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

Art by Mike Sullivan. Images by Bloomberg, AP, Shutterstock.

Coming Soon: Every Tech Scandal Under the Sun

By Josh Duboff · Dec 3, 2021 12:00pm PST · 1 comment

Hollywood’s interest in real-life Silicon Valley stories is a tale of two Aaron Sorkin scripts. The best of times came in 2010 with “The Social Network,” which garnered eight Academy Award nominations and $225 million at the box office. The worst of times? That would be 2015’s “Steve Jobs” and its disappointing $34 million haul. Since then,... Hollywood’s interest in real-life Silicon Valley stories is a tale of two Aaron Sorkin scripts....

Chinese Ad Rates, Already Pricier Than U.S., Soared This Year

By Shai Oster · Dec 3, 2021 6:00am PST

The U.S. might be the world’s biggest market for mobile advertising, but China is its most expensive—and getting more so. And that is a major drag for startups, as it drives up the cost of drawing new users, Chinese tech executives say. The average cost to buy ad space on Android phones through mobile marketplace InMobi rose 48% in... The U.S. might be the world’s biggest market for mobile advertising, but China is its most...

Grab's headquarters being built in Singapore last May. Photo by Bloomberg.

BuzzFeed, Grab Run Into SPAC Buzzsaw

By Martin Peers · Dec 2, 2021 5:00pm PST

This is not the week to be tying the knot with a SPAC. Shares of Grab, a Southeast Asian food-delivery and ride-hailing firm that went public via a SPAC merger, fell 21% on its opening day today. Meanwhile we also got word—hats off to The Wall Street Journal for the scoop—that most of the shareholders in BuzzFeed’s SPAC partner, 890 Fifth Avenue... This is not the week to be tying the knot with a SPAC. Shares of Grab, a Southeast Asian...

Solana Labs Co-founder and COO Raj Gokal. Photo from Solana Labs. Art by Mike Sullivan.

Social Media Giants Are Dreaming of Web3

By Hannah Miller · Dec 2, 2021 4:46pm PST · 3 comments

Solana Labs Co-founder and COO Raj Gokal. Photo from Solana Labs. Art by Mike Sullivan.

Social Media Giants Are Dreaming of Web3

By Hannah Miller · Dec 2, 2021 4:46pm PST · 3 comments

The gold rush to build decentralized social media networks untethered from the Big Tech giants got a big boost in November when Seven Seven Six Ventures, the VC firm of Reddit co-founder Alexis Ohanian, and Solana Ventures announced a $100 million investment fund to kickstart a wave of Web3 projects. According to an interview with one of the... The gold rush to build decentralized social media networks untethered from the Big Tech giants...

YouTuber Zik Asiegbu. Photo credit: Popchew

Creator Economy

How Startup Popchew Is Feeding Creators’ Restaurant Ambitions

By Mahira Dayal · Dec 2, 2021 4:36pm PST

At a certain point, many creators want to do more than earn money from videos and sponsored posts: They want to own businesses that don’t rely on their daily uploads. Few get to this point, given the financing and know-how needed to run a standalone operation like a restaurant. But YouTuber Zik Asiegbu and startup Popchew are trying a third... At a certain point, many creators want to do more than earn money from videos and sponsored...

VC Investments in Consumer Crypto Startups Soar 26-Fold

By Berber Jin · Dec 2, 2021 1:59pm PST · 1 comment

Venture capitalists investing in consumer startups are writing more checks for crypto companies than ever before. The deals underscore how blockchain technology is reshaping industries like gaming and e-commerce, pushing long-standing consumer investors to remake themselves as crypto backers. Investors have poured $3.7 billion into... Venture capitalists investing in consumer startups are writing more checks for crypto companies...

Konstantinos “KP” Papamiltiadis, VP of Platform Partnerships at Snap. Photo: Snap. Illustration: Mike Sullivan

An Interview With Snap’s New VP of Platform Partnerships

By Mathew Olson · Dec 2, 2021 11:00am PST

Given Snap’s determination to release its own AR glasses, it deserves to be part of all the metaverse talk coming from investors, analysts and press alike. Many of the products Snap is building to support its future in AR align with reasonable definitions of what the metaverse will be. That makes it all the more intriguing that Snap executives... Given Snap’s determination to release its own AR glasses, it deserves to be part of all the...

