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

Nicole Quinn, a partner at Lightspeed Venture Partners. Photo: Lightspeed Venture Partners

Creator Economy

Lightspeed’s Nicole Quinn on Cameo and Venture FOMO; Twitter Spaces Gets a Presidential Visit

By Kaya Yurieff · Jun 9, 2021 3:00pm PDT

When Nicole Quinn, a partner at Lightspeed Venture Partners, led the firm’s Series A round for Cameo in 2018, she said she got many weird looks from other investors who couldn’t understand the apparent appeal of the celebrity shout-out app. Then she watched some of those same investors try to pour money into the startup amid a broader rush into... When Nicole Quinn, a partner at Lightspeed Venture Partners, led the firm’s Series A round for ...

Crypto’s China Crackdown Intensifies

By Hannah Miller · Jun 9, 2021 2:46pm PDT

China’s crypto crackdown is going into overdrive. China arrested more than a thousand people for using crypto in money-laundering today. Meanwhile, China’s most popular internet services, such as Weibo and Baidu, reportedly censored crypto exchanges commonly used by Chinese traders. Typing in the names of exchanges like Huobi, Binance and... China’s crypto crackdown is going into overdrive. China arrested more than a thousand people for...

The Magic Leap 1 headset, wearable computer accessory and controller. Source: Magic Leap

Magic Leap’s C-Suite Churn, AR E-Commerce Grows Up

By Mathew Olson · Jun 9, 2021 11:02am PDT

Three longtime Magic Leap executives are heading toward the exits. Is it a reminder that Magic Leap’s comeback hopes are thin? Or is this a necessary personnel makeover?These are the kind of questions that will continue to dog Magic Leap, the once-hyped augmented reality leader that raised about $2.6 billion from investors before struggling to... Three longtime Magic Leap executives are heading toward the exits. Is it a reminder that Magic...

SoftBank CEO Masayoshi Son. Photo by Bloomberg.

SoftBank Ramps Up Software Bets With $1.3 Billion Tungee Talks

By Yunan Zhang, Juro Osawa and Shai Oster · Jun 9, 2021 10:03am PDT

SoftBank CEO Masayoshi Son. Photo by Bloomberg.

SoftBank Ramps Up Software Bets With $1.3 Billion Tungee Talks

By Yunan Zhang, Juro Osawa and Shai Oster · Jun 9, 2021 10:03am PDT

SoftBank is ramping up its software bets—as aggressively as ever. The investment firm is in talks to invest in Chinese software as a service firm Tungee at a $1.3 billion valuation, even as a group of other venture capitalists are investing in the firm at a $1 billion valuation, two people with knowledge of the fundraising discussions... SoftBank is ramping up its software bets—as aggressively as ever. The investment firm is in...

Locomation trucks on the test track at the Transportation Research Center in East Liberty, Ohio. Credit: Locomation

Two More Self-Driving-Truck Developers Consider Public Offerings

By Amir Efrati · Jun 9, 2021 6:01am PDT · 1 comment

Embark Trucks and Locomation, both of which develop self-driving semitrailers to haul freight over long distances, have recently discussed going public, including by merging with a shell company known as a special purpose acquisition vehicle, according to two people with knowledge of the situation. The talks follow the successful public offering... Embark Trucks and Locomation, both of which develop self-driving semitrailers to haul freight...

IRS headquarters in Washington

Bezos’ Taxes In the Spotlight

By Martin Peers · Jun 8, 2021 5:04pm PDT

Jeff Bezos pays taxes! We learned exactly how much from a ProPublica expose about the personal tax details of some of America’s richest people. The publication got what it said was a “vast trove” of confidential tax records covering a 15-year period for Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg, although it appears to be... Jeff Bezos pays taxes! We learned exactly how much from a ProPublica expose about the personal...

Creator Economy

A Chart of Andreessen Horowitz’s Creator Deals; Glitchy Start to Instagram Conference; Dispo’s New Investors

By Kaya Yurieff · Jun 8, 2021 3:00pm PDT

Our latest chart shows just how busy Andreessen Horowitz has been in backing creator economy deals—and how often these startups involve cryptocurrencies and related assets. Three of the 11 creator economy-related startups the venture firm has led funding for this year focus on non-fungible tokens (NFT), digital collectibles that creators can... Our latest chart shows just how busy Andreessen Horowitz has been in backing creator economy...

