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

A tester wearing the Project Aria research glasses. Photo: Facebook

Facebook Expands Its AR Research, Tiptoes Into Ray-Ban Marketing

By Mathew Olson · Sep 15, 2021 11:00am PDT · 1 comment

Facebook’s new smart glasses have been out for less than a week, but it seems work on the company’s greater goal—AR glasses—isn’t slowing down.On Tuesday, Facebook took a step forward with Project Aria, its AR glasses research program, announcing that Singapore would be the first location outside of the U.S. for public Aria testing, following... Facebook’s new smart glasses have been out for less than a week, but it seems work on the company...

Reddit COO Jen Wong.

Reddit’s Ad Revenue Expected to Double to at Least $350 Million This Year

By Sahil Patel · Sep 15, 2021 6:01am PDT

The “meme stock” rally that sent shares of companies like GameStop and AMC Entertainment soaring earlier this year was driven in large part by discussion on Reddit, the 16-year-old online news aggregator and discussion forum. That reflects the size of Reddit’s audience, which runs to 430 million monthly users globally,... The “meme stock” rally that sent shares of companies like GameStop and AMC...

An image from Apple's streamed presentation today. Photo by Bloomberg

Apple’s iPhone Commercial Highlights Environmental Challenge

By Martin Peers · Sep 14, 2021 5:00pm PDT · 2 comments

In its annual product advertisement-disguised-as-news-event today, Apple executives went out of their way to highlight the environmentally friendly techniques they now employ to make hardware. The iPhone 13’s antenna lines will use recycled material from water bottles, for instance, while Apple has eliminated the outer plastic wrap on iPhone... In its annual product advertisement-disguised-as-news-event today, Apple executives went out of...

From left to right, YouTube personalities Jackie Aina, Emma Chamberlain and TikTok star Addison Rae at the Met Gala on Monday night. Photo: AP Illustration: Mike Sullivan

Influencers Blanket Met Gala; LinkedIn Launches Creator Fund

By Kaya Yurieff · Sep 14, 2021 4:00pm PDT

From left to right, YouTube personalities Jackie Aina, Emma Chamberlain and TikTok star Addison Rae at the Met Gala on Monday night. Photo: AP Illustration: Mike Sullivan

Creator Economy

Influencers Blanket Met Gala; LinkedIn Launches Creator Fund

By Kaya Yurieff · Sep 14, 2021 4:00pm PDT

The Met Gala’s guest list was notably different than past years, with a parade of homegrown internet stars on the red carpet on Monday night. That’s a huge contrast to prior years where the exclusive guest list focused on A-list celebrities, including top actors and singers. This year, at least half a dozen social media creators attended,... The Met Gala’s guest list was notably different than past years, with a parade of homegrown...

SEC Chairman Gary Gensler. Photo by Bloomberg.

Gensler’s Coinbase Jab; Solana Stumbles; Alexis Ohanian’s Crypto Pin

By Hannah Miller · Sep 14, 2021 3:15pm PDT

Securities and Exchange Commission Chair Gary Gensler doubled down on his criticism of cryptocurrencies Tuesday—and then took one more dig, at Coinbase. During a hearing on oversight of the SEC with the Senate Banking Committee on Tuesday, long-time crypto critic Sen. Elizabeth Warren (D.-Mass.) asked Gensler about whether an investor can... Securities and Exchange Commission Chair Gary Gensler doubled down on his criticism of...

The new camera array on the iPhone 13 Pro models. Photo: Apple

Apple Keeps Quiet on AR; Facebook’s Workrooms Expansion Strategy

By Mathew Olson · Sep 14, 2021 12:15pm PDT · 1 comment

Apple’s latest launch event, unveiling this year’s new iPhone 13 product line, marked this year as a transitional period between more sweeping iPhone redesigns. That was largely expected. Perhaps more surprising is that AR was barely mentioned during the event, with Apple instead focusing on improvements to other aspects of its mobile camera... Apple’s latest launch event, unveiling this year’s new iPhone 13 product line, marked this year...

Robinhood and Coinbase Top List of Tech’s Fastest-Growing Employers

By Nick Wingfield · Sep 14, 2021 9:00am PDT · 3 comments

Two fintech powerhouses that went public this year, Robinhood Markets and Coinbase Global, both hired new employees at among the fastest clips in the tech industry in their most recent quarters, according to an analysis by The Information of publicly traded tech companies. Each of the two companies saw their headcounts jump at triple-digit rates... Two fintech powerhouses that went public this year, Robinhood Markets and Coinbase Global, both...

