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

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The Briefing

By Martin Peers, Jessica E. 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.

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Recent Editions

Art by Clark Miller

How I Learned to Code

By Emi Nietfeld · Aug 11, 2022 9:00am PDT

On my first day of class at Harvard, at the end of a lackluster economics lecture, I was shoving my stuff into my backpack when electronic music started blasting through the speakers. The beat seemed to shake the chandelier. A sans serif logo appeared projected at the head of the room: CS50, Introduction to Computer Science. I had nowhere to be,... On my first day of class at Harvard, at the end of a lackluster economics lecture, I was shoving...

Viral Patel, global head of technology investing for Blackstone Credit. Art by Clark Miller.

Blackstone Plans to Back Tech Startups in $2 Billion–Plus Lending Push

By Maria Heeter · Aug 11, 2022 6:00am PDT · 1 comment

Private equity giant Blackstone is gearing up to make its first major push into lending to startups and technology companies—joining a corner of the debt market that’s quickly heating up. The firm expects to invest at least $2 billion in technology debt deals over the next few years, including venture debt, deals with... Private equity giant Blackstone is gearing up to make its first major push into lending to...

Coinbase CEO Brian Armstrong in India in April. Photo by Bloomberg.

Coinbase Will Need Its Cash to Fend Off the Competition

By Akash Pasricha · Aug 10, 2022 4:13pm PDT

There was a lot to take away from Coinbase’s grim earnings report from Tuesday night. So let’s get right into it.The Numbers: Coinbase put up a net loss of $1.1 billion—its widest quarterly loss since at least 2019. Quarterly revenue ($803 million) was the lowest it’s been since late 2020, and yet quarterly operating expenses ($1.85 billion)... There was a lot to take away from Coinbase’s grim earnings report from Tuesday night. So let’s...

David Baszucki, chief executive officer and co-founder of Roblox Corp. Photo: Bloomberg.

Startup Kangaroo Indicates Plans to Close; Roblox Rewards Creators

By Mahira Dayal · Aug 10, 2022 3:34pm PDT

David Baszucki, chief executive officer and co-founder of Roblox Corp. Photo: Bloomberg.

Creator Economy

Startup Kangaroo Indicates Plans to Close; Roblox Rewards Creators

By Mahira Dayal · Aug 10, 2022 3:34pm PDT

Kangaroo, a creator economy startup that had dubbed itself a “Roblox for stories,” is in the process of shutting down, its co-founder and CEO Katie Mishra has told people close to the company. It’s not clear whether the Palo Alto, Calif., startup, which raised $3.3 million in funding last year, will try to relaunch with a different product.... Kangaroo, a creator economy startup that had dubbed itself a “Roblox for stories,” is in the...

Why Amazon Is Giving Employees Record Amounts of Stock, Even as It Trims Head Count

By Paris Martineau · Aug 10, 2022 10:00am PDT · 4 comments

At a moment when Amazon’s overall workforce is shrinking, the company is awarding stock to employees at a record-breaking clip to keep top talent from heading for the exits. Amazon granted 138 million restricted stock units to employees in the second quarter, as the chart above shows—an 82% increase from the number of restricted... At a moment when Amazon’s overall workforce is shrinking, the company is awarding stock to...

Art by Laurent Hrybyk

AI Is Transforming How We Bank—and Regulators Need Help to Keep Up

By Hilary J. Allen · Aug 10, 2022 9:00am PDT · 3 comments

Crypto may be hogging headlines, but it’s far from the only technological innovation causing problems for financial regulators. In particular, advances in a type of artificial intelligence known as machine learning are changing: how banks allocate credit; how banks manage their own risks internally; how financial advisers construct... Crypto may be hogging headlines, but it’s far from the only technological innovation...

From left, Loni Mahanta, OpenSea; Mark Wetjen, FTX; Julie Stitzel, Digital Currency Group; Tomicah Tillemann, Haun Ventures; Dante Disparte, Circle; Stuart Alderoty, Ripple. Photo illustration by Clark Miller.

The Crypto Fixers: 10 People Working to Shape How the Industry Is Regulated

By Aidan Ryan · Aug 10, 2022 6:00am PDT

Companies that develop, manage or trade cryptocurrencies are beefing up their policy arms as regulators launch enforcement actions and consider new rules for the young industry. Last month, the Securities and Exchange Commission filed insider-trading charges against a former Coinbase product manager, arguing that nine tokens involved in the... Companies that develop, manage or trade cryptocurrencies are beefing up their policy arms as...

