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

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

What Makes a Good CEO?

By Jessica E. Lessin · Jul 17, 2021 7:46am PDT · 1 comment

Tech CEOs are grabbing their fair share of headlines, per usual. Mark Zuckerberg is in the news again in the wake of a negative new book about Facebook and a controversy over his Fourth of July watersports moment (patriotic or not?). Jeff Bezos and Richard Branson are duking it out over their journey to space, or somewhere close to it,... Tech CEOs are grabbing their fair share of headlines, per usual. Mark Zuckerberg is in the...

Alphabet CEO Sundar Pichai. Photo by Bloomberg

Tech Earnings Kick Off Next Week—and Growth Numbers Will Be Big

By Martin Peers · Jul 16, 2021 5:05pm PDT

Fasten your seat belt. Next week kicks off the tech earnings season. And we’re in for some extraordinary numbers as companies report second-quarter results that compare with the pandemic-depressed period from a year ago. That will make for somewhat artificially inflated growth rates this time around that are sure to grab headlines. To get a real... Fasten your seat belt. Next week kicks off the tech earnings season. And we’re in for some...

Gorillas in the Wild — The 411 Podcast

By Cory Weinberg · Jul 16, 2021 2:53pm PDT

Why are so many instant delivery startups popping up? Cory talks to The Information's Mark Di Stefano about the buzzy sector and one controversial company in particular, Gorillas. Then, Steve LeVine, author of the new The Information newsletter The Electric, explains the geopolitical dynamics in the battery industry. Why are so many instant delivery startups popping up? Cory talks to The Information's Mark Di...

Carta CEO Henry Ward. Photo: Carta.

Silver Lake to Lead New Carta Funding at $7.4 Billion Valuation

By Cory Weinberg and Berber Jin · Jul 16, 2021 10:38am PDT

Carta CEO Henry Ward. Photo: Carta.

Silver Lake to Lead New Carta Funding at $7.4 Billion Valuation

By Cory Weinberg and Berber Jin · Jul 16, 2021 10:38am PDT

Carta is finalizing a round of funding led by new investor Silver Lake Partners that would value the financial software startup at $7.4 billion including the new capital, roughly where secondary market investors valued it in February, two people familiar with the matter said. The funding, expected to be $500 million to $600 million, would nearly... Carta is finalizing a round of funding led by new investor Silver Lake Partners that would value...

Illustration: Mike Sullivan

AirPods Are a Huge Hit With Consumers—and Counterfeiters

By Wayne Ma · Jul 16, 2021 6:14am PDT

U.S. Customs officials are seizing record numbers of counterfeit wireless headphones amid a surge in the popularity of Apple’s easy-to-copy AirPods. Roughly 360,000 counterfeit wireless headphones with a retail value of $62.2 million were confiscated in the first nine months of the U.S. government’s fiscal year, which starts in... U.S. Customs officials are seizing record numbers of counterfeit wireless headphones amid a surge...

Netflix's Los Angeles office building. Photo by Bloomberg

Netflix for Games Will Require Lots of Hard Work

By Martin Peers · Jul 15, 2021 5:10pm PDT · 3 comments

Netflix’s hiring of a former Facebook executive to oversee an expansion into gaming will be welcome news for investors who are fretting about the company’s ability to maintain its robust growth of the past few years. But no one should be under any illusions about the rocky road ahead for Netflix as it seeks to become a force in gaming. This... Netflix’s hiring of a former Facebook executive to oversee an expansion into gaming will be...

Makeup artist and influencer Jeremiah Jacques. Photo: Jeremiah Jacques

Creator Economy

Why Advertiser Spending on Influencers Will Reach $4 Billion

By Kaya Yurieff · Jul 15, 2021 4:00pm PDT

We got an early look at new data from eMarketer/Insider Intelligence that shows just how much money advertisers are spending on sponsored posts from influencers. Influencer marketing on social networks in the U.S., including Instagram, YouTube and TikTok, is projected to rise to $3.7 billion this year, up 34% from last year. By 2023,... We got an early look at new data from eMarketer/Insider Intelligence that shows just how much...

