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

From left: Will Smith and Jada Pinkett Smith, Blackstone's Joe Baratta, Kevin Mayer, Tom Staggs and Reese Witherspoon. Photos by Bloomberg; AP. Art by Mike Sullivan

Inside Blackstone’s Plans to Create an Entertainment Empire

By Jessica Toonkel · Jan 6, 2022 6:00am PST · 1 comment

Two years ago, Joe Baratta couldn’t figure out what Blackstone, the private equity giant he worked for, should do for its next move in media and entertainment. The big TV companies, such as ViacomCBS and Discovery, were bleeding viewers as people cut the cord to cable television and streaming powerhouses like Netflix grew ever bigger.... Two years ago, Joe Baratta couldn’t figure out what Blackstone, the private equity giant he...

Traders on the floor of the New York Stock Exchange in November. Photo by Bloomberg.

2021’s Mammoth Venture Year

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

The final numbers for 2021 venture capital investments are in—and it was a whopper of a year. Crunchbase reported today that global venture funding nearly doubled last year to $643 billion compared to 2020. In tech, an industry that loves superlatives, that’s a truly astounding increase. Total venture funding had hovered around $300 billion for... The final numbers for 2021 venture capital investments are in—and it was a whopper of a year. ...

OpenSea CEO Devin Finzer. Photo by OpenSea. Art by Mike Sullivan.

Why OpenSea’s $13 Billion Valuation Isn’t as High as it Seems

By Hannah Miller · Jan 5, 2022 4:53pm PST

OpenSea is opening 2022 with a mega deal, picking up where 2021 crypto funding left off. The marketplace for non-fungible tokens said Tuesday it raised new funding at a post-investment valuation of $13.3 billion. That’s significantly greater than the investment offers the startup was getting as of November and is more than eight times higher... OpenSea is opening 2022 with a mega deal, picking up where 2021 crypto funding left off. The...

Patreon CEO Jack Conte. Photo: Patreon

Patreon Says Creator Lifetime Earnings Hit $3.5 Billion

By Kaya Yurieff · Jan 5, 2022 3:58pm PST · 3 comments

Patreon CEO Jack Conte. Photo: Patreon

Creator Economy

Patreon Says Creator Lifetime Earnings Hit $3.5 Billion

By Kaya Yurieff · Jan 5, 2022 3:58pm PST · 3 comments

The pandemic shutdowns meant boom times for Patreon. The nearly nine-year-old company benefited from a spike in activity from online performers and fans and raised $245 million in funding in less than a year. But like many of the companies that saw a pandemic boost, Patreon is now tasked with keeping that growth going, especially as a parade of... The pandemic shutdowns meant boom times for Patreon. The nearly nine-year-old company benefited...

Photo by AP.

Gopuff to Launch Private Label Products as DoorDash Rival Heads Toward IPO

By Berber Jin · Jan 5, 2022 1:58pm PST

Quick-delivery startup Gopuff is planning to sell more than a dozen of its own private-label goods as it expands its product offerings ahead of a public listing as early as the second half of this year, said a person with direct knowledge of the matter. The startup, last valued at $15 billion by investors, will first focus on selling its own... Quick-delivery startup Gopuff is planning to sell more than a dozen of its own private-label...

A scene from Sony's Horizon Call of the Mountain VR game. Image: Guerrilla/Firesprite Games

How Sony’s PlayStation VR2 Measures Up to Meta’s Quest 2

By Mathew Olson · Jan 5, 2022 11:00am PST

On Tuesday night, Sony officially released hardware specifications for the PlayStation VR2, its upcoming headset for the PlayStation 5 console. The specifications aren’t mind-blowing, but they’re in many ways a step above what most current VR owners have today. From here, we can begin to get a good understanding of how the PlayStation VR2 might... On Tuesday night, Sony officially released hardware specifications for the PlayStation VR2, its...

Simulation of Meta's Project Nazare augmented reality glasses. Credit: Meta

Meta Platforms Halts VR and AR Operating System Project

By Sylvia Varnham O'Regan · Jan 5, 2022 6:00am PST · 11 comments

Facebook parent company Meta Platforms has stopped development of a new software operating system to power its virtual reality devices and upcoming augmented reality glasses, according to two people familiar with the decision. Shelving the project, which had been underway for several years and involved hundreds of employees, marked a setback for... Facebook parent company Meta Platforms has stopped development of a new software operating system...

