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

Art from the Axie Infinity NFT game. Photo: Axie Infinity.

NFT Game Axie Infinity Targets $1 Billion in Revenue, Launch of Crypto Exchange

By Hannah Miller · Sep 22, 2021 4:51pm PDT · 1 comment

Online video game Axie Infinity has emerged as the most successful of video games built on blockchain technology, which underpins how players make money in the game. It has generated $700 million in revenue so far this year and will likely hit $1 billion by year-end, said Jeff Zirlin, co-founder of Sky Mavis, the game’s developer.Now the company... Online video game Axie Infinity has emerged as the most successful of video games built on...

A Chipotle restaurant in San Francisco. Photo: Bloomberg

Creator Economy

Why Disney and Chipotle Are Launching Creator Programs

By Kaya Yurieff · Sep 22, 2021 4:32pm PDT

Disney this week joined a growing number of national chains, including Chipotle and Hollister, trying to woo internet personalities with special programs. They are taking a page from TikTok and YouTube, which set up funds paying creators to make videos for their apps. Disney’s effort doesn’t go quite that far. Its Disney Creators Lab... Disney this week joined a growing number of national chains, including Chipotle and Hollister,...

Roblox CEO David Baszucki. Photo: Roblox

Roblox Grows Up; AR Puts Exposure Therapy in Your Pocket

By Mathew Olson · Sep 22, 2021 11:00am PDT

Roblox is largely the company to thank for the metaverse craze that has spread throughout tech, gaming, VR and AR in 2021. It also wants to be a pioneer and leader in terms of digital safety for these kinds of immersive worlds, an ambition that’s only going to become more challenging as its millions-strong user base grows.On Tuesday, Roblox... Roblox is largely the company to thank for the metaverse craze that has spread throughout tech,...

The Athletic co-founder Alex Mather with The Information's Jessica Lessin in 2018. Photo by Erin Beach.

The Athletic Hires LionTree to Find Buyer at Price of More Than $750 Million

By Sahil Patel and Jessica Toonkel · Sep 22, 2021 10:01am PDT

The Athletic co-founder Alex Mather with The Information's Jessica Lessin in 2018. Photo by Erin Beach.

The Athletic Hires LionTree to Find Buyer at Price of More Than $750 Million

By Sahil Patel and Jessica Toonkel · Sep 22, 2021 10:01am PDT

If at first you don’t succeed, try, try again. That appears to be the motto of The Athletic in its efforts to sell itself. After holding unsuccessful discussions for a sale with both Axios and the New York Times Co. over the past few months, the online sports news subscription site has hired investment bank LionTree to help it find a... If at first you don’t succeed, try, try again. That appears to be the motto of The Athletic...

FTC Chair Lina Khan. Photo by Bloomberg

As FTC Shifts Priorities Under Khan, Collusion Probe of Hyatt, Hilton Goes on Ice

By Josh Sisco · Sep 22, 2021 6:01am PDT

As Federal Trade Commission antitrust lawyers try to police vast swaths of the economy with limited resources, they’re making trade-offs. The FTC earlier this year stepped up a long-running investigation into whether a group of major hotels including Hyatt, Hilton and Marriott hurt customers by colluding to stop competing for ad space in... As Federal Trade Commission antitrust lawyers try to police vast swaths of the economy with...

Uber CEO Dara Khosrowshahi. Photo by Bloomberg.

Uber Stock Rebounds But Investor Optimism May Be Temporary

By Martin Peers · Sep 21, 2021 5:00pm PDT

When a stock is as down as Uber’s has been, a little dose of good news can work wonders as an antidepressant. Uber shares jumped nearly 12% today after the company disclosed it was closer to profitability than previously thought. The rally put DoorDash, a smaller company that rose above Uber’s market valuation last week, back in its place. You... When a stock is as down as Uber’s has been, a little dose of good news can work wonders as an...

