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

Willa CEO Kristofer Sommestad. Photo: Willa

Creator Economy

The Startups Competing for Creators’ Wallets

By Kaya Yurieff · Jul 7, 2021 4:08pm PDT · 1 comment

Our recent dive into the startups reshaping how independent musicians get paid generated a lot of interest from readers. Today we wade into another subsector that’s a tad less glamorous—but just as important. These startups are developing software that manages the back-end tasks of a creators’ business, from tracking earnings on Stir to handling... Our recent dive into the startups reshaping how independent musicians get paid generated a lot of...

A video clip of Andy Murray, above, winning the 2013 Wimbledon championship, sold for $177,777 on a new NFT marketplace. Photo: AELTC/Wimbledon

Binance’s Image Crisis; Beeple on His Latest NFT Project

By Hannah Miller · Jul 7, 2021 3:03pm PDT · 1 comment

Binance gave more signals that it is feeling the heat from regulatory scrutiny around the world. The crypto exchange’s CEO, Changpeng Zhao, commonly known in crypto as “CZ,” published an open letter Wednesday calling for more regulation of digital currency and detailing his company’s efforts to become more compliant. The letter makes you... Binance gave more signals that it is feeling the heat from regulatory scrutiny around the world....

Justin Overdorff. Photo: Lightspeed Venture Partners

Stripe’s Former VC Dealmaker Joins Lightspeed to Invest in Sizzling Fintech

By Berber Jin · Jul 7, 2021 11:23am PDT · 1 comment

While Justin Overdorff was at payments company Stripe, he helped it become a prolific VC investor, spearheaded its partnerships with companies including Amazon and developed its lending business. This spring, he joined Lightspeed Venture Partners as a fintech partner, the first time the venture firm has hired someone to specialize exclusively in... While Justin Overdorff was at payments company Stripe, he helped it become a prolific VC investor...

ViewMagic's Rolf Herken and James McCombe. Photo by ViewMagic.

How a Stealth Startup Hopes to Change Video Calls and VR

By Mathew Olson · Jul 7, 2021 11:00am PDT

ViewMagic's Rolf Herken and James McCombe. Photo by ViewMagic.

How a Stealth Startup Hopes to Change Video Calls and VR

By Mathew Olson · Jul 7, 2021 11:00am PDT

Video calls became part of daily life during the pandemic and, while the tech has improved in recent years, they’re still far from ideal. ViewMagic, a Bay Area startup that’s been operating in stealth since 2014, has been focusing intensely on overcoming one shortcoming in particular: the difficulty that people have in making eye contact with... Video calls became part of daily life during the pandemic and, while the tech has improved in...

An employee types on a touch screen as a Geek+ Inc. Eve robot transports shelves at a warehouse in Japan in 2017. Photo by Bloomberg

Chinese Warehouse Automation Startup Seeks $1.3 Billion Valuation

By Juro Osawa · Jul 7, 2021 7:38am PDT

Hai Robotics, a Chinese startup that develops warehouse robots similar to those made by Amazon’s robotics unit, is in talks with Sequoia Capital China and other investors to raise more than $150 million at a pre-money valuation of $1.3 billion, roughly triple its last valuation from a funding round in March, said people familiar with the... Hai Robotics, a Chinese startup that develops warehouse robots similar to those made by...

Google’s ‘Moral Bellwether’ Cartoonist Quits: ‘I Have to Draw the Line Somewhere’

By Sarah Krouse · Jul 7, 2021 6:01am PDT · 5 comments

For 14 years, Manu Cornet’s day job was to help speed up Google searches and develop new backgrounds for Gmail. But Cornet was better known inside Google for publishing hundreds of cartoons, known as Goomics, which initially poked fun at its culture and employees’ sense of entitlement and later became a blistering critique of senior... For 14 years, Manu Cornet’s day job was to help speed up Google searches and develop new...

Didi's Beijing offices. Photo by Bloomberg.

The Real Lesson of Didi Global’s Stock Drop

By Martin Peers · Jul 6, 2021 5:00pm PDT

For a brief moment last week, it looked like Chinese ride-hailing firm Didi Global was going to get away with a more successful IPO than that of its U.S. counterparts Uber and Lyft two years ago. That was until the Chinese government, with a weekend edict about data security, reminded the company who’s really in charge, lopping 20% off the value... For a brief moment last week, it looked like Chinese ride-hailing firm Didi Global was going to...