Adam Neumann. Photo by Bloomberg.

Adam Neumann's Return

By Martin Peers · Jan 4, 2022 5:00pm PST

Adam Neumann. Photo by Bloomberg.

Adam Neumann's Return

By Martin Peers · Jan 4, 2022 5:00pm PST

Talk about Teflon coated. Adam Neumann, the WeWork co-founder who made hundreds of millions from his train wreck of a company, is building a new real estate empire, according to The Wall Street Journal. Just imagine how the shareholders and (mostly former) employees of WeWork are feeling about that news!According to The Journal’s report, Neumann... Talk about Teflon coated. Adam Neumann, the WeWork co-founder who made hundreds of millions from...

FTX founder and CEO Sam Bankman-Fried. Photo by Bloomberg. Art by Mike Sullivan.

Crypto IPO Preview for 2022: Kraken, BlockFi, FTX

By Hannah Miller · Jan 4, 2022 4:29pm PST

Coinbase’s direct listing in April was one of crypto’s biggest moments last year. Now, it’s time to take a look at what other crypto companies could potentially follow suit with a public debut this year. Coinbase’s direct listing in April was one of crypto’s biggest moments last year. Now, it’s time...

Forerunner Ventures founder Kirsten Green. Photo: Forerunner Ventures

Creator Economy

Forerunner’s Kirsten Green Says ‘There’s More Money Than There Are Good Deals’

By Kaya Yurieff · Jan 4, 2022 3:16pm PST

Last year brought a frenzy of investments and new startups to the creator economy. Now comes the reality check. The market isn’t big enough for all of these upstarts, according to Kirsten Green, founder and managing partner of Forerunner Ventures. “There will be winners and losers,” she said in an interview with The Information. “That’s... Last year brought a frenzy of investments and new startups to the creator economy. Now comes the...

Will Smith. Photo by AP

Blackstone-backed Media Company Takes Stake in Will Smith’s Westbrook

By Jessica Toonkel · Jan 4, 2022 12:06pm PST

The Blackstone-backed media company led by former Disney executives Kevin Mayer and Tom Staggs is acquiring a minority stake in Will Smith and Jada Pinkett Smith’s entertainment company, Westbrook, according to people familiar with the situation. This is the latest in a string of deals for the two media veterans, who have been building out... The Blackstone-backed media company led by former Disney executives Kevin Mayer and Tom Staggs is...

Mojo headquarters in Saratoga, CA. Photo: Mojo Vision

Another $45 Million for AR Contact Lenses; The Latest From CES

By Mathew Olson · Jan 4, 2022 11:00am PST

Mojo headquarters in Saratoga, CA. Photo: Mojo Vision

Another $45 Million for AR Contact Lenses; The Latest From CES

By Mathew Olson · Jan 4, 2022 11:00am PST

This morning, Saratoga, CA-based startup Mojo Vision announced that it has raised an additional $45 million for its Series B-1 funding, bringing the total for the round to $96 million. New investors—including Amazon’s Alexa Fund and enterprise AR player PTC—evidently have some faith in Mojo’s progress toward AR contact lenses.As I’ve noted in... This morning, Saratoga, CA-based startup Mojo Vision announced that it has raised an additional...

Jonathan Kanter. Photo by Flickr/New America. Art by Mike Sullivan

Justice Department Eyes New Antitrust Enforcers, But Tensions Slow Hiring Process

By Josh Sisco · Jan 4, 2022 7:00am PST

Jonathan Kanter took over as head of the Justice Department’s antitrust division almost two months ago. So far, the division has been slow to hire staff to top jobs, potentially delaying Kanter’s aggressive enforcement and policy agenda, including its plans to rein in the power of the technology industry. The hiring holdups... Jonathan Kanter took over as head of the Justice Department’s antitrust division almost two...

Photo by Bloomberg

The Biggest Tech Names Likely to Go Public in 2022

By The Information Staff · Jan 4, 2022 6:00am PST · 4 comments

The recent poor performance of many tech initial public offerings is likely to slow the drumbeat of new listings this year. Still, we expect dozens of highly valued startups to go public, including design app Canva, crypto exchange FTX, consumer banking app Chime and delivery startup Gopuff. These new offerings would aim to take advantage of... The recent poor performance of many tech initial public offerings is likely to slow the drumbeat...