An NFT launched by Xoogler, a community of former Google employees. Photo courtesy of Rally

Xoogler NFT Shows Google Alumni Crypto Connections Run Deep

By Hannah Miller · Sep 21, 2021 4:43pm PDT · 1 comment

A non-fungible token launch on Tuesday by Xoogler, a network of more than 10,000 former Google employees, shows the deepening involvement of the tech giant's alumni with blockchain technology.The non-fungible token, which is a digital, blockchain-based asset also known as an NFT, will be distributed to the more than 200 people who virtually... A non-fungible token launch on Tuesday by Xoogler, a network of more than 10,000 former Google...

Spring CEO Chris Lamontagne Photo: Spring

Custom ‘Merch’ Maker Spring Eyes $165 Million in Revenue, Future IPO

By Kaya Yurieff · Sep 21, 2021 3:58pm PDT

Spring CEO Chris Lamontagne Photo: Spring

Creator Economy

Custom ‘Merch’ Maker Spring Eyes $165 Million in Revenue, Future IPO

By Kaya Yurieff · Sep 21, 2021 3:58pm PDT

Spring, formerly known as Teespring, was one of the first companies to offer a way for social media creators to sell custom merchandise like hoodies, phone cases and hats to their fans. Its focus on creator-customized products has been paying off. After 53% growth last year, the company expects to generate $165 million in revenue this year.CEO... Spring, formerly known as Teespring, was one of the first companies to offer a way for social...

Sarah Guo, a general partner at Greylock Partners. Photo by Bloomberg.

Greylock Raises $500 Million in Battle for Seed Deals

By Kate Clark · Sep 21, 2021 11:57am PDT · 2 comments

Greylock Partners has raised $500 million to focus exclusively on seed deals, a pool of funds that will give the 56-year-old venture capital firm the ability to write large checks at “lean-in valuations” and emphasize its commitment to early-stage investing, said general partner Sarah Guo. The money is part of an expansion of a... Greylock Partners has raised $500 million to focus exclusively on seed deals, a pool of funds...

The main characters of "Eden," a Netflix-produced anime. Credit: Netflix

What to Make of Netflix’s New VR Game

By Mathew Olson · Sep 21, 2021 11:00am PDT

Netflix quietly released a VR game on Oculus Quest—so quietly, in fact, that it may well have been sitting under people’s noses for a while. We know the streaming behemoth is keen on getting into videogames, but the closer you look at this VR surprise, the less it looks like something that’s part of Netflix’s new gaming strategy.Anyone with a... Netflix quietly released a VR game on Oculus Quest—so quietly, in fact, that it may well have...

Illustration by Josh Brill

More Startup CEOs Are Moonlighting as VC Investors

By Berber Jin · Sep 21, 2021 6:01am PDT · 1 comment

Late last year, Lattice CEO Jack Altman started an unusual side gig for a startup founder: He raised $20 million from investors for a venture capital fund he was launching while continuing to run Lattice, the developer of human resource management software he co-founded six years ago. Altman’s feat reflects a new trend in startup... Late last year, Lattice CEO Jack Altman started an unusual side gig for a startup founder: He...

Twitter's former CFO Anthony Noto. Photo by Bloomberg.

What Twitter’s $809.5 Million Legal Payout Tells Us

By Martin Peers · Sep 20, 2021 5:00pm PDT

Twitter's former CFO Anthony Noto. Photo by Bloomberg.

What Twitter’s $809.5 Million Legal Payout Tells Us

By Martin Peers · Sep 20, 2021 5:00pm PDT

It’s tempting to view Twitter’s $809.5 million settlement today of a shareholder lawsuit—which alleged that top executives misled investors with overly optimistic statements about user growth—as a meaningful development. The news media spends much of its time obsessing over the massive gulf between company executives’ public statements and... It’s tempting to view Twitter’s $809.5 million settlement today of a shareholder lawsuit—which...

Coinbase and Bitcoin signage in New York this April. Photo by Bloomberg

Coinbase Backs Down Against SEC; Robinhood Tests Wallet

By Hannah Miller · Sep 20, 2021 4:00pm PDT · 2 comments

Coinbase has decided not to launch its lending product after CEO Brian Armstrong said earlier this month that the Securities and Exchange Commission threatened to sue the cryptocurrency exchange if it released Lend, which planned to offer a 4% annual yield to people who lent their USD Coin cryptocurrency to Coinbase.The move is a big win for the... Coinbase has decided not to launch its lending product after CEO Brian Armstrong said earlier...

