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

Apple CEO Tim Cook. Photo by Bloomberg.

How Apple Could Get an Edge in AR/VR with a Tethered Headset

By Mathew Olson · Sep 2, 2021 11:00am PDT · 2 comments

News reported earlier today by my colleague Wayne Ma that Apple’s forthcoming mixed reality headset won’t be a purely standalone device is a big deal. It might not be obvious, but this implicitly gives Apple an edge over rivals like Facebook, allowing Apple to offer a more capable headset.As Wayne’s story says, the headset’s main chip will be... News reported earlier today by my colleague Wayne Ma that Apple’s forthcoming mixed reality...

Apple's campus. Photo by Bloomberg

Apple’s AR/VR Headset Will Need Connection to Other Device Such as iPhone

By Wayne Ma · Sep 2, 2021 9:08am PDT · 1 comment

New details of the custom chips designed by Apple for its forthcoming virtual reality and augmented reality headset indicate it will need to be wirelessly tethered to a phone or a similar device for the most advanced features, just as early versions of the Apple Watch required users to carry their iPhone with them. Apple completed work last year... New details of the custom chips designed by Apple for its forthcoming virtual reality and...

Photo of Katrina Lake (left) by Bloomberg; photo of Elizabeth Spaulding (right) by Stitch Fix; art by Mike Sullivan.

At Stitch Fix, Stylists and Algorithms Face Off

By Malique Morris · Sep 2, 2021 6:01am PDT · 7 comments

Last May, a Stitch Fix customer visited a section of the internet apparel retailer’s site called Complete Your Looks, where algorithms are supposed to recommend sweaters, shirts and other items that complement clothing the customer has bought in the past. On this visit, though, Stitch Fix didn’t offer any recommendations, a glitch... Last May, a Stitch Fix customer visited a section of the internet apparel retailer’s site...

Jeff Bezos. Photo by Bloomberg

Bezos’ New Growth Tactic is Filing Lawsuits

By Martin Peers · Sep 1, 2021 5:02pm PDT · 1 comment

Jeff Bezos. Photo by Bloomberg

Bezos’ New Growth Tactic is Filing Lawsuits

By Martin Peers · Sep 1, 2021 5:02pm PDT · 1 comment

Elon Musk joked on Twitter today that “filing legal actions against SpaceX” is Jeff Bezos’ “full time job.” Musk has a point. For all of Bezos’ talk about never forgetting the Day One principles of a startup, growing by a relentless focus on customers, it’s surprising how often his companies—Amazon and Blue Origin—have lately relied on legal... Elon Musk joked on Twitter today that “filing legal actions against SpaceX” is Jeff Bezos’ “full...

Creator Economy

The Next Creator Economy Unicorns

By Kaya Yurieff · Sep 1, 2021 4:02pm PDT · 2 comments

Our latest chart looks at the creator economy startups that have achieved unicorn status, according to our database of companies in this sector. The list is quite varied. While two focus on creator- or celebrity-run online courses (Kajabi, MasterClass), the others offer very different products, such as Patreon’s membership platform or Cameo... Our latest chart looks at the creator economy startups that have achieved unicorn status,...

Changpeng Zhao, CEO and founder of Binance. Photo by Bloomberg

Binance’s CZ On U.S. IPO, CEO Hiring and His Own Retirement

By Hannah Miller · Sep 1, 2021 3:40pm PDT

Stock traders eager to get in on the crypto boom may soon have choices beyond Coinbase shares. That was one of my takeaways from interviewing Changpeng Zhao, CEO and founder of Binance, who gave exclusive details on a planned initial public offering for Binance.US, his company’s U.S. affiliate. (You can read the full Q&A here). ... Stock traders eager to get in on the crypto boom may soon have choices beyond Coinbase shares....

Zhao Changpeng, CEO of Binance. Photo by Bloomberg

Q&A

Binance Founder Says U.S. Crypto Exchange Targets IPO In Three Years

By Hannah Miller · Sep 1, 2021 2:56pm PDT · 2 comments

Binance, the world’s largest cryptocurrency exchange, has run into a stream of regulatory and legal problems. But founder and CEO Changpeng Zhao is confident that the exchange can overcome these recent setbacks—and that its affiliate in the U.S. will move toward a public listing there. Binance.US is set to close on a large private... Binance, the world’s largest cryptocurrency exchange, has run into a stream of regulatory...