Elizabeth Holmes. Photo by Bloomberg.

Why Elizabeth Holmes Shouldn’t Go to Prison

By Martin Peers · Jan 3, 2022 5:09pm PST · 36 comments

Finally! It shouldn’t be a surprise that a jury found Theranos founder Elizabeth Holmes guilty this afternoon on four charges of fraud and conspiracy. It was obviously hard for jurors to look past evidence that, for example, Holmes had doctored paperwork by adding the logos of pharmaceutical companies such as Pfizer to suggest they were... Finally! It shouldn’t be a surprise that a jury found Theranos founder Elizabeth Holmes guilty...

Metaversal co-founders Dan Schmerin and Yossi Hasson. Photos by Metaversal. Art by Mike Sullivan.

Inside Metaversal’s $50 Million Fundraise; Samsung Makes Questionable NFT Play

By Hannah Miller · Jan 3, 2022 4:00pm PST

Metaversal co-founders Dan Schmerin and Yossi Hasson. Photos by Metaversal. Art by Mike Sullivan.

Inside Metaversal’s $50 Million Fundraise; Samsung Makes Questionable NFT Play

By Hannah Miller · Jan 3, 2022 4:00pm PST

Metaversal, an investment firm and venture studio focused on non-fungible tokens (NFTs), kicked off the new year by raising $50 million in Series A funding at a $181 million valuation. I chatted with Metaversal's co-founders to learn more about their plans to put all that cash to work. CoinFund and Foxhaven Asset Management led the... Metaversal, an investment firm and venture studio focused on non-fungible tokens (NFTs), kicked...

LTK co-founders Baxter Box (l) and Amber Venz Box (r) announced a $300 million investment from SoftBank Vision Fund 2 in November. Photo: LTK

Creator Economy

The Startups That Powered Creator Economy Investments to $5 Billion

By Kaya Yurieff · Jan 3, 2022 2:40pm PST

In October, we predicted that investments in U.S. creator economy startups would hit $5 billion by the end of last year. It turns out we were spot on. More than 140 U.S. companies in this sector raised at least $5.07 billion in funding last year, according to data from The Information's Creator Economy Database. That caps off a whirlwind... In October, we predicted that investments in U.S. creator economy startups would hit $5 billion...

Yosuke Matsuda, president of Square Enix. Photo: AP

A Japanese Gaming Giant’s Metaverse Play; Intel’s Cold Feet on AR

By Mathew Olson · Jan 3, 2022 11:00am PST

Square Enix, the Japanese gaming publisher behind the long-running and beloved Final Fantasy series, is the latest entertainment company to publicly embrace the concept of the metaverse. And it’s not unreasonable to think that Square Enix could emerge as a metaverse leader if it makes a serious effort.Yosuke Matsuda, Square Enix’s president,... Square Enix, the Japanese gaming publisher behind the long-running and beloved Final Fantasy...

Illustration by Jesus Escudero

Instant Delivery Startups Test a New Tactic: Slower Delivery

By Berber Jin · Jan 3, 2022 6:00am PST · 11 comments

Instant-delivery startups promising to ferry groceries to customers in 15 minutes or less have rushed to expand in major cities like New York and Chicago in the past year. But they’re burning far more cash in the U.S. than in other countries where they operate, causing several of them to test major changes to their business... Instant-delivery startups promising to ferry groceries to customers in 15 minutes or less have...

Polestar's first model, the Polestar 1, released in 2018. Photo: Qilai Shen/Bloomberg

How Chinese EV and Battery Makers Will Break Into the U.S.

By Steve LeVine · Jan 2, 2022 2:00pm PST

Polestar's first model, the Polestar 1, released in 2018. Photo: Qilai Shen/Bloomberg

How Chinese EV and Battery Makers Will Break Into the U.S.

By Steve LeVine · Jan 2, 2022 2:00pm PST

Happy 2022 and welcome back to The Electric! In response to the end-year reader survey, we will be adding features to your subscription as the year unfolds. One of them will be The Electric Quarterly, a four-times-a-year special edition making sense of the quarter and year to date, and looking forward to what comes next. Stay tuned for... Happy 2022 and welcome back to The Electric! In response to the end-year reader survey, we...