TikTok’s Owner ByteDance Quietly Changed Its China Unit’s Name After U.S. Political Fears

By Juro Osawa and Shai Oster · Aug 10, 2022 5:00am PDT · 2 comments

TikTok’s Owner ByteDance Quietly Changed Its China Unit’s Name After U.S. Political Fears

By Juro Osawa and Shai Oster · Aug 10, 2022 5:00am PDT · 2 comments

Since The Information reported last year that the Chinese government had quietly taken a stake and a board seat in a key Chinese corporate entity of ByteDance, the parent company of TikTok, politicians in the U.S. and elsewhere have fanned fears that the Chinese government holds dominion over TikTok too. ByteDance, which is headquartered in... Since The Information reported last year that the Chinese government had quietly taken a stake...

Coinbase CEO Brian Armstrong in India in April. Photo by Bloomberg

Coinbase Takes It in the Teeth

By Jessica E. Lessin · Aug 9, 2022 5:01pm PDT

How is this for a head-scratcher? Gaming software maker AppLovin made an unsolicited offer to buy Unity Software in an all-stock deal worth more than $17.5 billion, with one unusual condition: Unity must abandon an existing agreement to acquire an AppLovin competitor called IronSource.I’ll buy you if you don’t buy our competitor—I suppose we... How is this for a head-scratcher? Gaming software maker AppLovin made an unsolicited offer to buy...

BeReal. Credit: AP

Creator Economy

How Creators Could Earn On BeReal; Layoffs At Snap And Hootsuite

By Mahira Dayal · Aug 9, 2022 4:25pm PDT

BeReal, the viral app that uses the front and back cameras for users to capture a candid image once a day, reached 7.9 million users by the end of July, The Information’s Kate Clark and I reported on Tuesday. That’s a staggering four times as many users as the 2 million it clocked in January, according to a person familiar with the app. Based on... BeReal, the viral app that uses the front and back cameras for users to capture a candid image...

Chart by Sarah Habershon.

Why Investors Value a BeReal User Double That of Snap

By Mahira Dayal and Kate Clark · Aug 9, 2022 3:46pm PDT · 1 comment

The siren song of a fast-growing social media network still holds investors spellbound. Take BeReal. The French social app, which once a day urges users to take and share a photo—wherever they are, regardless of what they’re doing—has become a breakout hit, particularly for people in their early 20s. Daily active users reached... The siren song of a fast-growing social media network still holds investors spellbound. Take...

Photo by Alaska Air Group.

For Meta’s Next CFO Susan Li, Metaverse Dreams Mean Real-World Challenges

By Sylvia Varnham O'Regan · Aug 9, 2022 6:05am PDT · 1 comment

Photo by Alaska Air Group.

For Meta’s Next CFO Susan Li, Metaverse Dreams Mean Real-World Challenges

By Sylvia Varnham O'Regan · Aug 9, 2022 6:05am PDT · 1 comment

When Meta Platforms reported its first-ever quarterly revenue decline last month, the Facebook parent company also made a key promotion with little fanfare: 36-year-old finance executive Susan Li would become chief financial officer in the fall, replacing longtime CFO Dave Wehner, who held the role for eight years and would transition to a... When Meta Platforms reported its first-ever quarterly revenue decline last month, the Facebook...

Chart: Sarah Habershon

Creator Economy

It’s Getting Harder to Hit 1 Million Followers on TikTok (Chart)

By Kaya Yurieff · Aug 8, 2022 3:30pm PDT

The number of TikTok accounts crossing 1 million followers has been on the decline over the past year, new data shows. Last month, about 1,200 TikTok accounts hit that milestone, a 41% drop from the same time a year ago, according to data from Trendpop provided exclusively to The Information. The number of TikTok accounts crossing 1 million followers has been on the decline over the past...

Art by Clark Miller.

Venture Capital’s Limited Partners Warn of Fundraising Slowdown

By Kate Clark · Aug 8, 2022 11:11am PDT · 2 comments

The era of easy money could be over for venture capital firms. Although VC fundraising has so far matched last year’s brisk pace, limited partners—the people and institutions that invest in VC funds—say a slowdown is afoot. That’s because this year’s stock sell-off has left big institutions’ portfolios... The era of easy money could be over for venture capital firms. Although VC fundraising has so far...

