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

Five times/week

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.

By providing your email, you agree to The Information’s Privacy Policy

Recent Editions

An Amazon worker receives a Covid-19 vaccine. Photo by Bloomberg.

Amazon Paying U.S. Workers $40 to Get Vaccine Booster

By Mark Di Stefano · Jan 13, 2022 1:23pm PST · 1 comment

Faced with the Omicron wave of infections, Amazon will pay its U.S. warehouse workers $40 to get the vaccine booster shot. One of the country’s biggest employers, Amazon is continuing to use financial incentives to ensure that low-paid hourly workers are fully vaccinated. Amazon told its army of hourly workers, which includes some 750,000... Faced with the Omicron wave of infections, Amazon will pay its U.S. warehouse workers $40 to get...

Philip Rosedale, High Fidelity's CEO and founder of Linden Labs. Photo: High Fidelity. Illustration: Mike Sullivan.

Founder Philip Rosedale on His Return to Second Life, the Metaverse and Meta’s Missteps

By Mathew Olson · Jan 13, 2022 11:00am PST · 1 comment

Philip Rosedale has spent a long time thinking about the metaverse. Nearly 20 years ago he founded Linden Lab, the makers of Second Life, and led the creation of one of the first 3D social platforms to gain any kind of mainstream attention. He left Linden to launch VR startup High Fidelity in 2013, which later pivoted to spatial audio (its tech... Philip Rosedale has spent a long time thinking about the metaverse. Nearly 20 years ago he...

Coinbase Stock Is Still Too Expensive, But That Won’t Last

By Martin Peers · Jan 13, 2022 6:00am PST · 5 comments

In the past two months, as bitcoin prices have fallen about 37%, Coinbase stock has followed suit. Predictably, Wall Street analysts are doubling down on buy recommendations. Most point to Coinbase’s valuation, as measured by the standard metric of its price compared to its annual sales, which is lower than that of stock exchange operators... In the past two months, as bitcoin prices have fallen about 37%, Coinbase stock has followed...

Guillaume Pousaz, CEO and founder of Checkout.com. Photo by Checkout.com. Art by Mike Sullivan.

Checkout.com Pulls Further Ahead of Stripe in Crypto

By Hannah Miller · Jan 12, 2022 5:10pm PST

Guillaume Pousaz, CEO and founder of Checkout.com. Photo by Checkout.com. Art by Mike Sullivan.

Checkout.com Pulls Further Ahead of Stripe in Crypto

By Hannah Miller · Jan 12, 2022 5:10pm PST

The race is heating up among payments processors that hope to get ahead in crypto. Checkout.com, the behind-the-scenes company that powers payments at some of the biggest names in crypto, raised $1 billion at a $40 billion valuation as it invests further in crypto and Web3, the company said Wednesday. The deal aims to help the company push ahead... The race is heating up among payments processors that hope to get ahead in crypto. Checkout.com,...

Apps on an iPhone. Photo by Bloomberg.

Tapping About My Generation

By Martin Peers · Jan 12, 2022 5:00pm PST

Anyone who’s raised a teenager knows they like to leave the house without a decent jacket, regardless of whether it’s raining or cold. That probably explains why there’s no weather app listed among the top apps for Gen Zers—young people don’t want to know if it’s going to rain. In contrast, the Weather Channel ranks at the top of apps most... Anyone who’s raised a teenager knows they like to leave the house without a decent jacket,...

Benjamin Grubbs, founder of Next 10 Ventures. Photo: Wendy Yalom

Creator Economy

The Rise of Creators on Cap Tables; Wordle Copycat App Apologizes

By Kaya Yurieff · Jan 12, 2022 3:23pm PST

For hot startup deals, venture funds are increasingly competing with powerhouse hedge funds such as Tiger Global Management and solo venture capitalists like Elad Gil. Investors in creator economy startups are also facing a third flank of rivals: social media creators with money to burn.Next 10 Ventures founder Benjamin Grubbs says that, more... For hot startup deals, venture funds are increasingly competing with powerhouse hedge funds such...

As Alphabet and Others Tie Execs’ Pay to Climate and Diversity Goals, Shareholders Scrutinize Their Approach

By Sarah Krouse · Jan 12, 2022 12:23pm PST

Four of the highest paid executives at Google parent Alphabet just gained access to a new pot of cash: up to $2 million in additional annual bonuses if they help the company achieve goals like using more carbon-free energy and recruiting diverse candidates. Alphabet is among the seven large tech companies that, over the past six months, decided... Four of the highest paid executives at Google parent Alphabet just gained access to a new pot of...