Doja Cat attends the iHeartRadio Music Awards on May 27, 2021, in Los Angeles. Photo: AP

The Big Money in Music Startups

By Kaya Yurieff · Jul 6, 2021 4:17pm PDT

Doja Cat attends the iHeartRadio Music Awards on May 27, 2021, in Los Angeles. Photo: AP

Creator Economy

The Big Money in Music Startups

By Kaya Yurieff · Jul 6, 2021 4:17pm PDT

TikTok wouldn’t be much as fun without music. A cluster of music-oriented startups have taken note, selling independent musicians access to online production tools and marketplaces that connect them with video performers who can help their songs go viral.Among the 52 startups in our creator economy database, five are focused on music, and they’... TikTok wouldn’t be much as fun without music. A cluster of music-oriented startups have taken...

People protested a crypto mining operation near Seneca Lake in upstate New York last month. Photo: Kelly Marciniak—Marciniak Photography

Gauging China’s Impact; N.Y. Mining Operation Draws Protests

By Hannah Miller · Jul 6, 2021 3:56pm PDT

The latest move by China to put the brakes on digital currencies rattled the market Tuesday, with bitcoin prices falling as much as 3% on the news that Beijing had shuttered a software company involved in crypto trading. But the effect didn’t last: The market bounced off its low point a few hours later.To crypto diehards, bitcoin’s recovery lent... The latest move by China to put the brakes on digital currencies rattled the market Tuesday, with...

Facebook's Andrew Bosworth. Photo by Bloomberg

The Flaw in Facebook’s VR Ad Defense

By Mathew Olson · Jul 6, 2021 11:00am PDT

Facebook’s initial rollout of ads in virtual reality apps hasn’t even begun in earnest, yet we’re already seeing the company’s head of AR and VR adopt a defensive stance. Facebook needs to face up to the reality that if it wants to put ads in games that people have paid for, they’ll have to cope with a backlash.To recap, Facebook announced in... Facebook’s initial rollout of ads in virtual reality apps hasn’t even begun in earnest, yet we’re...

Didi president and cofounder Jean Liu. Photo by Bloomberg.

Didi’s Executives Gave Themselves $3 Billion in Stock Before IPO

By Shai Oster · Jul 6, 2021 10:20am PDT

The senior leadership of Chinese ride-hailing giant Didi Global granted themselves stock options worth $3 billion in the second quarter, before last week’s initial public offering, securities filings show. That move is likely to inflame investor anger over the offering as Wall Street comes to grips with the Chinese government’s... The senior leadership of Chinese ride-hailing giant Didi Global granted themselves stock options...

Tech IPO Preview for the Second Half of 2021

By The Information Staff · Jul 6, 2021 6:01am PDT

Tech IPO Preview for the Second Half of 2021

By The Information Staff · Jul 6, 2021 6:01am PDT

The number of initial public offerings has surged to 182 so far this year, raising $79 billion, or already more money than U.S. IPOs raised in all of last year, according to research from IPOBoutique. And the second half of 2021 looks to be just as busy, with a big group of tech firms queued up to go public, including Robinhood, Rivian and... The number of initial public offerings has surged to 182 so far this year, raising $79 billion,...

Illustration by Jesus Escudero

The Information’s Nine Books for Summer

By The Information Staff · Jul 5, 2021 7:01am PDT · 3 comments

A novel about trees as the new zeitgeist. A portrait of a volatile Saudi Arabian monarch who is also a tech investor. A 25-year-old doorstop of a book from David Foster Wallace, which we belatedly and joyfully rediscovered. These are among the fiction and nonfiction treasures that have engrossed The Information staffers recently. We think any of... A novel about trees as the new zeitgeist. A portrait of a volatile Saudi Arabian monarch who is...

Didi Chuxing's office in Hangzhou. Photo by Bloomberg

Didi’s Trouble With Regulators Could Chill China Tech Plans for U.S. IPOs

By Juro Osawa and Shai Oster · Jul 5, 2021 5:37am PDT · 2 comments

Didi Chuxing’s trouble with China’s regulators raises questions about the ride-hailing giant’s future just days after it raised $4.4 billion in a U.S. initial public offering. It also could discourage other major Chinese tech companies from going public in the U.S. On Sunday, the Cybersecurity Administration of China ordered... Didi Chuxing’s trouble with China’s regulators raises questions about the...

