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

Pinterest's San Francisco headquarters. Photo by Bloomberg.

PayPal Investors Ask for Refund on Pinterest Talks

By Martin Peers · Oct 20, 2021 5:01pm PDT

We got a very clear sense of what investors think of the prospect that PayPal might buy Pinterest from how the two stocks reacted to news of deal talks between the companies, first reported by Bloomberg. PayPal stock dropped nearly 5%, slicing about $15 billion off the digital payment company’s market capitalization. Pinterest shares,... We got a very clear sense of what investors think of the prospect that PayPal might buy Pinterest...

ProShares executives at the New York Stock Exchange before the launch of the country's first exchange-traded fund linked to bitcoin. Photo: AP

Coinbase Rebound Lags Behind Bitcoin’s Rise; Securitize Hires an Ex-Regulator

By Hannah Miller · Oct 20, 2021 4:53pm PDT

The price of bitcoin hit an all-time high of just under $67,000 on Wednesday, breaking its previous record of almost $65,000, which it reached in April. The euphoria is palpable: along with forecasts that bitcoin will hit $100,000, long-time believers are nodding to its rise in their own, particular way. On Tuesday, Twitter and Square CEO... The price of bitcoin hit an all-time high of just under $67,000 on Wednesday, breaking its...

Creator Tori Dunlap. Photo: Sarah Wolfe.

Creator Economy

PayPal’s Backdoor Into the Creator Economy

By Mahira Dayal · Oct 20, 2021 3:35pm PDT

PayPal is rarely paired with the term creator economy these days, but that could soon change. A Bloomberg report that the online payments company is in late-stage talks to buy Pinterest, in a deal that could value it at $45 billion, suggests PayPal wants to get more closely bound with social commerce. In doing so, it would join companies... PayPal is rarely paired with the term creator economy these days, but that could soon change. A ...

Art by Mike Sullivan

Facebook Kills ‘Hey Facebook’ Voice Command for Portal Amid Customer ‘Confusion’

By Sylvia Varnham O'Regan · Oct 20, 2021 3:08pm PDT

Art by Mike Sullivan

Facebook Kills ‘Hey Facebook’ Voice Command for Portal Amid Customer ‘Confusion’

By Sylvia Varnham O'Regan · Oct 20, 2021 3:08pm PDT

Facebook has quietly abandoned the phrase “Hey Facebook” as a way for customers of its Portal video-chat device to start a conversation with a voice-activated virtual “AI assistant,” according to an internal memo viewed by The Information. The shift came after customers indicated they were confused by the phrase... Facebook has quietly abandoned the phrase “Hey Facebook” as a way for customers of...

Illustration by Mike Sullivan.

Atomico Values Customer Engagement Startup Commsor at $450 Million

By Berber Jin and Mark Di Stefano · Oct 20, 2021 11:55am PDT

Commsor, a two-year-old startup that sells software to help companies track user engagement, is raising $50 million at a $450 million valuation, a price that includes the investment, said two people with direct knowledge of the matter. London-based Atomico is leading the round, the people added. The valuation is nearly three times higher than... Commsor, a two-year-old startup that sells software to help companies track user engagement, is...

Facebook CEO Mark Zuckerberg. Photo: Bloomberg

Facebook’s Too-Late Rebrand; Netflix’s Metaverse Missed Opportunity

By Mathew Olson · Oct 20, 2021 11:00am PDT

With countless jokes on Twitter behind us, let’s briefly assess The Verge’s report about Facebook planning a company name change: this should have happened sooner.I don’t mean that a new name should have debuted along with all the metaverse talk earlier this year, or that a rebranding would have lifted much of the whistleblower pressure Facebook... With countless jokes on Twitter behind us, let’s briefly assess The Verge’s report about Facebook...

Andreessen Horowitz Investment Staff Grew 170% in Four Years

By Mahira Dayal and Amir Efrati · Oct 20, 2021 6:00am PDT · 1 comment

One of the running jokes among Silicon Valley venture capitalists is that, eventually, all of them will become partners at VC firm Andreessen Horowitz. That hyperbole underscores how, amid a singular boom in private tech investment, Andreessen Horowitz has left its nearest VC rivals in the dust—at least when it comes to head count. As of... One of the running jokes among Silicon Valley venture capitalists is that, eventually, all of...