Promotional art for the VR fitness app Supernatural. Credit: Within

Quest 2’s Future Amid Antitrust Scrutiny; AR in the OR

By Mathew Olson · Jan 12, 2022 11:00am PST

Promotional art for the VR fitness app Supernatural. Credit: Within

Quest 2’s Future Amid Antitrust Scrutiny; AR in the OR

By Mathew Olson · Jan 12, 2022 11:00am PST

With the government’s antitrust lawsuit against Meta Platforms proceeding, it’s too early to tell whether Meta will pull back on its AR/VR acquisition strategy. For starters, though, I suspect that Meta will continue to pursue whatever hardware deals the Reality Labs division believes it needs, as per usual.But that doesn’t mean nothing will... With the government’s antitrust lawsuit against Meta Platforms proceeding, it’s too early to tell...

Art by Shutterstock; Mike Sullivan

Stop Trying to Make Instant Delivery Happen

By Alison Griswold · Jan 12, 2022 9:00am PST · 19 comments

The on-demand goalpost is always moving. Gone are the days when two-day Amazon delivery was a marvel. Now companies including DoorDash and Instacart, plus startups like Jokr and Buyk, are all aiming to deliver in an “instant.” DoorDash is starting with superfast delivery of roughly 2,000 corner store–type items—snacks and... The on-demand goalpost is always moving. Gone are the days when two-day Amazon delivery was a...

Illustration by Jesus Escudero

When the Crypto Founder Is Real but the Name Is Fake

By Kate Clark · Jan 12, 2022 6:00am PST · 5 comments

Last year, Nader Al-Naji, founder of a crypto startup called BitClout, began using a pseudonym online—Diamondhands—to mask his true identity. In fact, he was so determined to conceal his real name that he bought a $500 piece of hardware to manipulate his voice so no one would recognize him during podcast and press interviews. ... Last year, Nader Al-Naji, founder of a crypto startup called BitClout, began using a pseudonym...

Meta's headquarters. Photo by Bloomberg.

What FTC’s Meta Victory Means

By Martin Peers · Jan 11, 2022 5:01pm PST

The biggest story of today may seem the least surprising. A judge allowed the Federal Trade Commission’s antitrust lawsuit against Facebook—now called Meta Platforms—to proceed. This is news, given that the same judge tossed the FTC’s original complaint out of court last summer, in one of the more embarrassing moments of recent regulatory... The biggest story of today may seem the least surprising. A judge allowed the Federal Trade...

Citadel Securities Chair Ken Griffin. Photo by Bloomberg. Art by Mike Sullivan.

What Citadel Securities Gains from VC Cash

By Hannah Miller · Jan 11, 2022 4:40pm PST · 2 comments

Citadel Securities Chair Ken Griffin. Photo by Bloomberg. Art by Mike Sullivan.

What Citadel Securities Gains from VC Cash

By Hannah Miller · Jan 11, 2022 4:40pm PST · 2 comments

Sequoia Capital and Paradigm’s $1.15 billion investment in Citadel Securities isn’t a garden-variety deal. It actually says a lot about the growing intersection of crypto and traditional finance. On the surface, it’s hard to see why a 20-year-old market maker that’s already a huge name needs VC backing, or why the crypto VC specialists at... Sequoia Capital and Paradigm’s $1.15 billion investment in Citadel Securities isn’t a...

Tony Tran, co-founder and CEO of Lumanu. Photo: Lumanu

Creator Economy

A Startup That Helps Creators Get Paid Expands Into Crypto

By Mahira Dayal · Jan 11, 2022 4:22pm PST

With many revenue streams comes lots of paperwork. Social media creators, for example, can be paid by multiple social media platforms and many also choose to work with brands for sponsored posts and advertising. Each source will require the creator to fill out long vendor forms, fill in sensitive data like social security numbers many times and... With many revenue streams comes lots of paperwork. Social media creators, for example, can be...

Photos by Bloomberg; Shutterstock. Art by Mike Sullivan

Why FTC Chair Lina Khan’s Attempt to Stop Tech ‘Surveillance’ Faces Long Odds

By Josh Sisco · Jan 11, 2022 1:16pm PST

Federal Trade Commission Chair Lina Khan is known as an antitrust cop who wants to break up technology conglomerates or prevent them from completing acquisitions. She also has a less-discussed, equally important goal: remaking how these companies and others collect and use data about U.S. consumers—and their own employees—in order to... Federal Trade Commission Chair Lina Khan is known as an antitrust cop who wants to break up...