A screenshot from Beat Saber, the popular Facebook-owned VR rhythm game. Credit: Beat Games.

Examining Facebook’s Big Beat Saber Business

By Mathew Olson · Sep 1, 2021 11:00am PDT

A screenshot from Beat Saber, the popular Facebook-owned VR rhythm game. Credit: Beat Games.

Examining Facebook’s Big Beat Saber Business

By Mathew Olson · Sep 1, 2021 11:00am PDT

In late 2019, Facebook made its first VR studio acquisition by snapping up the Prague-based team Beat Games, makers of the rhythm game Beat Saber. Of all the VR game makers Facebook has acquired, this likely was the best deal: in February, Facebook announced that Beat Saber has sold over 4 million copies across all platforms and also generated... In late 2019, Facebook made its first VR studio acquisition by snapping up the Prague-based team...

Announcing The Information’s 2022 Editorial Fellowship

Announcing The Information’s 2022 Editorial Fellowship

By Jessica E. Lessin · Sep 1, 2021 8:17am PDT

The Information is opening applications for the 2022 Editorial Fellowship. This is a three to six-month program for journalists early in their career to develop their reporting skills by joining a team of award-winning journalists and editors passionate about covering the tech industry and how it is changing society. The Information is an online... The Information is opening applications for the 2022 Editorial Fellowship. This is a three to...

Illustration by Mike Sullivan

Be Like Thiel: How Affluent Tech Workers Mimic the Tax Tricks of the Mega-Rich

By Sarah Krouse · Sep 1, 2021 6:01am PDT · 4 comments

Billionaire Peter Thiel turned heads when it was revealed that he had used a retirement account intended for the middle class to shelter some $5 billion in savings that grew from his investments in PayPal shares purchased at a discount. But similar tax-sheltering techniques have become commonplace among a less rarefied group of Silicon Valley... Billionaire Peter Thiel turned heads when it was revealed that he had used a retirement account...

An Allbirds store in San Francisco. Photo by Bloomberg

AllBirds and Warby Parker Pose Test of Investor Appetite for Consumer Brands

By Martin Peers · Aug 31, 2021 5:00pm PDT

Allbirds’ IPO filing today, a week after Warby Parker filed to go public, means that we’re going to have two big consumer brand names hitting the public market in the last few months of the year. It will be something of a parallel to the end of 2020, when shares of DoorDash and Airbnb began trading on Wall Street. Not that investors are likely... Allbirds’ IPO filing today, a week after Warby Parker filed to go public, means that we’re going...

Photo credit: Mike Sullivan

Why Creator Boycotts Are Spreading; Amazon Starts Social Audio

By Kaya Yurieff · Aug 31, 2021 4:00pm PDT · 1 comment

Photo credit: Mike Sullivan

Creator Economy

Why Creator Boycotts Are Spreading; Amazon Starts Social Audio

By Kaya Yurieff · Aug 31, 2021 4:00pm PDT · 1 comment

On Wednesday, some Twitch streamers plan to boycott the live-gaming service for a day in response to “hate raids,” where trolls flood chats with bots spewing harassing messages. People of color and streamers who are LGBTQ+ are often the targets. Emily Bello, who runs a video game live-streaming account on Twitch with her husband, told me... On Wednesday, some Twitch streamers plan to boycott the live-gaming service for a day in response...

Photo by Bloomberg

A Rival to Upwork, Fiverr Uses Blockchain to Slash Fees

By Hannah Miller · Aug 31, 2021 3:23pm PDT

Blockchain technology is mostly associated with creating and using cryptocurrencies. But a project called Braintrust uses the decentralized structure—controlled by users rather than a company—for something very different: finding work.Founded in 2018, Braintrust connects skilled tech freelancers with clients like Goldman Sachs, American Eagle... Blockchain technology is mostly associated with creating and using cryptocurrencies. But a...

ByteDance's founder Zhang Yiming, who is stepping down as CEO this later year. Photo by Bloomberg.

