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

Shopify's headquarters in Canada. Photo by Bloomberg.

What the Shift to Cash Comp Means for Tech Profit Margins

By Martin Peers · Mar 4, 2022 5:00pm PST · 1 comment

Cash is once again king. We got more evidence this week—in our interview with Cisco’s chief people officer—that some tech companies are raising salaries to sweeten pay at a time when falling stock prices make stock less appealing as a form of compensation. While workers may be pleased, investors might not be. Companies (and investors) like to... Cash is once again king. We got more evidence this week—in our interview with Cisco’s chief...

Art by Haejin Park.

How a Venture Founder’s Aesthetics Obsession Influences How She Picks Companies

By Malique Morris · Mar 4, 2022 2:00pm PST · 1 comment

This isMy Life’s Work, a column about the unique life experiencesthat influenced the careers of tech founders and executives. Interviews have been edited and condensed for clarity. Sarah Kunst’s venture fund, Cleo Capital, which she founded in 2018, has invested in culture-shifting media companies like Cameo and MasterClass, cryptocurrency... This isMy Life’s Work, a column about the unique life experiencesthat influenced the careers of...

Art by Haejin Park.

Laurie Segall’s Memoir Confronts Tech Titans, Media Moguls and All Sorts of “Special Characters”

By Annie Goldsmith · Mar 4, 2022 12:00pm PST · 2 comments

This is 10 Questions, in which we ask tech authors to pull back the covers on their recently released books. Interviews have been edited and condensed for clarity. “Putting out a memoir is like walking down the street naked. It’s scary and it’s vulnerable and—well, I don’t know if walking down the street naked is rewarding—but it’s also very... This is 10 Questions, in which we ask tech authors to pull back the covers on their recently...

All photographs courtesy of the subjects.

‘Defend the Country, Defend the Truth’: How 16 Ukrainian- and Russian-Born Tech Workers Are Responding to a Nightmare

By The Information Staff · Mar 4, 2022 11:00am PST · 2 comments

All photographs courtesy of the subjects.

‘Defend the Country, Defend the Truth’: How 16 Ukrainian- and Russian-Born Tech Workers Are Responding to a Nightmare

By The Information Staff · Mar 4, 2022 11:00am PST · 2 comments

“My entire family is still there, in Kyiv,” says New York–based entrepreneur and investor Constantin Kogan. “When I’m communicating with them, I am feeling like this is the last time I’ll talk with them in my life.” For thousands of people in the tech industry, abject fear for their loved ones has dominated life over the past week. More than a... “My entire family is still there, in Kyiv,” says New York–based entrepreneur and investor...

How Google Is Preparing for the End of Internet Advertising (as We Know It)

By Sarah Krouse · Mar 4, 2022 6:00am PST · 6 comments

In 2020, when Apple announced plans for sweeping privacy changes to its mobile phones, Meta Platforms—the parent of Facebook and one of the advertising powerhouses most likely to feel the pain of the changes—duked it out with Apple for days on Twitter and in full-page newspaper ads. Another internet ad giant, Google, barely made a... In 2020, when Apple announced plans for sweeping privacy changes to its mobile phones, Meta...

Photo: Bloomberg

The Big Deal Over Staking-Startup Lido; Serena Williams’ Diversity-Driven $111 Million Fund

By Akash Pasricha · Mar 3, 2022 6:45pm PST

On Thursday, Andreessen Horowitz announced it was investing $70 million in Lido, a startup that makes money “staking” for blockchain protocols. What’s noteworthy is that Andreessen Horowitz did this deal alone, a sign of its confidence. So we decided to break down the business model.The situation: Many newer blockchains rely on a process called... On Thursday, Andreessen Horowitz announced it was investing $70 million in Lido, a startup that...

Disney's name on a screen at the New York Stock Exchange. Photo by Bloomberg.

Why Disney’s Ad-Streaming Move Would Be a Big Deal

By Martin Peers · Mar 3, 2022 5:00pm PST

Netflix’s revolutionary impact on television is beginning to fade. Our scoop today that Disney is considering a cheaper, ad-supported version of its Disney+ service shows how streaming is inexorably gravitating toward the traditional TV model. Such a move means Disney would follow NBCUniversal, Discovery, Paramount, WarnerMedia and even Amazon... Netflix’s revolutionary impact on television is beginning to fade. Our scoop today that Disney is...

