The Briefing by Martin Peers, Jessica Lessin and the team at The Information

Five times/week

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.

By providing your email, you agree to The Information’s Privacy Policy

Recent Editions

DataRobot founder and former CEO Jeremy Achin in a screengrab from a company promotional video via YouTube

Conflict Over IPO, Sales Led to CEO Ouster at DataRobot

By Kevin McLaughlin · Apr 21, 2021 6:01am PDT · 2 comments

Jeremy Achin had had enough of the questions about an initial public offering. Late last year, Achin—then the CEO of DataRobot, a nine-year-old artificial intelligence startup valued at nearly $3 billion by blue-chip investors—presided over a virtual company meeting in which he responded pointedly to employee questions about when... Jeremy Achin had had enough of the questions about an initial public offering. Late last year,...

Netflix co-CEO Reed Hastings. Photo by Bloomberg.

The Briefing: Netflix’s Growth Hits a Wall

By Martin Peers · Apr 20, 2021 5:31pm PDT

Netflix has lost its luster with investors, no doubt about that. Shares of the video-streaming giant dropped 10% in after-hours trading after the company reported a sharp slowdown in subscriber growth in the first quarter, and projected negligible growth for the second quarter. The news likely confirmed investor worries about increased... Netflix has lost its luster with investors, no doubt about that. Shares of the video-streaming...

Joseph Jerome of Common Sense Media.

TI Reality Check: VR’s Overlooked Privacy Problems

By Mathew Olson · Apr 20, 2021 11:00am PDT · 1 comment

Tech companies and government regulators around the world are battling over how consumers’ personal information should be protected on the internet. But often overlooked in these debates are the privacy issues that accompany virtual and augmented reality technology. As we move to more sophisticated VR headsets and, eventually, to all-day... Tech companies and government regulators around the world are battling over how consumers’...

Illustration by Mike Sullivan

‘Truly extraordinary’: Unicorn Startups Boast 300X Valuations

By Kate Clark · Apr 20, 2021 6:00am PDT · 3 comments

Illustration by Mike Sullivan

‘Truly extraordinary’: Unicorn Startups Boast 300X Valuations

By Kate Clark · Apr 20, 2021 6:00am PDT · 3 comments

Orca Security’s March funding round made the two-year-old software startup a unicorn—and gave it an unusual claim to fame. With approximately $4 million in annualized revenue when it briefed investors early this year, the cybersecurity company’s $1.2 billion valuation translated to 300 times that revenue, according to two... Orca Security’s March funding round made the two-year-old software startup a...

Facebook CEO Mark Zuckerberg. Photo by Bloomberg.

The Briefing: Facebook Goes All In on Audio

By Martin Peers · Apr 19, 2021 5:32pm PDT · 1 comment

It’s doubtful there has been this much excitement about audio since the first radio broadcast. On Sunday Clubhouse confirmed our scoop from Friday about its latest $4 billion valuation fundraising. And today Facebook unveiled its new line of audio products, some of which offer Clubhouse-like features while others allow people to record... It’s doubtful there has been this much excitement about audio since the first radio...

A rendering of a surgeon using a VR headset. Image: Vicarious Surgical

TI Reality Check: A Questionable Quest Move

By Mathew Olson · Apr 19, 2021 12:01pm PDT

Last week, Facebook announced the first exclusive game for the Oculus Quest 2. Later this year, Oculus will co-publish a VR version of Resident Evil 4. While many fans are excited to experience the game’s story in virtual reality, the decision to keep the game off the original Quest headset is going to rankle some users. While the Quest 2... Last week, Facebook announced the first exclusive game for the Oculus Quest 2. Later this year,...

February's Super Bowl. Photo by AP

Sports Site Action Network Looks for Buyer as Online Betting Grows

By Jessica Toonkel · Apr 19, 2021 9:01am PDT

Several sports media firms are looking for buyers or investors, hoping to cash in on the expansion of online sports betting across the U.S. The Chernin Group’s The Action Network, a news and data source for sports betting, has tapped boutique bank Moelis & Co. to explore a sale, according to people familiar with the situation. The... Several sports media firms are looking for buyers or investors, hoping to cash in on the...

