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

Incoming Amazon CEO Andy Jassy. Photos by Bloomberg. Art by Mike Sullivan.

How Amazon’s Jassy Is Already Warming Up for CEO Job

By Nick Wingfield and Kevin McLaughlin · Jun 1, 2021 6:00am PDT · 1 comment

Last week, Amazon’s Jeff Bezos finally revealed when he’ll pass the CEO baton to his hand-picked successor, Andy Jassy: July 5. But Jassy has spent months getting ready for the moment. Since Amazon announced the change in February, Jassy has begun quietly pitching in on efforts that would normally fall to Bezos, even though Jassy is... Last week, Amazon’s Jeff Bezos finally revealed when he’ll pass the CEO baton to his...

What Comes Next

By Jessica E. Lessin · May 29, 2021 7:45am PDT · 2 comments

Happy Memorial Day weekend, everyone. We made it. Congratulations! The past year has been hard—very hard. And while I expect the remainder of the year will be immensely challenging too as we figure out new working rhythms back in the office, now is a good time to take a pause, reflect on all the hard work of the last several months and look... Happy Memorial Day weekend, everyone. We made it. Congratulations! The past year has been hard—...

An AMC-owned theater in London last week. Photo by Bloomberg

Latest Meme Stock Rally in AMC is a Big Screen Farce

By Martin Peers · May 28, 2021 4:00pm PDT

Hollywood studios and movie theater chains are undoubtedly hoping to put the Covid era behind them this weekend, the traditional start of the summer box office bonanza. The odds are in their favor. Whatever you think of the big movies opening—“A Quiet Place Part II” and “Cruella”—there’s sure to be crowds of people wanting to once again... Hollywood studios and movie theater chains are undoubtedly hoping to put the Covid era behind...

Tip Your Influencers – The Information’s 411 Podcast

By Cory Weinberg · May 28, 2021 11:51am PDT

Tip Your Influencers – The Information’s 411 Podcast

By Cory Weinberg · May 28, 2021 11:51am PDT

Why are Instagram, Snap and TikTok rushing to build ways for influencers to make money? Cory talks to The Information’s Kaya Yurieff about what she is tracking with her new creator economy newsletter. Then, did the momentum shift in the Apple–Epic trial? Josh Sisco covered the trial for The Information, and explains how the... Why are Instagram, Snap and TikTok rushing to build ways for influencers to make money? Cory...

Clockwise from top-left: Moody CEO, Ci Ran; PMPM co-founder Wen Tzu; PMPM co-founder Shan Shuo; customers at a HEYTEA store in Chongqing, China (AP); Ubras founder and CEO, Tou Yaqian; a Pop Mart store in Shanghai (AP); Chicecream CEO, Lin Sheng.

Seven of China’s Hottest ‘Tech’ Startups Make Beverages and Skincare Products

By Yunan Zhang · May 28, 2021 6:01am PDT · 3 comments

China’s venture capitalists typically invest in software. But these days, more of them are also betting big on emerging local brands developing everything from high-end ice cream to coffee and tea to one-size-fits-all bras. Their growth strategies are similar—and risky: Buy online ads to grow fast, and pay internet celebrities to... China’s venture capitalists typically invest in software. But these days, more of them are...

Adam Neumann. Photo by Bloomberg

With WeWork’s Neumann, SoftBank Takes Path of Least Resistance

By Martin Peers · May 27, 2021 5:00pm PDT

Adam Neumann extracted an enormous price from SoftBank to go quietly, as the Wall Street Journal reported today. Yes, the man who almost drove the co-working space provider into the ground is getting paid to make a SPAC merger with WeWork possible. It raises the question: Why didn’t SoftBank simply call his bluff and refuse to negotiate with... Adam Neumann extracted an enormous price from SoftBank to go quietly, as the Wall Street Journal...

A livestreamer promotes personal hygiene products during Alibaba's annual shopping event on November, 11, 2020. More U.S. tech companies are testing live shopping.

Creator Economy

Live Shopping Has Its Moment; The OnlyFans Star Who Launched a Startup

By Kaya Yurieff · May 27, 2021 3:10pm PDT

Tech companies in the U.S. are testing whether a generation raised on YouTube will embrace a habit more associated with their cable-watching grandparents: live shopping. A crop of startups including Popshop Live and Supergreat are offering live-shopping shows hosted by social media creators or others with specific niches. On Popshop,... Tech companies in the U.S. are testing whether a generation raised on YouTube will embrace a...