Job Simulator is a non-violent hit VR game, rated appropriate for ages 10+ by the ESRB. Image: Owlchemy Labs

Can Meta Keep Dragging Its Feet on Child-Safe VR?

By Mathew Olson · Jan 11, 2022 11:00am PST

Meta’s reluctance to acknowledge VR’s popularity with children is becoming a bigger problem for the company as mainstream outlets, regulators and others in digital entertainment pose varying questions about its responsibility to kids and parents alike. What’s emerging is a familiar pattern in light of how Meta has responded to criticism of its... Meta’s reluctance to acknowledge VR’s popularity with children is becoming a bigger problem for...

Nisa Leung, managing partner at Qiming Venture Partners. Photo by Bloomberg.

After China Tech Bloodbath, Top VC Tests U.S. Appetite For $1.2 Billion Fund

By Juro Osawa and Shai Oster · Jan 11, 2022 6:00am PST

Nisa Leung, managing partner at Qiming Venture Partners. Photo by Bloomberg.

After China Tech Bloodbath, Top VC Tests U.S. Appetite For $1.2 Billion Fund

By Juro Osawa and Shai Oster · Jan 11, 2022 6:00am PST

Are American investors going to keep putting money into China? Western investors and Chinese entrepreneurs are anxious about the world’s second-largest tech startup market after a bruising six months in which Beijing’s crackdown on domestic tech companies escalated and political tensions between the U.S. and China grew. Americans are... Are American investors going to keep putting money into China? Western investors and Chinese...

Y Combinator president Geoff Ralston. Photo by Wikigeoff2021

Y Combinator’s New Deal Sparks Fear in Seed Investors

By Kate Clark · Jan 10, 2022 8:45pm PST · 9 comments

Y Combinator’s change to the deal terms it grants startup founders has given the famed startup accelerator more firepower than ever. And that’s causing an outcry among the seed investors who comb through its graduating classes to find the next Stripe and Airbnb. On Monday, Y Combinator said that in addition to its usual $125,000... Y Combinator’s change to the deal terms it grants startup founders has given the famed...

Exploration drilling at the Tamarack nickel deposit. Photo: Courtesy Talon Metals

The Electric Flash Analysis: Tesla Strikes First U.S. Nickel Deal, Increasing Its Battery Lead Over Ford, GM

By Steve LeVine · Jan 10, 2022 6:17pm PST

In one of the first deals to break China’s almost total grip on the global supply of battery metals, Tesla on Monday agreed to buy enough nickel from a Minnesota mine to equip about 1 million electric vehicles—roughly the same number of EVs it delivered to customers last year. The mine will also become one of the first U.S.-based sources of EV... In one of the first deals to break China’s almost total grip on the global supply of battery...

Binance CEO Changpeng Zhao. Photo by Bloomberg. Art by Mike Sullivan.

A Deeper Look at Binance CEO’s $96 Billion Net Worth; Signal CEO Steps Down

By Hannah Miller · Jan 10, 2022 5:46pm PST

Binance CEO Changpeng “CZ” Zhao is worth $96 billion, pushing him closer in wealth to rivals like Oracle co-founder Larry Ellison and Google co-founders Sergey Brin and Larry Page, according to Bloomberg. The estimate of Zhao’s net worth casts a rosy glow on Binance, which has previously tangled with regulators around the world. It also provides... Binance CEO Changpeng “CZ” Zhao is worth $96 billion, pushing him closer in wealth to rivals like...

Zynga's San Francisco headquarters. Photo by Bloomberg.

Zynga Deal Signals M&A Wave to Come

By Martin Peers · Jan 10, 2022 5:00pm PST

Zynga's San Francisco headquarters. Photo by Bloomberg.

Zynga Deal Signals M&A Wave to Come

By Martin Peers · Jan 10, 2022 5:00pm PST

Looking for a bargain? Try the tech and media aisles of your local stock market. With lots of fast-growing stocks down 60% from their 2021 highs, acquisitions are likely to come back into vogue. We got a glimpse of what’s to come today with Take-Two Interactive Software’s $12.7 billion proposed acquisition of mobile gaming outfit Zynga. The... Looking for a bargain? Try the tech and media aisles of your local stock market. With lots of...