple of [them] very nicely said, ‘Untraditional or unconventional.’ One finally said, ‘Inspired,’ and... Salesforce’s chief financial officer, Amy Weaver, recalls reading reports from analysts...

WTF: Women in Tech, Media and Finance

Universal Chief Langley Says Shorter Theatrical Releases Are the New Norm

By Sahil Patel · Oct 7, 2021 12:11pm PDT

Not every director is Christopher Nolan—the auteur behind blockbuster films including “The Dark Knight” and “Inception.” That means not every filmmaker should expect to receive a 100-day-plus theatrical release for their films, especially as the escalating streaming wars and the pandemic combine to dramatically... Not every director is Christopher Nolan—the auteur behind blockbuster films including...

Promotional artwork for Horizon Worlds. Credit: Facebook

Will $10 Million and a Rebranding Help Jumpstart Facebook Horizon?

By Mathew Olson · Oct 7, 2021 10:00am PDT

Promotional artwork for Horizon Worlds. Credit: Facebook

Will $10 Million and a Rebranding Help Jumpstart Facebook Horizon?

By Mathew Olson · Oct 7, 2021 10:00am PDT

Today, Facebook is announcing that its VR project formerly known as Horizon, a social app where people can create games and experiences to share in together, is being renamed Horizon Worlds. It will remain separate from Horizon Workrooms, a productivity focused sister app. Facebook is also announcing a new $10 million fund for Horizon Worlds... Today, Facebook is announcing that its VR project formerly known as Horizon, a social app where...

Salesforce's Bret Taylor (left) and Marc Benioff. Photos by Bloomberg. Art by Mike Sullivan

At Salesforce, a CEO Shift from Benioff to Taylor Draws Near

By Kevin McLaughlin · Oct 7, 2021 6:01am PDT · 1 comment

What will Salesforce look like when its co-founder and CEO, Marc Benioff, finally passes the baton to someone else? The tech industry may get to find out sooner rather than later. In recent months, the company’s No. 2 executive, Bret Taylor, has confided to people close to him that he expects to be promoted to CEO of Salesforce soon,... What will Salesforce look like when its co-founder and CEO, Marc Benioff, finally passes the...

Coinbase CEO Brian Armstrong. Photo by Bloomberg.

Why Coinbase CEO’s Worries About Attacks on Founders Are Misplaced

By Martin Peers · Oct 6, 2021 5:00pm PDT · 1 comment

Coinbase CEO Brian Armstrong is worried that attacks from the press and politicians will drive successful CEOs to “leave from burnout.” Given the timing, this tweet seemed to be a response to the pounding that Facebook CEO Mark Zuckerberg has taken lately, although Armstrong mentioned “Gates, Page, Bezos” as though they were examples. This has... Coinbase CEO Brian Armstrong is worried that attacks from the press and politicians will drive...

An illustration of the Shibu Inu digital currency. Image: AP

Elon Musk’s Pup Pump; The New Crypto Billionaires

By Hannah Miller · Oct 6, 2021 4:35pm PDT

Elon Musk has still got it when it comes to influencing cryptocurrency markets. Four days after the Tesla CEO sent a tweet that nodded to the digital currency SHIBA INU (SHIB), the coin is still rallying. It’s currently up 47% in the past 24 hours and 232% since Sunday. Admittedly, it doesn’t take much to create big swings in the currency—it’s... Elon Musk has still got it when it comes to influencing cryptocurrency markets. Four days after...

Excerpts From Day One of The Information’s WTF 2021 Conference

By The Information Staff · Oct 6, 2021 3:38pm PDT

WTF: Women in Tech, Media and Finance

Excerpts From Day One of The Information’s WTF 2021 Conference

By The Information Staff · Oct 6, 2021 3:38pm PDT

At The Information’s WTF conference today, speakers included Dawn Ostroff, chief content officer and advertising business officer of Spotify, MSNBC president Rashida Jones, Barstool Sports CEO Erika Nardini and progressive philanthropist Kathryn Murdoch. We also heard from a panel of venture capitalists—Rachel Holt, co-founder of... At The Information’s WTF conference today, speakers included Dawn Ostroff, chief content...

Photo: Wardrobe

Creator Economy

A Startup for Wardrobe Rental Sales Nabs Funding; Twitch Hack Exposes Streamers Earning Millions

By Kaya Yurieff · Oct 6, 2021 2:50pm PDT

It’s become popular practice for social media influencers to sell clothes they no longer want on second-hand marketplaces like Depop and Poshmark. Such items can sell out quickly as fans rush to buy something from their favorite online personality. Wardrobe, a three-year-old New York startup, takes that idea and pairs it with renting out... It’s become popular practice for social media influencers to sell clothes they no longer want on...