Why Bitcoin’s Price is Plummeting, How Ransomware Attacks Could Drive Regulation

By Hannah Miller · Jun 8, 2021 2:15pm PDT

Why Bitcoin’s Price is Plummeting, How Ransomware Attacks Could Drive Regulation

By Hannah Miller · Jun 8, 2021 2:15pm PDT

With Bitcoin prices falling 5% on Tuesday to a little below $33,000, you might think issues dogging crypto—environmental concerns, ransomware and China’s crackdown—have finally caught up with it. “Over the last two months, there really has been a disproportionate amount of bad news,” said David Nage, a managing director at Arca, a digital... With Bitcoin prices falling 5% on Tuesday to a little below $33,000, you might think issues...

Monitors display Coinbase and Bitcoin signage at the Nasdaq in NYC. Photo by Bloomberg

Crypto Lender BlockFi in Talks to Raise Funding at $5 Billion Valuation

By Kate Clark · Jun 8, 2021 11:14am PDT

BlockFi, a wealth management and trading firm for cryptocurrency holders, is raising new funding just three months after its last round. It's the latest sign that VC interest in cryptocurrency, supercharged by Coinbase’s direct listing two months ago, is overriding a recent steep retreat in crypto prices. The four-year-old startup is... BlockFi, a wealth management and trading firm for cryptocurrency holders, is raising new funding...

Apple's vp of worldwide developer relations, Susan Prescott, at Monday's WWDC.

Apple Nudges Its AR Forward at a No-Hardware WWDC

By Mathew Olson · Jun 8, 2021 11:00am PDT

Apple’s WWDC keynote came and went yesterday without any new hardware announcements. The event did demonstrate some of Apple’s eagerness to introduce more uses for AR in the here and now, including the introduction of several features similar to ones already offered by Google and Snap.Most of these were incremental—but incrementality can be... Apple’s WWDC keynote came and went yesterday without any new hardware announcements. The...

A supervisor holds checks an employee's badge during roll call at a Pegatron factory in Shanghai. Photo by Bloomberg

Some Apple Suppliers in China Tell Ethnic Minorities: Don’t Bother Applying For Jobs

By Wayne Ma · Jun 8, 2021 6:01am PDT

Some of the companies in China that supply Apple with parts for its devices are willing to use workers from the predominantly Muslim group known as Uyghurs, as part of government-sponsored labor programs widely criticized as coercive. But Uyghurs and other marginalized Chinese minorities need not apply for jobs on the open market to many of... Some of the companies in China that supply Apple with parts for its devices are willing to use...

Jeff Bezos at a Blue Origin event in 2017. Photo by Bloomberg

Bezos Will Blast Himself Into Space

By Martin Peers · Jun 7, 2021 5:00pm PDT

Jeff Bezos at a Blue Origin event in 2017. Photo by Bloomberg

Bezos Will Blast Himself Into Space

By Martin Peers · Jun 7, 2021 5:00pm PDT

Now we know why Jeff Bezos picked July 5 as the date to give up the Amazon CEO job—two weeks later he’ll be flying into space on Blue Origin’s first flight with human passengers. Can you imagine the nerves of investors if he decided to strap himself into that rocket ship while still holding the CEO reins? A flight of any kind has an element... Now we know why Jeff Bezos picked July 5 as the date to give up the Amazon CEO job—two weeks...

Facebook CEO Mark Zuckerberg speaks during the virtual F8 Developers Conference on June 2, 2021. Photo: Bloomberg

Creator Economy

Zuckerberg Jabs Apple Over Creator Fees; Floyd Mayweather Joins OnlyFans

By Kaya Yurieff · Jun 7, 2021 3:42pm PDT

Facebook’s decision to keep tools for creators free for at least the next 18 months could ratchet up pressure on other social networks to do the same. The bonus for Facebook: It’s a fresh opportunity to take a dig at Apple. In a post Monday, CEO Mark Zuckerberg announced Facebook would refrain from taking a cut of online... Facebook’s decision to keep tools for creators free for at least the next 18 months could...