Google's devices and services senior vice president Rick Osterloh on Tuesday. Photo by Bloomberg

Google’s Pixel Subscription Offering Shows Flaws of Tech Service Bundles

By Martin Peers · Oct 19, 2021 5:00pm PDT

Google's devices and services senior vice president Rick Osterloh on Tuesday. Photo by Bloomberg

Google’s Pixel Subscription Offering Shows Flaws of Tech Service Bundles

By Martin Peers · Oct 19, 2021 5:00pm PDT

Danger ahead. At a moment when consumers are finally breaking free of the cable TV “bundle”—industry code for charging people a pile of money for a bunch of TV channels they mostly don’t watch—tech companies are trying to ensnare them with similar traps. Witness Google’s Pixel Pass subscription plan, unveiled on Tuesday. It offers the new Pixel... Danger ahead. At a moment when consumers are finally breaking free of the cable TV “bundle”—...

Founders Fund partner Peter Thiel. Photo: Bloomberg

Facebook Gets Grief Over Novi; Thiel Hails Bitcoin as ‘Canary’ in Coal Mine

By Hannah Miller · Oct 19, 2021 4:48pm PDT

Although Facebook’s Novi crypto wallet has been available for less than a day to some users in the U.S. and Guatemala, it’s already run into complaints. A group of Democratic senators, including vocal crypto critic Sen. Elizabeth Warren (D-Mass.), published a letter Tuesday urging Facebook to discontinue the Novi pilot and its efforts to help... Although Facebook’s Novi crypto wallet has been available for less than a day to some users in...

Creator Economy

Podcasters Rule on Patreon (Chart); Li Jin Joins a Crypto Firm

By Mahira Dayal · Oct 19, 2021 3:18pm PDT

Our latest chart shows that on Patreon, podcasters rule the roost. Publicly disclosed earnings for some of the fan-membership website’s most widely followed creators found that audio is both the most popular and lucrative medium. A top podcaster can make an estimated $30,000 per month, on average. That’s double the second-most remunerative... Our latest chart shows that on Patreon, podcasters rule the roost. Publicly disclosed...

Kyle Samani, Multicoin Capital co-founder and managing partner. Screenshot via YouTube. Art by Mike Sullivan.

Multicoin Capital Targets $250 Million for Third Crypto VC Fund

By Kate Clark · Oct 19, 2021 12:02pm PDT

Multicoin Capital, which operates a hedge fund focused on crypto tokens, is planning to raise $250 million for its third venture fund to back crypto startups, according to fundraising materials viewed by The Information. The Austin-based firm, which announced a $100 million second fund in May, plans to finish fundraising by the end of the year,... Multicoin Capital, which operates a hedge fund focused on crypto tokens, is planning to raise...

The new AirPods have the head tracking of the Pro and Max models before it. Photo: Apple

Snap’s Pixel Deal With Google; Apple Cuts Price on Spatial Audio

By Mathew Olson · Oct 19, 2021 11:36am PDT

The new AirPods have the head tracking of the Pro and Max models before it. Photo: Apple

Snap’s Pixel Deal With Google; Apple Cuts Price on Spatial Audio

By Mathew Olson · Oct 19, 2021 11:36am PDT

Exclusive Snapchat features are coming to the latest Pixel phones from Google, including some still-unannounced AR Lenses. It could be Snap’s most effective partnership with a phone maker yet, though that will largely depend on whether Google finally has a hit phone on its hands.As announced today, Pixel users will be able to quickly tap the... Exclusive Snapchat features are coming to the latest Pixel phones from Google, including some...

Ripple Labs CEO Brad Garlinghouse. Photo: Ripple Labs

Q&A

Ripple CEO: It’s ‘a Joke’ That Some Execs Believe SEC Isn’t Harming Crypto

By Hannah Miller · Oct 19, 2021 6:01am PDT · 1 comment

Ripple Labs, the $10 billion valuation startup behind the digital currency XRP, has ridden a wave of interest in crypto: Transactions on its payment network gained 33% in the third quarter, bolstering its bank balance to more than $500 million. Blank-check companies have approached the firm about taking it public through a merger, said CEO Brad... Ripple Labs, the $10 billion valuation startup behind the digital currency XRP, has ridden a wave...