An image of Facebook's prototype neural input wrist device. Image by Facebook

Facebook Steps Into the Ring on Neural Input Ethics

By Mathew Olson · May 27, 2021 11:00am PDT

An image of Facebook's prototype neural input wrist device. Image by Facebook

Facebook Steps Into the Ring on Neural Input Ethics

By Mathew Olson · May 27, 2021 11:00am PDT

Matters of privacy and data ethics are nothing new to Facebook. When it comes to the company’s ambitious plans for the future of augmented and virtual reality, the question is whether or not the company can tackle those issues head on before something goes wrong. The same cameras and sensors that enable AR/VR tech could be harnessed to provide... Matters of privacy and data ethics are nothing new to Facebook. When it comes to the company’s...

A Boeing 777X airplane at Boeing Field in Seattle. Photo by Bloomberg

Amazon, Microsoft and Google Pursue $1 Billion Cloud Deal With Boeing

By Amir Efrati and Kevin McLaughlin · May 27, 2021 6:01am PDT · 3 comments

The biggest cloud computing companies—Amazon, Microsoft and Google—often pull out all the stops to land long-term contracts with marquee corporate customers. The latest prize all three are pursuing, according to four people with knowledge of the matter, is a multiyear deal to provide cloud services to aerospace giant Boeing. Amazon,... The biggest cloud computing companies—Amazon, Microsoft and Google—often pull out all...

MGM's headquarters. Photo by Bloomberg.

Amazon Puts MGM in Shopping Cart, Doubling Down on Hollywood

By Martin Peers · May 26, 2021 5:00pm PDT

Amazon’s $8.45 billion purchase of MGM signals, for Hollywood, just how much video streaming has reshaped the entertainment landscape. Tech-driven companies are taking more of Hollywood’s real estate while older players, like WarnerMedia and Discovery, join forces so as to better compete. But does the deal mean much for Amazon, the... Amazon’s $8.45 billion purchase of MGM signals, for Hollywood, just how much video streaming has...

Katie Feeney, who has 325,000 followers on Instagram and 5.6 million on TikTok, sets up a smartphone in Gaithersburg, Maryland. Photo: Bloomberg

Creator Economy

The Instagram Metric Creators Really Like; Twitter Teases a Buy Button

By Kaya Yurieff · May 26, 2021 3:00pm PDT

Instagram has made it official: it’s sticking with likes and letting users decide whether to see or show this measure of popularity rather than getting rid of it altogether. Today I’m going to dive into why that decision may not really matter. The short version? Instagram’s most avid users have already moved on. Other metrics—views,... Instagram has made it official: it’s sticking with likes and letting users decide whether to see...

Two VR players using Virtuix Omni Pro treadmills and HTC Vive headsets. Photo by Virtuix

VR Sequels, Treadmills and Sportscasting

By Mathew Olson · May 26, 2021 11:00am PDT

Two VR players using Virtuix Omni Pro treadmills and HTC Vive headsets. Photo by Virtuix

VR Sequels, Treadmills and Sportscasting

By Mathew Olson · May 26, 2021 11:00am PDT

If you’d like to know more about upcoming VR games for the Oculus Quest, maybe just ask Mark Zuckerberg.Yesterday, the Facebook CEO let a detail slip about an unannounced Oculus Studios title. In response to a question, from The Washington Post’s Gene Park, Zuckerberg mentioned that he’s playing a lot of military VR shooter Onward and that he’s... If you’d like to know more about upcoming VR games for the Oculus Quest, maybe just ask Mark...

Opera Chairman & CEO Yahui Zhou and Executive Vice President Jiwei Wu ring a gong as Opera begins trading at the Nasdaq in 2018. Photo by AP

China-Backed African Payment Startup OPay Raising $400 Million to Fuel Expansion

By Juro Osawa · May 26, 2021 7:28am PDT

OPay, an African digital payment upstart founded by the Chinese tech billionaire who once owned Grindr, is in talks with investors to raise as much as $400 million at a valuation of more than $1.5 billion, three times its most recent valuation, two people familiar with the matter said. A bigger war chest could help accelerate the app’s... OPay, an African digital payment upstart founded by the Chinese tech billionaire who once owned...