Startups Are Poaching Facebook, Google Execs

By Sylvia Varnham O'Regan · Apr 19, 2021 6:01am PDT · 2 comments

Startups Are Poaching Facebook, Google Execs

By Sylvia Varnham O'Regan · Apr 19, 2021 6:01am PDT · 2 comments

A few days before DoorDash went public last December, the food-delivery company hired a new vice president of enterprise sales and business development, Shanna Prevé. A 16-year veteran of Google, Prevé weighed the decision for six months before making the jump. Yet she’s far from unusual. Prevé is part of a growing... A few days before DoorDash went public last December, the food-delivery company hired a new vice...

Why I Love and Fear Amazon Basics

By Jessica E. Lessin · Apr 17, 2021 7:47am PDT · 5 comments

Jeff Bezos this week wrote his final shareholder letter as he steps aside as CEO of Amazon. It is remarkable what he and the company have accomplished. I vaguely remember buying my first book on Amazon. Today, I buy…well, that brings me to the point of this week’s column. I recently realized that my kids’ whiteboard markers... Jeff Bezos this week wrote his final shareholder letter as he steps aside as CEO of Amazon. It is...

Dion Foxworth, co-host of the “Stock Market Moves” show, uses the Clubhouse app. Photo:Bloomberg

Andreessen Horowitz Values Clubhouse at $4 Billion With DST, Tiger

By Alex Heath · Apr 16, 2021 6:20pm PDT · 6 comments

Andreessen Horowitz is valuing the social media app Clubhouse at $4 billion in a round of financing with new investors DST Global and Tiger Global Management, according to a person familiar with the matter. The round triples Clubhouse’s valuation from January, in a deal Andreessen Horowitz also led, and comes as rivals Twitter and Spotify... Andreessen Horowitz is valuing the social media app Clubhouse at $4 billion in a round of...

An Uber and Lyft driver. Photo by Bloomberg.

The Briefing: Airbnb Follows Uber in Posting ‘Help Wanted’ Sign

By Martin Peers · Apr 16, 2021 5:31pm PDT

The gig economy has a labor shortage. That’s the takeaway from Airbnb CEO Brian Chesky’s statement on CNBC today that Airbnb will need “millions more hosts” to meet demand once travel picks up after the pandemic. Just last week, Uber said it didn’t have enough drivers to meet demand. Both are suffering from the... The gig economy has a labor shortage. That’s the takeaway from Airbnb CEO Brian...

Jab Credentials — The Information’s 411

By Cory Weinberg · Apr 16, 2021 1:57pm PDT

Jab Credentials — The Information’s 411

By Cory Weinberg · Apr 16, 2021 1:57pm PDT

We dive into some of the tech questions facing the potential rollout of vaccine passports. Paul Meyer, CEO of the nonprofit Commons Project, talks to Nick Wingfield about why it is important that people's proof of vaccination not get locked up in walled gardens. Then, Cory talks to The Information's Juro Osawa about Grab's $40... We dive into some of the tech questions facing the potential rollout of vaccine passports. Paul...

Dapper Labs CEO Roham Gharegozlou. Art by Mike Sullivan

NFT Startup Dapper Labs Raising Money at Over $7.5 Billion Valuation

By Kate Clark and Alex Heath · Apr 16, 2021 1:38pm PDT · 2 comments

The rush of enthusiasm for blockchain-based collectives is driving an extraordinary surge of investor interest in Dapper Labs, the developer of collectibles like NBA Top Shot. Just a few weeks after Dapper Labs raised $305 million at a valuation of $2.6 billion, the company is raising a new round at a valuation above $7.5 billion, according to a... The rush of enthusiasm for blockchain-based collectives is driving an extraordinary surge of...

IRL CEO Abraham Shafi. Image: Mike Sullivan

Social App IRL in Talks to Raise Funds at $1 Billion Valuation

By Alex Heath · Apr 16, 2021 11:21am PDT · 3 comments

Group messaging app IRL is in talks to raise more than $50 million at a $1 billion valuation, 10 times the level of its last round, according to two people familiar with the matter. The funding for IRL, which has caught on quickly in recent months among teenagers in the U.S., follows a resurgence in competitive deals for social media startups... Group messaging app IRL is in talks to raise more than $50 million at a $1 billion valuation, 10...