Apple CEO Tim Cook. Photo by Bloomberg

Facebook’s Ad Business Is Getting Squeezed by Apple’s Tracking Changes

By Martin Peers · Oct 18, 2021 5:00pm PDT · 1 comment

A flood of internal Facebook documents showing up in the news media is telling us plenty about angst inside the company caused by toxic content and competitive threats from other services. And judging by this tweet from Facebook PR, more such revelations are on their way, a sign of how well organized these leakers are. But a bigger challenge for... A flood of internal Facebook documents showing up in the news media is telling us plenty about...

ack Dorsey, CEO of Twitter and Square, speaks during the Bitcoin 2021 conference in Miami in June. Photo: Bloomberg

Jack Dorsey’s Mining Ambitions; Steam Bans NFTs; a Bitcoin ETF Preps Launch

By Hannah Miller · Oct 18, 2021 4:32pm PDT

Tweets from Square CEO Jack Dorsey indicate the e-commerce payments company is further embedding itself in the crypto market. Dorsey tweeted Friday that Square is looking to develop bitcoin mining hardware for individuals and businesses to use. Bitcoin mining uses specially designed computers known as mining rigs that validate transactions... Tweets from Square CEO Jack Dorsey indicate the e-commerce payments company is further embedding...

Animal Capital managing director Marshall Sandman. Photo: Marshall Sandman

Q&A With Animal Capital’s Marshall Sandman; TikTok’s Growing Influence on YouTube

By Kaya Yurieff · Oct 18, 2021 2:57pm PDT

Animal Capital managing director Marshall Sandman. Photo: Marshall Sandman

Creator Economy

Q&A With Animal Capital’s Marshall Sandman; TikTok’s Growing Influence on YouTube

By Kaya Yurieff · Oct 18, 2021 2:57pm PDT

Before becoming managing partner at Gen Z-focused venture firm Animal Capital early this year, Marshall Sandman had been advising celebrities, reality TV stars and social media creators, such as chef Jake Cohen, about what he calls building the “equity component of their business.” That work, which he has kept up on the side, includes educating... Before becoming managing partner at Gen Z-focused venture firm Animal Capital early this year, ...

Art by Mike Sullivan

Finnish Cloud Database Firm Aiven Doubles Valuation to $2 Billion in Latest Funding

By Mark Di Stefano · Oct 18, 2021 12:19pm PDT

Finnish data management startup Aiven has more than doubled its valuation to $2 billion in a fresh fundraising just six months after its last funding, according to a person familiar with the matter, reflecting investor enthusiasm for the enterprise software sector. Aiven raised $60 million in an extension of a Series C round in March in which... Finnish data management startup Aiven has more than doubled its valuation to $2 billion in a...

Nick Clegg, Facebook's VP of Global Affairs and co-author of Sunday's EU hiring announcement. Photo: AP

Facebook Promises Metaverse Jobs, VR Gets an Antitrust Nod

By Mathew Olson · Oct 18, 2021 11:00am PDT

Facebook’s announcement on Sunday that it plans to hire 10,000 people to “help build the metaverse” in Europe would double the number of people working on all things AR, VR and metaverse-related by 2026. Why commit to a huge hiring spree in Europe? Concerns about how the EU’s more proactive privacy regulations will shape the metaverse surely has... Facebook’s announcement on Sunday that it plans to hire 10,000 people to “help build the...

Art by Mike Sullivan

Facebook’s Ad-Tracking Loss Is Startups’ Gain

By Malique Morris · Oct 18, 2021 8:01am PDT

Apple’s clampdown on ad tracking has prompted some small online merchants to cut back their ad spending on social media sites like Facebook, which they see as a less effective outlet than in the past. Among the beneficiaries are e-commerce software firms that specialize in collecting data on how consumers behave on merchants’... Apple’s clampdown on ad tracking has prompted some small online merchants to cut back their...

Clockwise from upper left: Brian Brooks, Catherine Coley, Venkata “Murthy” Renduchintala, Brian Boland, Kirthiga Reddy and Janice Min

On the Market: Executives From Facebook, SoftBank, Intel and Binance.US

By The Information Staff · Oct 18, 2021 6:01am PDT

Clockwise from upper left: Brian Brooks, Catherine Coley, Venkata “Murthy” Renduchintala, Brian Boland, Kirthiga Reddy and Janice Min

On the Market: Executives From Facebook, SoftBank, Intel and Binance.US

By The Information Staff · Oct 18, 2021 6:01am PDT

The wave of job changes dubbed the Great Resignation includes top tech and media leaders. Executives who have left roles at Intel, SoftBank, Facebook and crypto exchange Binance.US in the last year are among those on the move. Some have been spending their time between jobs making personal investments and advising on corporate boards. One... The wave of job changes dubbed the Great Resignation includes top tech and media leaders....