Chart: Mike Sullivan

The Bitcoin Mining Backlash; Dogecoin’s Unhappy Inventor

By Hannah Miller · Jul 15, 2021 2:45pm PDT

Chart: Mike Sullivan

The Bitcoin Mining Backlash; Dogecoin’s Unhappy Inventor

By Hannah Miller · Jul 15, 2021 2:45pm PDT

Bitcoin miners in China were feeling the heat even before the country’s cryptocurrency crackdown. Data released Thursday from the Cambridge Bitcoin Electricity Consumption Index or CBECI show that these miners were fleeing China prior to new restrictions that Beijing put in place in May and June. The new stats help confirm what many have... Bitcoin miners in China were feeling the heat even before the country’s cryptocurrency crackdown....

Apple's Tim Cook, Amazon's Jeff Bezos, Facebook's Mark Zuckerberg and Google's Sundar Pichai. Photos by Bloomberg

Big Tech Antitrust Database

Apple, Amazon, Google and Facebook Face at Least 70 Antitrust Probes, Cases

By Josh Sisco · Jul 15, 2021 9:03am PDT · 1 comment

It seems that almost every day a headline blares the news of a new antitrust inquiry against one of the big tech firms. This barrage of cases means that a staggering 70 competition-related lawsuits or investigations are now collectively underway against Apple, Amazon, Google and Facebook globally—up from 17 ongoing probes and cases two... It seems that almost every day a headline blares the news of a new antitrust inquiry against one...

Facebook’s Switch on AR Brain Interfaces Reflects Market Realities

By Mathew Olson · Jul 15, 2021 8:49am PDT

Facebook is ditching its research into the futuristic idea of communicating with just your mind. Instead, it will focus on wrist-based neural interfaces—a way of controlling software based on reading nerve impulses via the wrist. Facebook believes that tech shows promise as a way to control AR glasses. And to be honest, it’s sure to be far more... Facebook is ditching its research into the futuristic idea of communicating with just your mind....

Gorillas CEO Kağan Sümer. Photo provided by Gorillas

Gorilla Warfare in Europe’s Startup Scene

By Mark Di Stefano and Cory Weinberg · Jul 15, 2021 6:01am PDT

Last year, Kağan Sümer blasted out of nowhere with a startup called Gorillas that had an audacious vision: to kill the grocery store. The Berlin-based grocery-delivery company surpassed a $1 billion valuation a year after it was founded, a nearly unheard-of rate of ascent for a startup in Europe, where a string of other scrappy delivery... Last year, Kağan Sümer blasted out of nowhere with a startup called Gorillas that had an...

Microsoft CEO Satya Nadella. Photo by Bloomberg

Microsoft’s Cybersecurity Weapon in the Cloud

By Martin Peers · Jul 14, 2021 5:00pm PDT

Microsoft CEO Satya Nadella. Photo by Bloomberg

Microsoft’s Cybersecurity Weapon in the Cloud

By Martin Peers · Jul 14, 2021 5:00pm PDT

Microsoft struck a major blow in the cybersecurity wars today, with its decision to offer a cloud-based version of its Windows operating system. Windows 365, as it is dubbed, will make it easier for people to switch from outdated versions of Windows, those that are most likely to have software vulnerabilities that hackers can exploit. That is... Microsoft struck a major blow in the cybersecurity wars today, with its decision to offer a...

Creator Economy

How Facebook’s $1 Billion Creator Warchest Compares

By Kaya Yurieff · Jul 14, 2021 4:24pm PDT

As our latest chart shows, Facebook is late to join the parade of tech companies offering to pay creators for showing up on their platforms. It’s making up for that latecomer status in size—and variety. Facebook and its subsidiary Instagram will pay social media creators $1 billion through 2022, one of the largest direct financial... As our latest chart shows, Facebook is late to join the parade of tech companies offering to pay...

New Momentum for Central Bank Digital Currencies

By Hannah Miller · Jul 14, 2021 3:12pm PDT

The European Central Bank has moved a step closer to launching a digital euro, a decision that puts more pressure on the U.S. to adopt a digital dollar backed by the Federal Reserve. The ECB said Wednesday that it has moved into an investigative stage where it is examining the design and distribution of a digital euro. The phase is set to... The European Central Bank has moved a step closer to launching a digital euro, a decision that...