An advertisement for Crytpo Wolves Club NFT in Times Square, New York. Photo: Bloomberg

How the SEC Could Rattle NFT Startups; India’s YouTuber Boom

By Mahira Dayal · Mar 3, 2022 4:08pm PST

An advertisement for Crytpo Wolves Club NFT in Times Square, New York. Photo: Bloomberg

Creator Economy

How the SEC Could Rattle NFT Startups; India’s YouTuber Boom

By Mahira Dayal · Mar 3, 2022 4:08pm PST

A Securities and Exchange Commission probe into the developers of non-fungible tokens and the marketplaces that sell them poses ramifications for several creator economy startups. At least nine in The Information’s Creator Economy Database are focused on these NFTs, which became wildly popular collectible and trading assets last year. An... A Securities and Exchange Commission probe into the developers of non-fungible tokens and...

Disney CEO Bob Chapek. Photo by Bloomberg.

Disney Discusses Launching Ad-Supported Tier of Disney+ in U.S.

By Jessica Toonkel · Mar 3, 2022 12:58pm PST

Disney is discussing launching a cheaper, ad-supported tier of its Disney+ streaming service in the U.S., according to a person involved in the discussions. The entertainment giant seeks to hit its goal of profitability for its direct-to-consumer business in 2024, and the move could fire up slowing subscriber growth for the service. Disney would... Disney is discussing launching a cheaper, ad-supported tier of its Disney+ streaming service in...

One World Trade Center in New York. Hyperscience plans to move into a top floor of the building. Photo by Bloomberg

Automation Firm Hyperscience Slashes Staff, Loses CEO as Startups Face Growing Pressure

By Kate Clark · Mar 3, 2022 11:50am PST

In December, automation-software startup Hyperscience said it raised $100 million in venture capital from Tiger Global Management, Bessemer Venture Partners and other firms at a post-investment valuation of $1.65 billion. Then last week, less than three months later, a harsh reality set in: The eight-year-old company laid off 100 workers, or 25%... In December, automation-software startup Hyperscience said it raised $100 million in venture...

A Vive Flow headset next to a smartphone. Credit: HTC.

A $10 Million Raise for AI “Native Inhabitants” of the Metaverse

By Mathew Olson · Mar 3, 2022 11:06am PST

Regardless of who you talk to or the degree of company spin you’re dealing with, most discussions and pitches involving the metaverse will touch upon the idea of feeling present with your fellow users, i.e. with other real people on the platform. But there’s also a strong push—backed by proven talent and reputable investment—to populate virtual... Regardless of who you talk to or the degree of company spin you’re dealing with, most discussions...

Tobias Lütke, founder and CEO of Shopify. Photo by Bloomberg

Shopify Doubles Down on ‘Pay Isn’t Everything’ Approach

By Malique Morris and Mark Di Stefano · Mar 3, 2022 6:02am PST · 2 comments

Tobias Lütke, founder and CEO of Shopify. Photo by Bloomberg

Shopify Doubles Down on ‘Pay Isn’t Everything’ Approach

By Malique Morris and Mark Di Stefano · Mar 3, 2022 6:02am PST · 2 comments

In the mind of Shopify CEO Tobias Lütke, working at the e-commerce firm shouldn’t be about making lots of money. Lately, that’s been a reality for at least some employees. Shopify has historically offered low base salaries, in line with Canadian nontech firms, an approach that has been offset by stock awards whose value has... In the mind of Shopify CEO Tobias Lütke, working at the e-commerce firm shouldn’t be...

Photo: Bloomberg

The Ukraine Lawyer Trying to Freeze Russians’ Crypto Wallets

By Aidan Ryan · Mar 2, 2022 6:03pm PST

Ukraine’s embattled government has called on crypto exchanges to block Russian users from using their crypto wallets to try to evade global sanctions. To find out how that effort is working, I talked to a Ukrainian lawyer who has been helping collect information about the crypto assets of Russian politicians.“This is our personal war, because,... Ukraine’s embattled government has called on crypto exchanges to block Russian users from using...

An Amazon Books store in New York. Photo by Bloomberg.

