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

Fred Ehrsam, left, and Matt Huang. Photo by Ethan Pines

Q&A

‘Crypto Is Culture’: After One-Upping Andreessen Horowitz, Paradigm Founders Open Up

By Kate Clark · Nov 16, 2021 12:09pm PST

As a co-founder of Coinbase, Fred Ehrsam tried to raise money for the cryptocurrency-exchange startup from Sequoia Capital, Silicon Valley’s premier venture capital firm. The firm turned him down twice, he told The Information in an interview, but Coinbase went on to be worth $100 billion as a public company. After Ehrsam left Coinbase in... As a co-founder of Coinbase, Fred Ehrsam tried to raise money for the cryptocurrency-exchange...

A look at the latest haptic glove prototype from Reality Labs. Credit: Meta

Meta’s VR/AR Glove Project May Be Its Biggest Moonshot of All

By Mathew Olson · Nov 16, 2021 11:00am PST

Meta, the company formerly known as Facebook, gets a lot of flak for working on ideas that others have pioneered first, not least of all the metaverse. Is its AR/VR Reality Labs division actually working on anything ambitious and fairly unique? In the case of its haptic glove research, which Meta detailed in a new post Tuesday, the answer might... Meta, the company formerly known as Facebook, gets a lot of flak for working on ideas that others...

Instacart CEO Fidji Simo. Photo by AP

Instacart Pushes Off Public Offering to Focus on Grocery Services Growth

By Berber Jin · Nov 16, 2021 6:01am PST

Instacart has pushed off plans for a public listing until next year or later as Fidji Simo, a former Facebook executive who took the reins three months ago, focuses on strengthening its services for grocery retailers beyond delivery, said a person with direct knowledge of the matter. The decision marks a shift from earlier this year, when... Instacart has pushed off plans for a public listing until next year or later as Fidji Simo, a...

Casper's Philip Krim. Photo by Bloomberg

Casper Should Never Have Gone Public

By Martin Peers · Nov 15, 2021 5:00pm PST · 2 comments

Casper's Philip Krim. Photo by Bloomberg

Casper Should Never Have Gone Public

By Martin Peers · Nov 15, 2021 5:00pm PST · 2 comments

When Casper Sleep was going public early last year, co-founder and CEO Philip Krim told investors that “our mission is to awaken the potential of a well-rested world.” It’s a pity he didn’t aim a little lower—say, to turn Casper into a money-making enterprise. Perhaps Krim would still have a job and a company. Instead, an investment firm is... When Casper Sleep was going public early last year, co-founder and CEO Philip Krim told investors...

Paradigm Breaks Records With a $2.5 Billion Crypto Fund

Paradigm Breaks Records With a $2.5 Billion Crypto Fund

By Hannah Miller · Nov 15, 2021 4:49pm PST

Move over Andreessen Horowitz: Paradigm’s new $2.5 billion venture fund, the crypto industry’s largest to date, bolsters the VC firm’s position as a leading contender. The fund plans to invest in crypto companies at all stages, particularly investments aimed at transforming finance and tech. The new fund from Paradigm surpasses the $2.2... Move over Andreessen Horowitz: Paradigm’s new $2.5 billion venture fund, the crypto industry’s...

Photo: Racket

Creator Economy

Racket Raises Funding for Short-Form Audio Clips; Substack Passes 1 Million Paid Subscriptions

By Kaya Yurieff · Nov 15, 2021 2:37pm PST

Social audio exploded during the pandemic, from live conversations on Clubhouse and Twitter to sending voice notes to friends on WhatsApp and iMessage. Now tech companies, including several startups and Meta Platforms' Facebook app, are trying a new format: short audio snippets shared by people you may not already know. Racket, which... Social audio exploded during the pandemic, from live conversations on Clubhouse and Twitter to ...

ByteDance headquarters in Beijing. Photo by AP

TikTok Owner ByteDance’s Gross Revenue on Track to Jump 60% This Year

By Juro Osawa · Nov 15, 2021 11:16am PST

ByteDance's gross revenue is on track to rise about 60% to 400 billion yuan (about $63 billion) this year, cementing the TikTok owner’s position as one of the world’s five biggest online ad sellers, according to two people with knowledge of internal projections. The pace of growth is slower than it was last year, when gross... ByteDance's gross revenue is on track to rise about 60% to 400 billion yuan (about $63...