WTF: Women in Tech, Media and Finance

Kathryn Murdoch Says Big Companies Shouldn’t Be Controlled By One Person

By Mahira Dayal · Oct 6, 2021 2:25pm PDT · 2 comments

Philanthropist Kathryn Murdoch said no individual should control a big company like Facebook, saying “it is troubling when you have one person who wields that kind of power and it’s probably not the right way forward.” The comments by Murdoch, at The Information’s Women in Tech, Media and Finance conference on Wednesday,... Philanthropist Kathryn Murdoch said no individual should control a big company like Facebook,...

How Snapchat's new contests with cash prizes will appear in-app. Credit: Snap

Snap’s New AR Incentives; Canon Courts VR Filmmakers

By Mathew Olson · Oct 6, 2021 11:00am PDT

Snap is launching a new series of contests with cash prizes to entice creators large and small. On its face, it’s likely a smart move to stay attractive next to other video-focused social media platforms like TikTok and Instagram.I’m sure Kaya will have more to say about it and other changes for Snapchat’s biggest stars in today’s Creator... Snap is launching a new series of contests with cash prizes to entice creators large and small....

Barstool’s Nardini Predicts More Sports Media Firms Will Partner With Betting Firms

By Aidan Ryan · Oct 6, 2021 10:25am PDT

WTF: Women in Tech, Media and Finance

Barstool’s Nardini Predicts More Sports Media Firms Will Partner With Betting Firms

By Aidan Ryan · Oct 6, 2021 10:25am PDT

The legalization of online sports betting in states across the U.S. has sparked a wave of deal making within the sports betting industry involving both sports leagues and digital media firms. Barstool Sports CEO Erika Nardini predicts more media firms will strike deals, although she says it is the professional sports leagues that hold the most... The legalization of online sports betting in states across the U.S. has sparked a wave of deal...

WTF: Women in Tech, Media and Finance

Peacock Is Helping MSNBC Reach Younger Viewers, MSNBC Chief Rashida Jones Says

By Sahil Patel · Oct 6, 2021 9:28am PDT

NBCUniversal’s streaming service, Peacock, is helping MSNBC reach viewers at least a decade younger than those watching on its traditional cable channel, according to MSNBC’s president, Rashida Jones. Peacock is helping broaden MSNBC’s audience by creating a platform for different content formats and talent than what can be... NBCUniversal’s streaming service, Peacock, is helping MSNBC reach viewers at least a decade...

SoftBank CEO Masayoshi Son. Photo: Bloomberg. Art by Mike Sullivan

SoftBank’s Prodigal Son Struggles in New Era

By Berber Jin · Oct 6, 2021 6:30am PDT

On a Wednesday just before the start of summer, SoftBank Group CEO Masayoshi Son gave managers of his company’s venture capital arm a list with thousands of VC-backed startups. Frustrated that SoftBank’s two Vision Funds had missed out on investing in some hot tech companies, he wanted the partners to contact as many of the... On a Wednesday just before the start of summer, SoftBank Group CEO Masayoshi Son gave managers of...

Senators Marsha Blackburn and Richard Blumenthal as Frances Haugen testified today. Photo by Bloomberg.

Facebook Leads to Hyperbole Outbreak

By Martin Peers · Oct 5, 2021 5:00pm PDT

Have we reached peak Facebook-bashing yet? It would be risky to call the top for that exercise, although it may be hard to surpass this week’s one-two punch of the global outage with the public appearances of whistleblower Frances Haugen. The result is commentary notable for its rapidly diminishing quota of common sense. Take, for example,... Have we reached peak Facebook-bashing yet? It would be risky to call the top for that exercise,...

Art by Mike Sullivan

Bitcoin Breaks $50K; Circle’s SEC Subpoena; Blockbuster NFT Sales

By Hannah Miller · Oct 5, 2021 4:07pm PDT

Art by Mike Sullivan

Bitcoin Breaks $50K; Circle’s SEC Subpoena; Blockbuster NFT Sales

By Hannah Miller · Oct 5, 2021 4:07pm PDT

The price of bitcoin broke $50,000 for the first time in about a month on Tuesday as expectations mount that the Securities and Exchange Commission will soon approve a bitcoin futures exchange-traded fund. The prices of other digital currencies and crypto-related stocks rose as well. Crypto exchange Coinbase’s stock closed at $240 on Tuesday, an... The price of bitcoin broke $50,000 for the first time in about a month on Tuesday as expectations...