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

Photos of Didi's Cheng Wei and Chinese president Xi Jinping by Bloomberg. Art by Mike Sullivan

How China Broke Up With Its Internet Companies

By Juro Osawa and Shai Oster · Oct 14, 2021 6:01am PDT

Back in 2015, when China’s love affair with its internet sector was in full bloom, there were few startups the country’s rulers were more passionate about than Didi Global. At an internet conference that year in the scenic canal city of Wuzhen, President Xi Jinping sought out Didi’s cherubic-faced founder, Cheng Wei, whose... Back in 2015, when China’s love affair with its internet sector was in full bloom, there...

ViacomCBS executives, and SpongeBob, celebrate the merger of Viacom and CBS in 2019. Photo by Bloomberg.

Are SpongeBob NFTs a Dopey Idea? Maybe Not

By Martin Peers · Oct 13, 2021 5:01pm PDT

If you’re allergic to the catchy buzzwords executives and investors love to throw around, you might not want to read the next sentence, given the risk of anaphylactic shock. ViacomCBS has become “one of the first major media and entertainment companies to enter the metaverse in a significant way,” thanks to a partnership that will bring its TV... If you’re allergic to the catchy buzzwords executives and investors love to throw around, you...

U.S. Takes Bitcoin Mining Crown; Stronghold’s IPO Pricing

By Hannah Miller · Oct 13, 2021 4:33pm PDT · 2 comments

The U.S. has officially dethroned China as the world’s biggest bitcoin miner, according to data released Wednesday by the Cambridge Centre for Alternative Finance. The data tracks countries’ share of global hashrate, a measure of bitcoin mining power, and shows that as of August, the U.S. is now responsible for 35.4% of the global hashrate, more... The U.S. has officially dethroned China as the world’s biggest bitcoin miner, according to data...

Photo: Mike Sullivan

TikTok’s Harassment Problem; Lessons for Creators From Udemy

By Kaya Yurieff · Oct 13, 2021 2:43pm PDT

Photo: Mike Sullivan

Creator Economy

TikTok’s Harassment Problem; Lessons for Creators From Udemy

By Kaya Yurieff · Oct 13, 2021 2:43pm PDT

TikTok’s latest report on how much hateful content and harassment it removes shows its challenge in protecting popular creators from bullying. During the second quarter, TikTok said it removed more than 81 million videos globally for violating its rules. Of these, videos containing harassment and bullying made up 6.8%. The biggest category... TikTok’s latest report on how much hateful content and harassment it removes shows its challenge...

The Focus 3, one of the Vive VR headsets released earlier this year. Credit: HTC

HTC’s New Headset Leaks; A Streaming Service Aims for VR Relevancy

By Mathew Olson · Oct 13, 2021 11:00am PDT · 1 comment

Like all parts of the tech industry, VR hardware is prone to leaks. In late September we may have caught our first glimpse of new hardware from Oculus, and this time it’s HTC’s turn. Late Tuesday, ahead of an event planned for Thursday, prolific leaker Evan “evleaks” Blass released several images that appear to show off HTC’s latest: the Vive... Like all parts of the tech industry, VR hardware is prone to leaks. In late September we may have...

Will Shu. Photo courtesy of Deliveroo

The Big Interview

Deliveroo CEO Sees Echoes of Scooter Fad in Ultrafast Delivery

By Mark Di Stefano · Oct 13, 2021 6:01am PDT · 2 comments

Every few weeks, Will Shu takes a night off as CEO of Amazon-backed Deliveroo to bike through London, delivering restaurant meals or groceries in the place of one of the newly public company’s 110,000 gig workers. Things changed this year, as Shu noticed Deliveroo couriers were jostling with many more rivals: venture-backed startups... Every few weeks, Will Shu takes a night off as CEO of Amazon-backed Deliveroo to bike through...

A DoorDash delivery worker. Photo by Bloomberg.

Delivery Firms Rush Into Advertising, Where Others Fear to Tread

By Martin Peers · Oct 12, 2021 5:00pm PDT

What is it about the advertising business that makes otherwise sensible businesspeople think it’s the panacea for all their ills? This week, as The Wall Street Journal recounted today, DoorDash launched its ad sales effort, following on the heels of similar moves by Instacart and Uber. All three apparently see advertising as the way to turn... What is it about the advertising business that makes otherwise sensible businesspeople think it’s...