The Advice Founders Really Need to Hear

By Jessica E. Lessin · Jul 3, 2021 7:44am PDT · 4 comments

It has been the season of graduation speeches, virtual graduation speeches, essays pondering graduation speeches one would have given if asked—and more.And reading all that advice prompted me to reflect on the good and bad counsel I’ve received over the years.One piece of bad advice immediately jumped out—and it is pretty ubiquitous. Indeed,... It has been the season of graduation speeches, virtual graduation speeches, essays pondering...

A customer enters their pin number as they make a chip and pin payment at a restaurant in London, U.K. Photo: Bloomberg

Coatue Values Banking Startup Mercury at $1.6 Billion

By Berber Jin and Kate Clark · Jul 3, 2021 7:01am PDT

A customer enters their pin number as they make a chip and pin payment at a restaurant in London, U.K. Photo: Bloomberg

Coatue Values Banking Startup Mercury at $1.6 Billion

By Berber Jin and Kate Clark · Jul 3, 2021 7:01am PDT

Coatue Management has led a Series B investment in Mercury, a banking service for other startups, at a valuation of about $1.6 billion including the new capital, according to two people familiar with the deal. The valuation is more than 16 times higher than when Mercury raised money in 2019, reflecting the scorching market for fintech... Coatue Management has led a Series B investment in Mercury, a banking service for other startups,...

Amazon's incoming CEO Andy Jassy. Photo by Bloomberg

What Andy Jassy Could Learn From Cook, Nadella and Pichai

By Martin Peers · Jul 2, 2021 5:01pm PDT

What a relief! Amazon revealed late today that Andy Jassy, who takes the reins as CEO on Tuesday, won’t have to search the cushions for coins. Amazon is granting him restricted stock that at today’s price is worth $214 million, an award several times bigger than the grants he’s been getting every couple of years as AWS chief. Jassy already has... What a relief! Amazon revealed late today that Andy Jassy, who takes the reins as CEO on Tuesday,...

Employees at Japan's JAL answer phone calls. The need to support off-premise call center employees during the pandemic boosted demand for companies such as Talkdesk. Photo: Yomiuri Shimbun via AP Images

New Talkdesk Financing Targets $10 Billion Valuation

By Kate Clark and Amir Efrati · Jul 2, 2021 4:52pm PDT · 2 comments

Talkdesk, a developer of cloud-based software to manage call centers and other customer service, has indicated it is raising a new round of capital that would grant the company access to the “decacorn” club, a fast-growing group of privately held startups whose valuation exceeds $10 billion. The financing could value San... Talkdesk, a developer of cloud-based software to manage call centers and other customer service,...

Benchmark’s Dilemma — The 411 Podcast

By Cory Weinberg · Jul 2, 2021 11:01am PDT

Does one of the most storied venture capital firms need to adapt to a changing startup environment? Cory talks to The Information’s Berber Jin about his profile of Benchmark, known for a deliberative style that could handcuff it amid more fast-paced dealmaking. Then, Josh Sisco breaks down what the latest antitrust news means for... Does one of the most storied venture capital firms need to adapt to a changing startup...

Disney CEO Bob Chapek. Photo by Bloomberg.

Disney+ U.S. Growth Slows Sharply in First Half of 2021, Internal Data Shows

By Wayne Ma and Jessica Toonkel · Jul 2, 2021 10:24am PDT · 1 comment

Disney CEO Bob Chapek. Photo by Bloomberg.

Disney+ U.S. Growth Slows Sharply in First Half of 2021, Internal Data Shows

By Wayne Ma and Jessica Toonkel · Jul 2, 2021 10:24am PDT · 1 comment

U.S. subscriber growth at Disney’s Disney+ streaming service slowed sharply in the past few months, according to internal data reviewed by The Information, with most of the growth in the service this year coming from India and Latin America. The slowdown is sure to intensify a debate about whether Disney should broaden the programming on... U.S. subscriber growth at Disney’s Disney+ streaming service slowed sharply in the past few...