Where ByteDance Might Go Next in VR and AR

By Mathew Olson · Aug 31, 2021 11:00am PDT

ByteDance’s acquisition of headset maker Pico Interactive, confirmed Monday, is undoubtedly one of the most intriguing acquisitions in the VR space since Facebook’s purchase of Oculus in 2014. Arriving hot on the heels of news around AR creator tools for TikTok, the deal suggests ByteDance aims to compete with Facebook not just in social media,... ByteDance’s acquisition of headset maker Pico Interactive, confirmed Monday, is undoubtedly one...

An employee working at Alibaba's logistics unit Cainiao. Photo by Bloomberg

Alibaba Rival J&T Express in Talks to Raise $1 Billion from Tencent and Other Investors

By Juro Osawa · Aug 31, 2021 10:15am PDT

J&T Express, a fast-growing Asian startup that is challenging Alibaba’s logistics network in a brutal price war, is in talks to raise more than $1 billion from Tencent and other investors at a pre-money valuation of $20 billion, people familiar with the matter said. The investment could make J&T one of Asia’s most highly... J&T Express, a fast-growing Asian startup that is challenging Alibaba’s logistics...

FTC chair Lina Khan. Photo by Bloomberg.

FTC Chief Khan Faces New Pressure on Amazon Deal—From Progressives

By Josh Sisco · Aug 31, 2021 7:49am PDT

FTC chair Lina Khan. Photo by Bloomberg.

FTC Chief Khan Faces New Pressure on Amazon Deal—From Progressives

By Josh Sisco · Aug 31, 2021 7:49am PDT

Two weeks ago, a $2.5 billion merger of two big U.S. food distributors closed without an in-depth antitrust review by the Federal Trade Commission. That surprised both of the companies, as well as some of FTC Chair Lina Khan’s key allies, who had expected her to challenge any major attempt at corporate consolidation. In a sign that... Two weeks ago, a $2.5 billion merger of two big U.S. food distributors closed without an in-depth...

Vice cofounder Shane Smith. Photo by Bloomberg

Vice Raises $85 Million as SPAC Talks End, Smith Yields Control

By Jessica Toonkel · Aug 31, 2021 6:00am PDT

Vice Media is raising over $85 million in fresh capital from existing investors, as talks to go public via a special purpose acquisition company have ended for now, according to people familiar with the situation. As part of the fundraising, Vice’s co-founder, Shane Smith, has agreed to give up his voting control, said the people. He... Vice Media is raising over $85 million in fresh capital from existing investors, as talks to go...

Alphabet CEO Sundar Pichai. Photo by Bloomberg.

Google’s App Store Profits No Plaything

By Martin Peers · Aug 30, 2021 5:00pm PDT

It seems only to be a matter of time before Apple and Google have to give up the tight controls they exercise over their mobile app stores, given the onslaught of litigation, investigation and legislation they each face around the world. And that means investors need to start thinking about the bottom line impact of the potential changes.We got... It seems only to be a matter of time before Apple and Google have to give up the tight controls...

Photo: Mike Sullivan

Creator Economy

Startup Sees Apple ‘Firewall’ Lowering Over App Store Fees

By Kaya Yurieff · Aug 30, 2021 4:00pm PDT

Apple’s recent decision to allow app makers to tell customers about payment options outside its mobile App Store largely underwhelmed developers. But Sahil Lavingia, founder and CEO of Gumroad, a seller of services for creators, said there’s reason to believe Apple could eventually concede to future demands. “It feels like the narrative is... Apple’s recent decision to allow app makers to tell customers about payment options outside its...

Square CEO Jack Dorsey. Photo by Bloomberg

Jack Dorsey’s Square Moves Closer to a Bitcoin Exchange

By Hannah Miller · Aug 30, 2021 3:44pm PDT

Square CEO Jack Dorsey. Photo by Bloomberg

Jack Dorsey’s Square Moves Closer to a Bitcoin Exchange

By Hannah Miller · Aug 30, 2021 3:44pm PDT

Jack Dorsey’s Square has gotten a step closer to starting a decentralized exchange dedicated to bitcoin, a move that will set Square apart from other payments companies such as PayPal and Stripe—and could mark the first time a major company outside crypto delves into decentralized finance. On Friday, Dorsey tweeted details about Square’s... Jack Dorsey’s Square has gotten a step closer to starting a decentralized exchange dedicated to...