DoorDash CEO Tony Xu. Photo: Bloomberg

Recent IPOs Yield Huge Equity Grants for Founders

By Cory Weinberg · May 26, 2021 6:01am PDT · 5 comments

Squarespace CEO Anthony Casalena already owns more than a third of the website maker, making him a billionaire on paper following the company’s public market debut last week. But like a growing number of tech founders, Casalena is poised to obtain far more equity thanks to a supersize stock grant designed to reward him if the... Squarespace CEO Anthony Casalena already owns more than a third of the website maker, making him...

Instacart CEO Apoorva Mehta. Photo by Bloomberg

Instacart’s Facebook Hiring Program

By Martin Peers · May 25, 2021 5:00pm PDT

Instacart may soon get the nickname “little Facebook,” judging by the number of Facebookers joining the grocery-delivery company. Today came news that Instacart hired Nikila Srinivasan, most recently a product executive at Facebook, to be its first VP of product for international markets. Srinivasan’s hiring follows two other senior hires from... Instacart may soon get the nickname “little Facebook,” judging by the number of Facebookers...

How Influencers Make Money; Poparazzi Pops to the Top

By Kaya Yurieff · May 25, 2021 4:14pm PDT

Creator Economy

How Influencers Make Money; Poparazzi Pops to the Top

By Kaya Yurieff · May 25, 2021 4:14pm PDT

Our new chart shows how reliant creators are on brand deals to earn a living—and the opportunity for other sources (think tips, courses) to catch up. Seventy-seven percent of creators depend on sponsorship deals with brands, which is three times as much as every other revenue source combined, found a May survey of 2,000 creators conducted... Our new chart shows how reliant creators are on brand deals to earn a living—and the opportunity...

A restaurant in San Francisco serves a take-out customer in February. Startups that help restaurants take online orders have flourished during the pandemic. Photo: Bloomberg

Tiger Global Leads Deal for Restaurant Startup Popmenu at $525 Million Valuation

By Berber Jin · May 25, 2021 3:22pm PDT · 1 comment

The pandemic shutdowns prompted more people than ever to order online from restaurants, lifting the fortunes of startups selling software to the sector. Now, even as in-person gatherings resume, venture investors are betting diners will still want to use these digital tools. Popmenu, an Atlanta-based startup that provides website design services... The pandemic shutdowns prompted more people than ever to order online from restaurants, lifting...

An attendee played a virtual reality baseball game at the MWC Barcelona event in 2019. Image: Bloomberg

How VR Alters Our Sense of Time

By Mathew Olson · May 25, 2021 11:00am PDT · 1 comment

Time seems to pass differently in virtual reality. It’s a maxim that has been repeated a lot since the arrival of consumer VR headsets, but now it seems that we are finally gaining a better understanding of exactly how VR plays with our perceptions of time. In fact, there is now experimental evidence suggesting that VR can make minutes fly by... Time seems to pass differently in virtual reality. It’s a maxim that has been repeated a lot...

Nisa Leung. Photo by Bloomberg.

China’s Qiming Venture Launches $500 Million Fund to Invest in Listed Companies

By Juro Osawa · May 25, 2021 7:31am PDT · 1 comment

Qiming Venture Partners, a prominent China-focussed VC firm whose portfolio includes TikTok owner ByteDance, has expanded into public stock market investments for the first time, with a recently launched $500 million fund that bets primarily on Chinese healthcare companies listed outside mainland China, people with knowledge of the matter... Qiming Venture Partners, a prominent China-focussed VC firm whose portfolio includes TikTok owner...

Apple CEO Tim Cook at an Oakland courthouse on May 21 during the final stage of an antitrust trial. Photo by Bloomberg.

Apple Facing Potential Loss in App Store Antitrust Case as Judge Turns Hostile

By Josh Sisco · May 25, 2021 6:01am PDT · 6 comments

Apple CEO Tim Cook at an Oakland courthouse on May 21 during the final stage of an antitrust trial. Photo by Bloomberg.

Apple Facing Potential Loss in App Store Antitrust Case as Judge Turns Hostile

By Josh Sisco · May 25, 2021 6:01am PDT · 6 comments

The last two days of Apple’s high-profile antitrust trial against app developer Epic Games didn’t go the way Apple had hoped. The judge, Yvonne Gonzalez Rogers, voiced concerns about Apple’s App Store levying a 30% tax on digital purchases made in apps, an issue that is at the core of Epic’s complaint. She also said... The last two days of Apple’s high-profile antitrust trial against app developer Epic Games...