Partner Roundtable

Fintech Leaders Focus on Customer Service and Collaboration

By The Information Staff · Apr 16, 2021 9:57am PDT

On March 30th, The Information hosted a roundtable discussion with CEOs and founders of leading fintech companies to discuss the future of fintech and banking as a service. The conversation, held in partnership with the Singapore Economic Development Board and Tourism Board, was confidential. We want to share with our subscribers key themes from... On March 30th, The Information hosted a roundtable discussion with CEOs and founders of leading...

Marc Andreessen and Ben Horowitz. Art by Mike Sullivan.

‘These Guys Are Very Different’: Inside Andreessen Horowitz’s Rise

By Kate Clark and Amir Efrati · Apr 16, 2021 6:01am PDT · 9 comments

Marc Andreessen and Ben Horowitz. Art by Mike Sullivan.

‘These Guys Are Very Different’: Inside Andreessen Horowitz’s Rise

By Kate Clark and Amir Efrati · Apr 16, 2021 6:01am PDT · 9 comments

As recently as two years ago, the performance of Andreessen Horowitz’s investments in tech startups were average, despite the firm’s outsize public profile. But its partners had placed bigger bets on cryptocurrencies than almost anyone else, and they did so during moments when most investors had soured on the field. The firm’s... As recently as two years ago, the performance of Andreessen Horowitz’s investments in tech...

Amazon founder Jeff Bezos. Photo by Bloomberg

The Briefing: Jeff Bezos Calculates Value Creation Wrong

By Martin Peers · Apr 15, 2021 5:30pm PDT · 7 comments

You might not think Amazon founder Jeff Bezos would feel the need to prove the value he’s created in the e-commerce giant, given its market capitalization of $1.7 trillion. But you’d be wrong. Stung perhaps by the constant criticism of Amazon’s working conditions and allegedly rapacious attitudes toward merchants on its... You might not think Amazon founder Jeff Bezos would feel the need to prove the value he’s...

Coinbase signage at the Nasdaq in New York. Photo by Bloomberg.

Coinbase’s VC Disclosure Underscores Tight Bonds of Crypto Investors

By Berber Jin · Apr 15, 2021 4:23pm PDT · 5 comments

Coinbase’s public listing documents revealed an unusual set of circumstances for a startup: Its venture arm, Coinbase Ventures, had acquired stakes in a handful of companies partially owned by some of Coinbase’s own major investors, including Andreessen Horowitz and Union Square Ventures. Such disclosures are the side effect of a... Coinbase’s public listing documents revealed an unusual set of circumstances for a startup:...

A screenshot of FitXR’s boxing program. Image: FitXR

TI Reality Check: Has VR Fitness Hit Its Stride?

By Mathew Olson · Apr 15, 2021 11:04am PDT

The release of the Oculus Quest 2, coupled with the pandemic’s toll on gym memberships, has given a lift to VR fitness. Take FitXR, a VR dance and boxing app. Sam Cole, FitXR’s co-founder and CEO, told The Information that the company has seen a tenfold increase in daily app revenue since Quest 2’s launch. The app’s... The release of the Oculus Quest 2, coupled with the pandemic’s toll on gym memberships, has...

An image of Boston Dynamics' 'Stretch' robot. Art by Mike Sullivan

Five Warehouse Robotics Firms to Watch

By Mark Di Stefano · Apr 15, 2021 6:00am PDT · 4 comments

An image of Boston Dynamics' 'Stretch' robot. Art by Mike Sullivan

Five Warehouse Robotics Firms to Watch

By Mark Di Stefano · Apr 15, 2021 6:00am PDT · 4 comments

Warehouse robotics is suddenly looking like a hot sector. A series of deals in the past few months, including SoftBank’s $2.8 billion investment in Norwegian robotics firm AutoStore this month as well as the merger of robotics firm Berkshire Grey with a special purpose acquisition company, highlight how investor interest in warehouse... Warehouse robotics is suddenly looking like a hot sector. A series of deals in the past few...