A container ship sailing past the city of Qingdao in east China's Shandong province last month. Photo by AP.

Former Ant Executive’s Fintech Startup in Funding Talks at $1 Billion Valuation

By Juro Osawa · Sep 14, 2021 6:00am PDT · 1 comment

A container ship sailing past the city of Qingdao in east China's Shandong province last month. Photo by AP.

Former Ant Executive’s Fintech Startup in Funding Talks at $1 Billion Valuation

By Juro Osawa · Sep 14, 2021 6:00am PDT · 1 comment

XTransfer, a Chinese cross-border payment startup headed by a former Ant Group executive, is in advanced talks with Dan Sundheim’s D1 Capital Partners and other investors to raise capital at a pre-money valuation of $1 billion, more than triple its previous funding round in January, people familiar with the matter said. The funding would... XTransfer, a Chinese cross-border payment startup headed by a former Ant Group executive, is in...

Investor Tim Draper. Photo by Bloomberg

Mammoth Funding Deal Signals Frothiness of VC Funding Market

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

If only Michael Crichton had lived to see this day. The author of “Jurassic Park,” the 1990 novel that became a monster hit movie, would be pleased to see his fiction become reality in the biotech firm Colossal, which revealed today that it has raised $15 million in venture funding to bring back to life the woolly mammoth. That creature has been... If only Michael Crichton had lived to see this day. The author of “Jurassic Park,” the 1990 novel...

Devin Finzer, CEO of OpenSea. Photo: OpenSea. Illustration: Mike Sullivan

Creator Economy

OpenSea CEO Says Era of ‘Pure Collectible NFTs’ Is Over

By Kaya Yurieff · Sep 13, 2021 4:05pm PDT

Earlier this year, artists such as Beeple made headlines for earning hefty sums through the sale of digital collectibles known as non-fungible tokens, or NFTs. OpenSea, the largest NFT marketplace by trading volume, was a beneficiary of these types of sales, handling $3.4 billion in transactions last month alone. Now Devin Finzer, CEO and... Earlier this year, artists such as Beeple made headlines for earning hefty sums through the sale...

Illustration by Mike Sullivan

Crypto’s Misinformation Problem; What the Epic Vs. Apple Ruling Could Do for Digital Wallets

By Hannah Miller · Sep 13, 2021 3:13pm PDT

It was a dramatic day for litecoin. The price of the cryptocurrency surged 34% to $233 over the course of an hour after a press release said Walmart planned to offer a crypto payments option through a partnership with the Litecoin Foundation.The news could have been an exciting development for the crypto world, but the press release was a fake.... It was a dramatic day for litecoin. The price of the cryptocurrency surged 34% to $233 over the...

"Skyland," a world built with Fortnite's metaverse-esque creative tools. Credit: Epic Games

What the Epic v. Apple Ruling Means for AR, VR and the Metaverse

By Mathew Olson · Sep 13, 2021 11:00am PDT · 2 comments

"Skyland," a world built with Fortnite's metaverse-esque creative tools. Credit: Epic Games

What the Epic v. Apple Ruling Means for AR, VR and the Metaverse

By Mathew Olson · Sep 13, 2021 11:00am PDT · 2 comments

Despite winning a key count in its lawsuit against Apple, Epic’s appeal of the ruling on Sunday made clear that it didn’t view the decision as much of a victory. For Epic CEO Tim Sweeney, winning wasn’t just about extracting a concession from Apple on purchase fees or even about being allowed to launch a competing mobile app store. It was about... Despite winning a key count in its lawsuit against Apple, Epic’s appeal of the ruling on Sunday...

Affirm CEO Max Levchin. Photo courtesy of Affirm

Q&A

Affirm is More Buyer or Partner Than Seller, Levchin Says

By Malique Morris · Sep 13, 2021 10:52am PDT

Affirm, a leading player in the fast-growing “buy now, pay later” online lending market, sees itself more as a buyer than a seller, according to CEO Max Levchin. But despite a gold-rush mentality over the past few weeks, as PayPal and Square both struck big acquisitions, Levchin told The Information in an interview he’s not... Affirm, a leading player in the fast-growing “buy now, pay later” online lending...