Illustration by Mike Sullivan

Facebook’s Decade-Old Missteps Should Be a Lesson for Web3

By Sam Lessin · Dec 2, 2021 9:23am PST · 7 comments

Illustration by Mike Sullivan

Modest Proposals

Facebook’s Decade-Old Missteps Should Be a Lesson for Web3

By Sam Lessin · Dec 2, 2021 9:23am PST · 7 comments

Once upon a time—that is, in 2011—the company then known as Facebook launched Open Graph, a way for users to carry their Facebook identities from app to app, thereby enabling developers to give them a personalized experience wherever they went. Rather than recreating an identity each time you went to a new app, you could leverage the... Once upon a time—that is, in 2011—the company then known as Facebook launched Open...

Amazon trailers at the entrance to an Amazon warehouse in Kolbaskowo, Poland, in 2018. Photo by Bloomberg

Amazon Expands Trucking Program to Europe

By Paris Martineau and Mark Di Stefano · Dec 2, 2021 6:01am PST

Bogged down by ballooning shipping costs at home and abroad, Amazon is looking to rapidly increase the number of small trucking companies that haul its goods around Europe. The internet retailer is expanding a little-known program called Amazon Freight Partner to Germany, Spain, Poland, France and Italy, and aims to train hundreds of would-be... Bogged down by ballooning shipping costs at home and abroad, Amazon is looking to rapidly...

Cathode powder. Photo: Kiyoshi Ota/Bloomberg

The Electric Flash Analysis: The Truth About GM’s New Battery Cathode Factory—It Will Rely on China

By Steve LeVine · Dec 2, 2021 5:27am PST

General Motors on Wednesday framed its plan to build a North American plant to process battery metals for electric vehicles as a giant step toward supply chain independence. “We need to control our own destiny, especially when it comes to battery production. That’s why we’re pursuing a North America-focused vertical integration... General Motors on Wednesday framed its plan to build a North American plant to process battery...

Marc Benioff. Photo by Bloomberg.

Salesforce’s Pretend Co-CEO Arrangement

By Martin Peers · Dec 1, 2021 5:00pm PST · 1 comment

Marc Benioff has redefined the term co-CEO. As The Information reported earlier today, Bret Taylor, newly named co-CEO of Salesforce, will continue reporting to Benioff, his fellow co-CEO. So instead of the term meaning two leaders on equal terms, it now just means two people who work with each other in a boss-subordinate relationship. At this... Marc Benioff has redefined the term co-CEO. As The Information reported earlier today, Bret...

Square CEO Jack Dorsey. Art by Mike Sullivan.

Square Goes Full Crypto with Its Name Change to Block; More Crypto Ads Coming to Facebook

By Hannah Miller · Dec 1, 2021 4:41pm PST · 1 comment

Square CEO Jack Dorsey. Art by Mike Sullivan.

Square Goes Full Crypto with Its Name Change to Block; More Crypto Ads Coming to Facebook

By Hannah Miller · Dec 1, 2021 4:41pm PST · 1 comment

Following intense speculation on Monday, we may now know how Jack Dorsey is diving deeper into crypto post-Twitter. His other company, Square, said Wednesday that it’s changing its name to Block, a clear nod to the blockchain technology that powers crypto. Blockchain was the most concrete, business-related reason Square gave for the name... Following intense speculation on Monday, we may now know how Jack Dorsey is diving deeper into...

Actress Felicia Day. Photo: AP

Creator Economy

A Startup Dives Into the Social Token Pool; TikTok Expands Tipping

By Mahira Dayal · Dec 1, 2021 4:12pm PST

Pools, a startup that develops personalized cryptocurrency tokens for creators, announced a $18 million seed funding round led by Global Founders Capital, with participation from investors including L2 Ventures, Shift, Maveron and Kima Ventures. The startup joins others in our Creator Economy Database, including Rally and Roll, developing... Pools, a startup that develops personalized cryptocurrency tokens for creators, announced a $18...

An Instacart worker loads groceries into her car for home delivery. Photo by AP

Instacart Plans 15-Minute Delivery Trial as Rival Startups Grow

By Berber Jin · Dec 1, 2021 1:31pm PST · 3 comments

For Instacart, the leading U.S. grocery delivery company, being fast may not be fast enough. The $39 billion-valuation startup is planning to launch a pilot program to provide delivery of groceries or convenience items in 15 minutes or less to U.S. customers, said two people with direct knowledge of the plan. As a part of the proposed program,... For Instacart, the leading U.S. grocery delivery company, being fast may not be fast enough. The...