What Amazon’s Store Closures Tell Us

By Martin Peers · Mar 2, 2022 5:00pm PST · 1 comment

What a sign of the times. For years, Amazon has been blamed for brick-and-mortar retail chains closing stores and in some cases going out of business all together. Today, Amazon got a taste of its own medicine. The e-commerce giant said it would close 68 of its physical stores, Reuters reported, including a chain of shops called 4-star that... What a sign of the times. For years, Amazon has been blamed for brick-and-mortar retail chains...

Chart: Mike Sullivan

Creator Economy

TikTok Video Limits, Once Similar to Vines, Are Now More Like YouTube

By Mahira Dayal · Mar 2, 2022 4:19pm PST

When ByteDance launched TikTok in the U.S. in 2018, videos on the app were just 15 seconds long, or about twice the length of popular looping videos on Vine, the short-form video app Twitter shut down in 2016. As our latest chart shows, TikTok videos have been steadily increasing ever since. This week TikTok said users could upload videos as... When ByteDance launched TikTok in the U.S. in 2018, videos on the app were just 15 seconds long,...

Photo by Bloomberg.

Sony in Talks to Buy ‘American Idol’ Production Company

By Jessica Toonkel · Mar 2, 2022 1:20pm PST · 1 comment

Photo by Bloomberg.

Sony in Talks to Buy ‘American Idol’ Production Company

By Jessica Toonkel · Mar 2, 2022 1:20pm PST · 1 comment

Industrial Media, the production company behind ABC’s “American Idol” and TLC’s “90 Day Fiancé,” is exploring a sale and Sony Pictures has expressed interest, according to two people familiar with the situation. A deal could value the production company at as much as $300 million, the people said.... Industrial Media, the production company behind ABC’s “American Idol” and...

A rendering of Snap's developer-only AR Spectacles. Credit: Snap.

Snap’s Ukrainian AR Roots; The Void Teases Return With “Bigger” VR Ambitions

By Mathew Olson · Mar 2, 2022 11:00am PST

As Russia continues to lay siege to Ukraine, we’re continuing to see an outpouring of statements and support from tech companies the world over. Snap, for instance, pledged over $15 million to relief organizations in Ukraine. In doing so, Snap has also recognized that its long-ago purchase of a young Ukrainian startup helped lay “the foundation”... As Russia continues to lay siege to Ukraine, we’re continuing to see an outpouring of statements...

Cisco Chief People Officer Francine Katsoudas

Q&A

Cisco Tries to Keep Workers by Asking: Bigger Bonus or Higher Salary?

By Mark Matousek · Mar 2, 2022 6:09am PST · 2 comments

Last year, a rise in the rate of workers leaving Cisco Systems caught the attention of the top human resources executive at the networking gear giant. To address this concern, the company is asking workers how frequently they want to be paid and their preferences regarding bonuses. Those moves are designed to retain more of the... Last year, a rise in the rate of workers leaving Cisco Systems caught the attention of...

Salesforce co-CEO Marc Benioff. Photo by Bloomberg.

What Salesforce's Q4 Says About Tech's Information War

By Martin Peers · Mar 1, 2022 5:00pm PST

Tech companies, like other U.S. businesses, are pulling out all the stops to respond to the horror of Russia’s attack on Ukraine. As we outlined in this report today, more than a dozen companies are doing everything from helping Ukrainians wage information warfare against Russia to cutting financial ties with the country. Microsoft and others... Tech companies, like other U.S. businesses, are pulling out all the stops to respond to the...

Alchemy CEO Nikil Viswanathan and Lightning Labs CEO Elizabeth Stark. Photo: Wikipedia, Bloomberg and Mike Sullivan

These Startup Founders and Investors Are Crypto’s Rising Stars

By Aidan Ryan · Mar 1, 2022 4:40pm PST

Alchemy CEO Nikil Viswanathan and Lightning Labs CEO Elizabeth Stark. Photo: Wikipedia, Bloomberg and Mike Sullivan

These Startup Founders and Investors Are Crypto’s Rising Stars

By Aidan Ryan · Mar 1, 2022 4:40pm PST

On Tuesday morning, we announced The Information’s inaugural Crypto Power List. We spoke to dozens of our closest contacts in the sector and put together our view of the 10 founders, 10 investors and 10 up-and-comers with the most power in the industry.Some of the names you may recognize. The heads of the major crypto exchanges—Coinbase, Binance... On Tuesday morning, we announced The Information’s inaugural Crypto Power List. We spoke to...