Illustration by Josh Brill

Startup Founders Use Record-High Valuations to Cash Out Earlier

By Berber Jin · Sep 13, 2021 6:01am PDT · 20 comments

Earlier this year, Pipe raised a new round of funding led by investment firm Greenspring Associates that valued the financial software startup at $2 billion. As part of the round, Pipe co-CEO Harry Hurst also sold an undisclosed number of his own shares in the company, which he had co-founded two years before. Such a share sale would have been... Earlier this year, Pipe raised a new round of funding led by investment firm Greenspring...

Ola Electric's launch of its S1 scooter in Bengaluru, India, on Aug. 15. Photo: Samyukta Lakshmi/Bloomberg

Indians Are Snapping Up Electric Vehicles—Just Not the Ones Major Automakers Are Selling

By Steve LeVine · Sep 12, 2021 2:00pm PDT

For three decades, the world’s major automakers have been piling into India, tantalized by a teeming population of consumers with rising incomes and relatively few passenger vehicles. In the new age of electric vehicles, the country’s allure has been even greater, representing the last big and all but untapped EV market on the planet. But all of... For three decades, the world’s major automakers have been piling into India, tantalized by a...

Why the Apple App Store Ruling Is a Big Deal

By Jessica E. Lessin · Sep 11, 2021 7:45am PDT · 5 comments

Why the Apple App Store Ruling Is a Big Deal

By Jessica E. Lessin · Sep 11, 2021 7:45am PDT · 5 comments

It’s been a bustling week for tech news, ending with the long-awaited decision in the Epic Games versus Apple trial over Apple’s App Store power. As Josh and Martin have analyzed, the ruling avoided the worst outcome for Apple, with the judge deciding not to call it the most dreaded word in tech: a monopolist. Still, I’m left with the... It’s been a bustling week for tech news, ending with the long-awaited decision in the Epic Games...

Apple CEO Tim Cook at the Epic trial in May. Photo by Bloomberg.

Court Delivers Epic Ruling on Apple's App Store

By Martin Peers · Sep 10, 2021 5:00pm PDT

Today’s court ruling on Epic v. Apple is the kind of decision that seems to have something for everyone, even the news media (a big story on a Friday—yippee!). Apple won on most counts, including one of its counterclaims against Epic. But Epic prevailed on a key count: Judge Yvonne Gonzalez Rogers ruled that Apple’s policy preventing app... Today’s court ruling on Epic v. Apple is the kind of decision that seems to have something for...

Apple CEO Tim Cook in 2019. Photo by Bloomberg

After Court’s Apple App Store Ruling, All Eyes on How Gamers Respond

By Josh Sisco · Sep 10, 2021 1:47pm PDT · 5 comments

Friday’s federal court ruling on Epic Games’ lawsuit against Apple opens the door to app developers of all kinds to pitch alternative payment options, getting around Apple’s 30% App Store fee. Whether it has any practical impact on Apple’s bottom line, though, comes down to a single question: Will gamers be willing to... Friday’s federal court ruling on Epic Games’ lawsuit against Apple opens the door to...

Illustration by Mike Sullivan

The Fintech Startups Plaid, JPMorgan and Stripe Could Buy Next

By Malique Morris · Sep 10, 2021 12:09pm PDT · 2 comments

Fintech startups have targets on their backs. Big banks and payment processing companies, propelled by the jump in online commerce during the pandemic, are snapping up software firms that help consumers pay, trade and borrow online. And the summer’s deal making is far from over, investors and bankers in the sector say. Just this week, on... Fintech startups have targets on their backs. Big banks and payment processing companies,...

Ted Lasso poster by Apple. Illustration by Mike Sullivan

Apple, a Streaming Punchline No More?

By Jessica Toonkel · Sep 10, 2021 6:00am PDT · 2 comments

Ted Lasso poster by Apple. Illustration by Mike Sullivan

Apple, a Streaming Punchline No More?

By Jessica Toonkel · Sep 10, 2021 6:00am PDT · 2 comments

When Apple launched its Apple TV+ service nearly two years ago, executives throughout Hollywood and Silicon Valley snickered about the streaming video service. This dilettante—which knew everything about making phones and nothing about making movies and television—would surely lose interest in the business before long, they wagged. ... When Apple launched its Apple TV+ service nearly two years ago, executives throughout Hollywood...