What El Salvador’s Bitcoin Recognition Could Mean; Bitcoin Maximalism in Miami

By Hannah Miller · Jun 7, 2021 2:29pm PDT · 1 comment

Welcome to TI Crypto Global, The Information’s latest newsletter exploring the rapidly changing world of cryptocurrency and blockchain. Why read our newsletter when your inbox already is overflowing? For those of you already working in or investing in crypto, we’ll help you keep tabs on everything that’s happening across the vast landscape... Welcome to TI Crypto Global, The Information’s latest newsletter exploring the rapidly changing...

Disney CEO Bob Chapek. Photo by Bloomberg

Disney’s Cancellation of Hulu Overseas Push Triggers Feud with Comcast

By Jessica Toonkel · Jun 7, 2021 12:39pm PDT

Tensions between Disney and Comcast over their joint ownership of Hulu are heating up. The two companies are feuding over Disney’s decision last year to not launch Hulu overseas, a move that Comcast believes undermined its growth potential and valuation. The issue has inflamed arbitration proceedings now underway between the two companies... Tensions between Disney and Comcast over their joint ownership of Hulu are heating up. The two...

Overstock CEO Jonathan Johnson. Photo by AP

Overstock Shares Rise Fivefold in a Year: Meet the CEO Rebuilding the Ecommerce Pioneer

By Malique Morris · Jun 7, 2021 12:17pm PDT

Overstock CEO Jonathan Johnson. Photo by AP

Q&A

Overstock Shares Rise Fivefold in a Year: Meet the CEO Rebuilding the Ecommerce Pioneer

By Malique Morris · Jun 7, 2021 12:17pm PDT

It took several years for Overstock.com, a pioneer of online selling, to lose its way, as then-CEO Patrick Byrne diversified into blockchain investments and got sidetracked by conspiracy theories. But in just the past two years, since longtime executive Jonathan Johnson took the helm, the e-commerce business has begun growing again. His formula?... It took several years for Overstock.com, a pioneer of online selling, to lose its way, as...

Crayta's promotional art. Image by Unit 2 Games

TI Reality Check: Oculus Store Irony and Metaverse M&A

By Mathew Olson · Jun 7, 2021 11:01am PDT

It’s Apple’s big day. As I write, executives are unveiling the latest hardware and software updates at its annual developer conference. (We’ll likely have more on the implications of the announcements for Apple’s augmented reality plans in the newsletter tomorrow.)But leave it to Mark Zuckerberg to try to poke Apple in the eye. A few hours... It’s Apple’s big day. As I write, executives are unveiling the latest hardware and software...

Javier Soltero, general manager of Google Workspace, speaks during an online-only Google developer conference in May. Photo by Bloomberg

Google Responds to Remote Work Boom, Microsoft With Workspace App Improvements

By Sarah Krouse · Jun 7, 2021 6:01am PDT · 1 comment

Like other companies, Google had never seen anything like the demand for its video-calling and other productivity tools until the pandemic, which suddenly turned a big chunk of the population into remote workers. The surge also helped Google staffers figure out some issues with those same products. To address those limitations, Google is... Like other companies, Google had never seen anything like the demand for its video-calling and...

Twitter Blue and the Consumer Tech Subscription Dilemma

By Jessica E. Lessin · Jun 5, 2021 7:45am PDT · 2 comments

For years, the majority of tech companies—with their free-for-everyone, change-the-world, massive-reach mentality—led the resistance to digital subscriptions. When Apple started charging for digital music downloads, a whole industry of free-to-stream services popped up. When Facebook, MySpace, Friendster and the rest of the social media... For years, the majority of tech companies—with their free-for-everyone, change-the-world,...

Bill Ackman. Photo by Bloomberg

What Ackman, and Tencent, See In Universal Music

By Martin Peers · Jun 4, 2021 5:01pm PDT

Bill Ackman. Photo by Bloomberg

What Ackman, and Tencent, See In Universal Music

By Martin Peers · Jun 4, 2021 5:01pm PDT

Hedge fund manager Bill Ackman’s plan to acquire 10% of Universal Music Group through his SPAC, at a valuation of $43 billion, is the clearest sign yet that the music industry is, improbably enough, hot. Yes, the industry that was in decline for years thanks to piracy and the digital disruption of the CD business is showing enough promise from... Hedge fund manager Bill Ackman’s plan to acquire 10% of Universal Music Group through his SPAC,...