Art from "Curse of the Lost Pearl," a VR experience inspired by old movie serials. Credit: Dreamscape Immersive

Dreamscape’s CEO on VR for Education and Entertainment

By Mathew Olson · Dec 1, 2021 11:00am PST

In VR, there are only a handful of companies on the software side with the resources or nerve to try and tackle multiple kinds of content. Dreamscape Immersive is one of them, and a new partnership announced today could see its education arm become a more interesting side of the business than its location-based VR experiences.Dreamscape may be... In VR, there are only a handful of companies on the software side with the resources or nerve to...

Salesforce's co-CEOs, Bret Taylor and Marc Benioff. Photos by Bloomberg

Salesforce’s Taylor Will Report to Benioff, Despite Co-CEO Title

By Kevin McLaughlin · Dec 1, 2021 10:47am PST

Salesforce's co-CEOs, Bret Taylor and Marc Benioff. Photos by Bloomberg

Salesforce’s Taylor Will Report to Benioff, Despite Co-CEO Title

By Kevin McLaughlin · Dec 1, 2021 10:47am PST

Bret Taylor is co-CEO of Salesforce in name only, it turns out. The Information has learned that in his new role Taylor will continue to report to Marc Benioff, who is ostensibly his equal as co-CEO. The reporting arrangement, outlined in a Slack message Benioff sent to employees on Wednesday, contrasts with the structure put into place for... Bret Taylor is co-CEO of Salesforce in name only, it turns out. The Information has learned that...

Nickel and copper ore. Photo: Andrey Rudakov/Bloomberg

The Electric Flash Analysis: As EV Battery-Metal Prices Rise, Automakers Must Decide: Eat Cost or Charge More?

By Steve LeVine · Dec 1, 2021 9:14am PST

A massive increase in the price of metals for lithium-ion batteries is jeopardizing the economics of future electric vehicles just as established combustion automakers get ready to launch dozens of new models to catch up to Tesla. A massive increase in the price of metals for lithium-ion batteries is jeopardizing the economics...

Pay Transparency for Gig Workers? Yes, It’s Possible.

By Alison Griswold · Dec 1, 2021 9:03am PST · 2 comments

After years of enduring frustrating working conditions and unreliable pay, burned-out drivers fled Uber and Lyft during the global pandemic. It’s been a hard sell getting them back. In April, Uber committed $250 million to the cause, and last month, CEO Dara Khosrowshahi told investors the push was working. Driver totals were up 65% from... After years of enduring frustrating working conditions and unreliable pay, burned-out drivers ...

SoFi CEO Anthony Noto. Photo by Bloomberg. Art by Mike Sullivan

‘Winner-Take-Most’: Anthony Noto’s Ambitions for SoFi Take Shape

By Aidan Ryan · Dec 1, 2021 6:01am PST · 1 comment

Anthony Noto has long had a knack for grabbing attention. When he was a top executive at Twitter, Noto struck a deal with the NFL to air Thursday night games, thrusting the social media service into the streaming market, to the surprise of even many Twitter employees, according to people who worked there at the time. More recently, SoFi... Anthony Noto has long had a knack for grabbing attention. When he was a top executive at Twitter,...

Salesforce co-CEO Marc Benioff. Photo by Bloomberg.

Meta’s M&A Ambitions Curtailed; Will Bret Taylor Be a Chip Off the Old Block?

By Martin Peers · Nov 30, 2021 5:00pm PST

Salesforce co-CEO Marc Benioff. Photo by Bloomberg.

Meta’s M&A Ambitions Curtailed; Will Bret Taylor Be a Chip Off the Old Block?

By Martin Peers · Nov 30, 2021 5:00pm PST

Anyone working on mergers and acquisitions at Meta Platforms, formerly Facebook, might want to look for a new job. The British antitrust regulator’s decision to force Meta to divest Giphy, the tiny GIF search engine it acquired last year for $315 million, demonstrates that even small acquisitions are off limits to the tech giant. And while this... Anyone working on mergers and acquisitions at Meta Platforms, formerly Facebook, might want to...