What’s Hot and Cold in the SPAC Market

By Aidan Ryan · Sep 20, 2021 9:01am PDT

After a frenetic beginning to 2021, the special purpose acquisition company market has cooled off in recent months, with fewer SPACs filing to go public and many pre-deal shares trading below their $10 issue price. And we’re now seeing the aftereffects of the SPAC meltdown: in particular, an evaporation of SPACs looking to combine with... After a frenetic beginning to 2021, the special purpose acquisition company market has cooled off...

Asia Innovations Group co-founder and CEO Andy Tian. Photo by Asia Innovations Group

More TikToks? Consumer Apps Developed in China Find Customers Overseas

By Shai Oster · Sep 20, 2021 6:01am PDT

For years, it seemed China’s mighty consumer app giants couldn’t figure out how to expand overseas. Alibaba, Tencent and many others famously failed. That changed when ByteDance turned TikTok into a global hit. But it’s not just TikTok. China’s software engineers and product managers are starting to crack the code and are... For years, it seemed China’s mighty consumer app giants couldn’t figure out how to...

Photo: Al Drago/Bloomberg

Why Elon Musk Should Refund $2.3 Billion to Customers of Full Self-Driving

By Steve LeVine · Sep 19, 2021 2:00pm PDT

Photo: Al Drago/Bloomberg

Why Elon Musk Should Refund $2.3 Billion to Customers of Full Self-Driving

By Steve LeVine · Sep 19, 2021 2:00pm PDT

Welcome back to the paid beta of The Electric. We're building this for you, so please do let us know what you think. We're eager to hear your feedback, as we aim to create the best source of insight into EVs and battery technology available. Just reply directly to this email. I am always reachable at [email protected]. Why... Welcome back to the paid beta of The Electric. We're building this for you, so please do let...

Why the Press Could Fail

By Jessica E. Lessin · Sep 18, 2021 7:45am PDT · 11 comments

As a news entrepreneur, I’ve spent most of the last eight years focused on the business model challenges to our industry, which have been seismic. I’ve argued, again and again, that quality journalism won’t survive unless publishers stop trying to game algorithms for ad dollars and start holding themselves to a higher bar: journalism worth... As a news entrepreneur, I’ve spent most of the last eight years focused on the business model...

Zoom CEO Eric Yuan. Photo by Bloomberg

Zoom Video’s Stock Decline Raises Questions About Five9 Deal

By Martin Peers · Sep 17, 2021 5:01pm PDT · 1 comment

How Zoom Video’s star has fallen. The videoconferencing hit of the pandemic is on the outs with investors, not horribly but enough that it may have trouble winning over shareholders of Five9. That’s the contact-center software firm Zoom proposed buying in July for a price then estimated at $14.7 billion. A 20% drop in Zoom’s stock price since... How Zoom Video’s star has fallen. The videoconferencing hit of the pandemic is on the outs with...

Chart by Mike Sullivan

The Information Investigation: Amazon Delivery Stations Have More Than Double the Injury Rate of Other Warehouses

By Paris Martineau · Sep 17, 2021 11:26am PDT

Working at an Amazon warehouse is more dangerous than working at the typical warehouse. But working at an Amazon delivery station, a small shipping hub where delivery vans whiz in and out daily, appears to be the most hazardous warehouse job of all. In 2019 and 2020, injury rates at Amazon delivery stations were more than double the... Working at an Amazon warehouse is more dangerous than working at the typical warehouse. But...

Insight Partners, Venture Capital’s ‘Sleeping Giant,’ Wakes Up

By Kate Clark · Sep 17, 2021 6:00am PDT · 3 comments

Insight Partners, Venture Capital’s ‘Sleeping Giant,’ Wakes Up

By Kate Clark · Sep 17, 2021 6:00am PDT · 3 comments

In 2009, a 23-year-old analyst at Insight Partners walked out of the private equity and venture capital firm’s New York headquarters for the last time—with heaps of proprietary data in tow. The junior deal maker had downloaded information from Insight’s database of private company information dating back to its 1995 founding,... In 2009, a 23-year-old analyst at Insight Partners walked out of the private equity and venture...