Brittany Laughlin, executive director of the Stacks Foundation, which manages the protocol underlying a bitcoin NFT marketplace. More firms, including Coinbase, are getting into the market for these digital assets. Photo: Stacks Foundation

Coinbase Threatens OpenSea’s Hold on NFTs; Stripe Searches For Crypto Talent

By Hannah Miller · Oct 12, 2021 4:43pm PDT

Brittany Laughlin, executive director of the Stacks Foundation, which manages the protocol underlying a bitcoin NFT marketplace. More firms, including Coinbase, are getting into the market for these digital assets. Photo: Stacks Foundation

Coinbase Threatens OpenSea’s Hold on NFTs; Stripe Searches For Crypto Talent

By Hannah Miller · Oct 12, 2021 4:43pm PDT

The market for digital, blockchain-based assets known as NFTs just got a little more crowded. Crypto exchange Coinbase said Tuesday that it is planning to roll out a marketplace for non-fungible tokens this year. The company is following in the footsteps of rival exchange FTX.US, which opened its own NFT marketplace on Monday. These... The market for digital, blockchain-based assets known as NFTs just got a little more crowded....

An image of TeamPaper from Retrieve. Photo: Retrieve

Creator Economy

Student Athlete Influencers Are Big Business; Twitter Details Audio Accelerator

By Kaya Yurieff · Oct 12, 2021 3:08pm PDT

Over the summer, startup executive Patrick Griffin began reading more about how student-athletes were becoming influencers, thanks to loosened restrictions by the National Collegiate Athletic Association. But as a former college athlete himself, he knew these time-stretched students would have a hard time building social followings as... Over the summer, startup executive Patrick Griffin began reading more about how student-athletes...

Photo: AP

Google Pounces on Epic; Making Sense of Magic Leap’s Second Act

By Mathew Olson · Oct 12, 2021 11:05am PDT

Google countersued Epic Games late Monday, opening another front in the legal battle between the Fortnite maker and the tech giants that control the mobile market. We know Epic’s attack on Apple mostly backfired, resulting in Epic frozen out of the iOS ecosystem for what could be years. Will Epic have any more luck in the Android market?That... Google countersued Epic Games late Monday, opening another front in the legal battle between the...

Udemy CEO Greg Coccari. Art by Mike Sullivan

As Udemy Plans IPO, Instructors Complain Policy Change Cut Their Pay

By Aidan Ryan · Oct 12, 2021 10:29am PDT · 2 comments

As online education service Udemy prepares to market its initial public offering later this month, Udemy’s instructors are grumbling on the sidelines. They complain that their pay has been slashed in recent months as a result of changes the company made last spring to its pay scales. Those changes helped lift Udemy’s gross profits in... As online education service Udemy prepares to market its initial public offering later this...

Illustration by Jesus Escudero

How to Keep Kids Safe Online? Ask Videogame Designers

By Amanda Lenhart · Oct 12, 2021 9:00am PDT · 5 comments

Illustration by Jesus Escudero

How to Keep Kids Safe Online? Ask Videogame Designers

By Amanda Lenhart · Oct 12, 2021 9:00am PDT · 5 comments

I’ve spent the past year interviewing dozens of doers inside social media and game companies—product managers, engineers, and members of trust and safety teams. Along with my research partner, Kellie Owens, I asked people the basic question: Do these companies think about well-being, especially that of young people, when they design... I’ve spent the past year interviewing dozens of doers inside social media and game...

SoftBank CEO Masayoshi Son, left, and Nvidia CEO Jensen Huang. Photos by Bloomberg; AP

More Clouds Form Over $55 Billion Nvidia-Arm Merger

By Josh Sisco · Oct 12, 2021 6:00am PDT

Nvidia’s prospects of getting regulatory approval for its $55 billion acquisition of microchip designer Arm Holdings from SoftBank are looking increasingly imperiled, according to two people involved in the process. The deal, which would reshape the global chip industry, has been stuck in regulatory reviews for more than a year.... Nvidia’s prospects of getting regulatory approval for its $55 billion acquisition of...

A bull statue for sale outside the New York Stock Exchange last month. Photo by Bloomberg.

The IPO Year to Remember

By Martin Peers · Oct 11, 2021 5:00pm PDT

This really has been a banner year for IPOs. Yes, you’ve seen all the headlines, but now we’ve got some data to back up that assertion. So far this year, 104 tech firms have gone public via initial public offering, more than in any year since 2000, according to Dealogic. And this year’s IPOs have raised more money than those in any year going... This really has been a banner year for IPOs. Yes, you’ve seen all the headlines, but now we’ve...