A promotional image for Snap's multi-user AR Lenses. Credit: Snap

Snap’s Latest AR Moves; Meta’s VR Safety Fallout

By Mathew Olson · Nov 15, 2021 11:00am PST

A promotional image for Snap's multi-user AR Lenses. Credit: Snap

Snap’s Latest AR Moves; Meta’s VR Safety Fallout

By Mathew Olson · Nov 15, 2021 11:00am PST

Add Google to the short list of big name companies that serve as an executive recruiting ground for Snap. Anne Laurenson is leaving Google’s Android team to become Snap’s first Managing Director of Global Carrier Partnerships, Snap said today. Laurenson follows recent high-profile arrivals at Snap from Facebook and Adobe.Laurenson spent a decade... Add Google to the short list of big name companies that serve as an executive recruiting ground...

Art by Mike Sullivan

Let Crypto Regulate Itself

By Michelle Bond · Nov 15, 2021 9:26am PST · 8 comments

When you’re driving and see a stop sign or double lines in the middle of the street, you know what to do. In the same way, our financial markets are governed by commonsense legal rules of the road that enable our families and businesses to enjoy immense economic prosperity. These rules ensure opportunity and a level playing field, and... When you’re driving and see a stop sign or double lines in the middle of the street, you...

Zoom CEO Eric Yuan. Photo by Bloomberg. Art by Mike Sullivan

Zoom CEO Opposed Selling Advertising—Until He Didn’t

By Kevin McLaughlin · Nov 15, 2021 6:00am PST · 2 comments

Of all the ways Zoom Video Communications could squeeze more revenue out of its wildly popular videoconferencing service, the company’s founder and CEO Eric Yuan made it clear there was one thing he didn’t want to do: sell advertising. Yuan voiced his opposition to Zoom ads in meetings with employees who suggested the idea shortly... Of all the ways Zoom Video Communications could squeeze more revenue out of its wildly popular...

The steam age lasted decades after oil came into wide use. Photo: Courtesy Library of Congress

Big Auto’s Traditional Business Earns Huge Profits. Why Does Wall Street Value It at Zero?

By Steve LeVine · Nov 14, 2021 2:00pm PST

Good evening and welcome back to The Electric!The steam engine was invented in the seventeenth century, brought to industrial scale in the nineteenth, and powered railroads everywhere into the twentieth—until cheap and reliable diesel locomotives finally shunted it aside. Yet steam maintained a prominent role alongside diesel for a surprisingly... Good evening and welcome back to The Electric!The steam engine was invented in the seventeenth...

An AMC theater. Photo by Bloomberg

The Flaws in CEO Management-By-Twitter

By Martin Peers · Nov 12, 2021 5:00pm PST

An AMC theater. Photo by Bloomberg

The Flaws in CEO Management-By-Twitter

By Martin Peers · Nov 12, 2021 5:00pm PST

Elon Musk’s decision to poll Twitter on whether he should sell stock in Tesla triggered endless news coverage this week, as reporters and commentators dissected what he was really up to. The smartest take—in this Wall Street Journal commentary—was that Musk was giving himself cover for what would have been a tax-driven decision to sell stock... Elon Musk’s decision to poll Twitter on whether he should sell stock in Tesla triggered endless...

AI Candy - The 411 Podcast

By The Information Staff · Nov 12, 2021 1:57pm PST · 1 comment

This week, The Information released TI50, our annual list of the most promising startups valued at less than $1 billion. Over the next five episodes of The Information 411 podcast, you’ll hear from The Information reporters who put the list together and from the founders whose companies made the list. In episode one, executive editor Amir... This week, The Information released TI50, our annual list of the most promising startups valued...

Sam Lessin

Modest Proposals

The Metaverse Is Coming. What Happens Next?

By Sam Lessin · Nov 12, 2021 9:01am PST · 19 comments

After a good 15-ish–year run, most technology watchers agree that we are nearing the end of Web 2.0, and that the dawn of Web 3.0—aka the metaverse, depending on whose positioning you prefer—is upon us. This transition is taking place against a complicated backdrop featuring no fewer than three simultaneously developing but... After a good 15-ish–year run, most technology watchers agree that we are nearing the end of...