Joseph Jerome. Photo by Joseph Jerome

A Vocal Data Privacy Lawyer Joins Facebook’s VR Team

By Mathew Olson · Jul 14, 2021 11:00am PDT · 1 comment

For the better part of a decade, Washington D.C. lawyer Joseph Jerome has pushed state and federal lawmakers to better understand tech privacy issues. In recent years, Jerome has devoted some of his attention to the unique concerns raised by the rise of VR and AR.His next act: tackling AR/VR privacy matters inside Facebook.Jerome announced the... For the better part of a decade, Washington D.C. lawyer Joseph Jerome has pushed state and...

Hong Kong's Exchange Square complex which houses the Hong Kong stock exchange. Photo by Bloomberg

China’s Kujiale, Lalamove Suspend U.S. Listing Plans, Search for Alternatives

By Juro Osawa and Shai Oster · Jul 14, 2021 10:27am PDT · 1 comment

Hong Kong's Exchange Square complex which houses the Hong Kong stock exchange. Photo by Bloomberg

China’s Kujiale, Lalamove Suspend U.S. Listing Plans, Search for Alternatives

By Juro Osawa and Shai Oster · Jul 14, 2021 10:27am PDT · 1 comment

As China’s tech startups shelve plans to go public in the U.S. due to Beijing’s cybersecurity crackdown, one question is whether they will pursue initial public offerings in Hong Kong instead. But Hong Kong listings may be challenging for tech companies in industries such as software as a service, autonomous vehicles and ride... As China’s tech startups shelve plans to go public in the U.S. due to Beijing’s...

Illustration: Jesus Escudero

Startups Turn to Wall Street to Broker VC Deals

By Kate Clark · Jul 14, 2021 6:00am PDT

For years, startups turned to Wall Street bankers either in the best of times—when they were big enough to go public—or the worst, such as when they needed to find a buyer. Now they are paying for investment bank services for a function that’s much more routine: raising early-stage venture capital. More startups are bringing on... For years, startups turned to Wall Street bankers either in the best of times—when they...

Netflix CEO Reed Hastings. Photo by Bloomberg.

Netflix Stock Drifts Into Unusual Territory: Stagnation

By Martin Peers · Jul 13, 2021 5:00pm PDT

What’s the thing that investors fear far more than antitrust regulators? Slowing growth. That’s one takeaway from comparing the stock performance of Netflix this year with Apple, Amazon, Alphabet and Facebook. The stock prices of all four big tech giants, each under the crosshairs of U.S. and European antitrust regulators, are up between 10% and... What’s the thing that investors fear far more than antitrust regulators? Slowing growth. That’s...

Substack CEO Chris Best. Photo: Substack

Creator Economy

Substack to Offer Free Classes to Help Writers Earn Their First $1,000

By Kaya Yurieff · Jul 13, 2021 4:20pm PDT · 2 comments

The top 10 publishers on Substack bring in more than $20 million a year in subscriptions, underpinning the newsletter platform’s revenue growth. Now Substack is trying to broaden the pool of writers who can earn a living from paid subscriptions. Next month, it will launch a new program called “Substack Grow” that offers a free, six-session... The top 10 publishers on Substack bring in more than $20 million a year in subscriptions,...

FTX CEO Sam Bankman-Fried. Photo: FTX

FTX’s Bankman-Fried on Public Listings and Regulatory Challenges

By Hannah Miller · Jul 13, 2021 3:27pm PDT

FTX CEO Sam Bankman-Fried. Photo: FTX

FTX’s Bankman-Fried on Public Listings and Regulatory Challenges

By Hannah Miller · Jul 13, 2021 3:27pm PDT

There has been more bad news for Binance, as troubles with regulators have caused multiple payment processors to cease doing business with the big crypto exchange. Even though it isn’t clear how recent regulatory actions in various countries will affect Binance in the long term, the restrictions are making companies squeamish about teaming up... There has been more bad news for Binance, as troubles with regulators have caused multiple...