From left, DataRobot executives Tom Levey, former CEO Dan Wright and CFO Damon Fletcher. Fletcher and Levey are departing. Art by Mike Sullivan

DataRobot’s CFO, Three Other Senior Execs Depart Amid Fallout Over Share Sales

By Kevin McLaughlin · Aug 8, 2022 8:45am PDT · 2 comments

The chief financial officer and several other senior executives at artificial intelligence startup DataRobot have resigned as the company prepares a second round of layoffs this year, according to two people with knowledge of the situation. The changes, announced internally in a meeting, are the latest sign of an ongoing leadership shakeup... The chief financial officer and several other senior executives at artificial intelligence...

Introducing The Information’s Enterprise Tech Power List

By Kevin McLaughlin, Aaron Holmes and Amir Efrati · Aug 8, 2022 6:00am PDT

Enterprise Power List

Introducing The Information’s Enterprise Tech Power List

By Kevin McLaughlin, Aaron Holmes and Amir Efrati · Aug 8, 2022 6:00am PDT

The biggest battle in tech is happening where most consumers can’t see it: the cloud. And a new cast of executives and investors are increasingly calling the shots—making decisions about the future of the battle with trillions of dollars at stake. The Information spent the last several months researching these leaders to compile... The biggest battle in tech is happening where most consumers can’t see it: the cloud. And a...

A nickel mine in Indonesia, which is not among the countries included in a bill that attempts to create a non-Chinese supply chain for EV batteries. Photo: Bloomberg.

The Electric: The U.S. Finally Gets Serious About the EV Battery Supply Chain

By Steve LeVine · Aug 7, 2022 2:00pm PDT

I am on vacation next week. The Electric will be dark next Sunday, Aug. 14, and return Aug. 21.As China has increasingly bolstered its lead in the global electric vehicle and battery race, it has seemed as though the U.S. is standing still: While Chinese companies have added every more battery manufacturing capacity, U.S. automakers and... I am on vacation next week. The Electric will be dark next Sunday, Aug. 14, and return Aug. 21.As...

‘He's Making Up a World He Wants to Attack’: Vivek Ramaswamy and the Making of an Anti-ESG Culture Warrior

‘He's Making Up a World He Wants to Attack’: Vivek Ramaswamy and the Making of an Anti-ESG Culture Warrior

By Jon Steinberg · Aug 6, 2022 8:00am PDT

Hi, welcome to your Weekend! On Friday morning, just minutes after we published this week’s cover story, I saw a New York Times headline that echoed one of our piece’s theses: “How Republicans Are ‘Weaponizing’ Public Office Against Climate Action.”Both the Times investigation, by David Gelles, and our own, by veteran business... Hi, welcome to your Weekend! On Friday morning, just minutes after we published this week’s...

Art by Clark Miller.

Q&A

A Filmmaker’s Ode to Virtual Reality and the People Who Live in It

By Annie Goldsmith · Aug 6, 2022 7:00am PDT · 2 comments

VRChat changed Joe Hunting’s life. Not only did the first-person virtual reality game serve as the setting for Hunting’s debut film “We Met in Virtual Reality,” but it also introduced the 23-year-old director, producer, writer and editor to his new girlfriend. (The Sundance-premiered documentary, now streaming on HBO Max, is garnering mostly ... VRChat changed Joe Hunting’s life. Not only did the first-person virtual reality game serve as...

Art by Mike Sullivan.

How BeReal Became NSFW: Photo-Snapping Gen Z Employees Create a New Privacy Worry for Employers

By Annie Goldsmith · Aug 5, 2022 12:00pm PDT · 5 comments

Art by Mike Sullivan.

How BeReal Became NSFW: Photo-Snapping Gen Z Employees Create a New Privacy Worry for Employers

By Annie Goldsmith · Aug 5, 2022 12:00pm PDT · 5 comments

It was 2:37 p.m. on a Tuesday when new university grad Connor (not his real name) got the push notification on his iPhone: “It’s time to BeReal!” A full-time employee in the corporate offices of a major retailer, Connor took his cue from the red-hot social media app BeReal and shot a quick photo of his workstation. He then scrolled through his... It was 2:37 p.m. on a Tuesday when new university grad Connor (not his real name) got the push...