From left: Amazon's Drew Herdener, Jeff Bezos and Jay Carney. Photos by Getty; Bloomberg.

Amazon’s Spinmasters: Behind the Internet Giant’s Battle With the Press

By Paris Martineau · Nov 12, 2021 8:01am PST · 3 comments

Amazon’s leaders are known for obsessively monitoring data about almost every aspect of its business. Public relations is no exception. In late 2016, the executives in charge of the company’s sprawling PR department came up with a system to address the growing exasperation that Jeff Bezos, then the company’s CEO, felt whenever... Amazon’s leaders are known for obsessively monitoring data about almost every aspect of its...

Art by Mike Sullivan

In Facebook’s VR Headset, Racism and Other Abuses Showed Up ‘Like Clockwork’

By Sylvia Varnham O'Regan and Mathew Olson · Nov 12, 2021 6:01am PST · 1 comment

Art by Mike Sullivan

In Facebook’s VR Headset, Racism and Other Abuses Showed Up ‘Like Clockwork’

By Sylvia Varnham O'Regan and Mathew Olson · Nov 12, 2021 6:01am PST · 1 comment

In late January, a Facebook employee posted a troubling message in a discussion group for employees in the unit developing augmented and virtual reality products. The unnamed employee said they were subjected to a racist tirade while playing Rec Room, a popular game on Facebook’s Oculus Quest VR headset, the night before. Another player... In late January, a Facebook employee posted a troubling message in a discussion group for...

Poshmark signage at the Nasdaq market site on the day the company went public. Photo by Bloomberg.

Wish CEO’s Exit Reflects Post-Pandemic Hangover for Online Retailers

By Martin Peers · Nov 11, 2021 5:01pm PST

It’s safe to say this year hasn’t gone as planned for many of the online retailers that have gone public over the past 12 months. The stocks of Poshmark, Wish and Rent the Runway are each trading below their IPO prices, a sign that investors misjudged the prospects for these denizens of e-commerce. Wednesday’s sudden departure of Wish founder... It’s safe to say this year hasn’t gone as planned for many of the online retailers that have gone...

FalconX Co-founder and CEO Raghu Yarlagadda. Photo by FalconX.

Behind FalconX’s Big Fundraise; Miami to Distribute Bitcoin Rewards

By Hannah Miller · Nov 11, 2021 4:21pm PST

FalconX made waves in August when the crypto financial services company said it had raised $210 million in Series C funding at a $3.75 billion valuation, more than five times higher than its valuation when it raised money in March. In an interview with The Information, co-founder and CEO Raghu Yarlagadda said investors pushed the... FalconX made waves in August when the crypto financial services company said it had raised $210...

Photo: Duolingo, Ilustration: Mike Sullivan

Creator Economy

How Duolingo Cracked TikTok; A New Tax App Launches for Creators

By Kaya Yurieff · Nov 11, 2021 2:00pm PST

Duolingo, the language learning app, has garnered heaps of positive attention recently after doubling down on its TikTok account. Its follower count has jumped from 50,000 in September to more than 1.4 million, the company told me this week.Those gains are particularly notable given how hard it can be for companies to capture someone’s attention... Duolingo, the language learning app, has garnered heaps of positive attention recently after...

Avatars standing in a Second Life world. Credit: Linden Labs

Disney, Facebook and the Risk of a Boring Metaverse

By Mathew Olson · Nov 11, 2021 11:00am PST · 3 comments

Avatars standing in a Second Life world. Credit: Linden Labs

Disney, Facebook and the Risk of a Boring Metaverse

By Mathew Olson · Nov 11, 2021 11:00am PST · 3 comments

Disney CEO Bob Chapek wants a piece of the metaverse, he revealed Thursday evening. Disney’s creative talent is actually “biting at the bit,” as he said, to start making the company’s corner of the metaverse, Chapek added, in comments that inspired more eye-rolling than anything else.It isn’t difficult to see what Disney could bring to a more... Disney CEO Bob Chapek wants a piece of the metaverse, he revealed Thursday evening. Disney’s...