A Bitcoin sign in El Salvador. Photo: Bloomberg

Paying for Crypto With Plastic; Taking Aim at Jamie Dimon; Robinhood’s Gloomy Report

By Hannah Miller · Oct 11, 2021 4:52pm PDT · 1 comment

The price of bitcoin passed $57,000 for the first time since May, lifting it closer to its record high above $65,000 reached in April. Over the last week, prices have rallied on buzz that the Securities and Exchange Commission was getting closer to approving an exchange-traded fund holding bitcoin futures and comments from the heads of the... The price of bitcoin passed $57,000 for the first time since May, lifting it closer to its record...

Influencer Cameron Dallas. Photo: Ralph Lauren

Patreon Rival Fanfix Names Instagram Star Cameron Dallas as Co-Founder

By Kaya Yurieff · Oct 11, 2021 2:08pm PDT

Influencer Cameron Dallas. Photo: Ralph Lauren

Creator Economy

Patreon Rival Fanfix Names Instagram Star Cameron Dallas as Co-Founder

By Kaya Yurieff · Oct 11, 2021 2:08pm PDT

Fanfix, which operates a website where social media creators charge their fans for exclusive content like bonus videos or photos, has brought on Instagram star Cameron Dallas as a co-founder, the company told The Information. The appointment hasn’t previously been reported.The nine-month-old startup aims to be an alternative to membership sites... Fanfix, which operates a website where social media creators charge their fans for exclusive...

Ivan Soto-Wright, CEO and co-founder of MoonPay. Photo by Bloomberg

Crypto Startup MoonPay Valued at $3.4 Billion in First VC Funding

By Kate Clark · Oct 11, 2021 11:32am PDT · 7 comments

Crypto payments startup MoonPay is raising its first round of venture capital at a $3.4 billion valuation including the investment, according to two people familiar with the matter. Tiger Global Management and Coatue Management are co-leading the $400 million financing for the bootstrapped startup. MoonPay’s software allows people to use... Crypto payments startup MoonPay is raising its first round of venture capital at a $3.4 billion...

A lineup of Fortnite characters. Credit: Epic Games

The Next Steps for Epic and Apple; October’s AR/VR Hardware Rush

By Mathew Olson · Oct 11, 2021 11:05am PDT

As the Epic v. Apple fight wears on, both remain in somewhat vulnerable positions. Today, Jessica Toonkel and I reported that Epic is considering expanding into scripted entertainment, a move that could help Epic reach a wider audience even while it remains frozen out of the mobile space. Meanwhile, Apple risks having its attempt to set the... As the Epic v. Apple fight wears on, both remain in somewhat vulnerable positions. Today, Jessica...

Art by Mike Sullivan

WTF: Women in Tech, Media and Finance

Books and Podcast Recommendations From WTF 2021 Speakers

By The Information Staff · Oct 11, 2021 7:46am PDT

We asked this year’s WTF 2021 speakers and moderators to share what they’ve been reading & listening to lately. Here are there recommendations. BOOKS Non-fiction Rachel Holt: Open: An Autobiography by Andre Agassi Maria Zhang: Option B: Facing Adversity, Building Resilience, and Finding Joy by Sheryl Sandberg and Think Again: The... We asked this year’s WTF 2021 speakers and moderators to share what they’ve been...

Character actors from Fortnite dance during the E3 Electronic Entertainment Expo in Los Angeles in 2019. Photo by Bloomberg.

Epic Games May Make Fortnite Movie as Part of Entertainment Expansion

By Mathew Olson and Jessica Toonkel · Oct 11, 2021 6:00am PDT

Character actors from Fortnite dance during the E3 Electronic Entertainment Expo in Los Angeles in 2019. Photo by Bloomberg.

Epic Games May Make Fortnite Movie as Part of Entertainment Expansion

By Mathew Olson and Jessica Toonkel · Oct 11, 2021 6:00am PDT

Epic Games is considering launching an entertainment division focused on scripted video programming, said people familiar with the situation. The maker of hit videogame Fortnite is looking to diversify amid legal battles with Apple and Google that have hurt its ability to expand in the mobile market. The division could develop projects including... Epic Games is considering launching an entertainment division focused on scripted video...