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

Gene Farrell, Smartsheet’s chief strategy and product officer. Photo by Bloomberg

The Big Interview

A Former AWS Executive Helps Smartsheet Grow Up

By Kevin McLaughlin · Jun 14, 2021 10:01am PDT · 1 comment

When Gene Farrell left Amazon Web Services four years ago to join a company called Smartsheet, his former employer sued Farrell for violating his noncompete agreement. Apparently, the hard feelings didn’t last: Amazon is in talks with Smartsheet to officially sanction the company’s workplace collaboration app for use by Amazon... When Gene Farrell left Amazon Web Services four years ago to join a company called Smartsheet,...

EzCater CEO Stefania Mallett (l), Kinside CEO Shadiah Sigala (center) and SeatGeek CEO Jack Groetzinger (right). Photos: ezCater, Kinside and SeatGeek

Three Startups Show How the Pandemic’s Hardest Hit Are Rebounding

By Laura Mandaro · Jun 14, 2021 6:01am PDT

Kinside CEO Shadiah Sigala remembers the moment in November when she knew her startup, which helps parents find day care openings, wasn’t just recovering after a tough half year—it was about to take off. Pfizer had announced that its Covid19 vaccine was mostly effective. Parents, tired of juggling Zoom calls and bored preschoolers,... Kinside CEO Shadiah Sigala remembers the moment in November when she knew her startup, which...

Founder Burnout and Why You Should Care

By Jessica E. Lessin · Jun 12, 2021 7:45am PDT · 2 comments

Before we dive into The Takeaway, I want to draw your attention to two quick things.First, thank you to everyone who has filled out our major tech comp survey. Many of you asked that we survey our community about the nitty-gritty of comp, benefits and performance reviews and how they are changing, and we obliged. The results have been pouring in... Before we dive into The Takeaway, I want to draw your attention to two quick things.First, thank...

The Capitol building. Photo by Bloomberg

Washington’s Flawed Big Tech Breakup Proposals

By Martin Peers · Jun 11, 2021 5:01pm PDT

The Capitol building. Photo by Bloomberg

Washington’s Flawed Big Tech Breakup Proposals

By Martin Peers · Jun 11, 2021 5:01pm PDT

Lawmakers took a step towards breaking up big tech today, introducing a package of bills that would, among other things, prevent online platforms from using their scale to go into other businesses. (For a more involved explanation, see stories here, here and here). Coming on a near-summer slow-news Friday, this was bound to generate lots of... Lawmakers took a step towards breaking up big tech today, introducing a package of bills that...

Are You Better Than the Average Human? — The 411 Podcast

By Cory Weinberg · Jun 11, 2021 10:19am PDT

It’s been a difficult couple of years for self-driving car developers trying to bring robotaxis to the public. How do they get out of the so-called "trough of disillusionment?" Listen to highlights of The Information’s Autonomous Vehicles Summit. Amir Efrati interviews Argo AI CEO Bryan Salesky and former Zoox CEO Tim... It’s been a difficult couple of years for self-driving car developers trying to bring...

Sequoia Capital's offices in Menlo Park, Calif. Photo: Bloomberg

Is Sand Hill Road Over? No. But Zoom Deals Are Here to Stay

By Kate Clark · Jun 11, 2021 6:01am PDT · 4 comments

When Andreessen Horowitz finishes construction on its new office in San Francisco’s SoMa neighborhood, its partners shouldn’t expect to find an assigned desk waiting for them. Instead, they’ll need to reserve space to work or meet with prospective portfolio companies under the firm’s new office hoteling model, which... When Andreessen Horowitz finishes construction on its new office in San Francisco’s SoMa...

Didi's offices in Hangzhou, China. Photo by Bloomberg.

TI Briefing: Didi IPO Poses a Puzzle for U.S. Investors

By Martin Peers · Jun 10, 2021 5:01pm PDT · 1 comment

Chinese ride-hailing giant Didi Chuxing, which filed to go public in the U.S. today, has a subsidiary called City Puzzle Holdings Ltd. listed in a chart of its byzantine corporate structure. Investors may find that an appropriate metaphor for assessing Didi as an IPO prospect, particularly compared to the two U.S.-based firms, Uber and Lyft,... Chinese ride-hailing giant Didi Chuxing, which filed to go public in the U.S. today, has a...

Photo: AP

TI Creator Economy: What Clubhouse’s New Hires Say About Its Future; Goldman Sachs Exec Says It’s The ‘Year of the Creator’

By Kaya Yurieff · Jun 10, 2021 4:05pm PDT

Photo: AP

Creator Economy

TI Creator Economy: What Clubhouse’s New Hires Say About Its Future; Goldman Sachs Exec Says It’s The ‘Year of the Creator’

By Kaya Yurieff · Jun 10, 2021 4:05pm PDT

A hiring spree isn’t unusual for a startup that’s just raised a lot of money, as Clubhouse did when it brought in an estimated $300 million since January, but its recent recruits hold clues to where the social audio app is headed after a roller-coaster year. In recent weeks, the 40-person startup hired a former long-time Google engineer, a... A hiring spree isn’t unusual for a startup that’s just raised a lot of money, as Clubhouse did...

Inflation Numbers Support Bitcoin Recovery

By Hannah Miller · Jun 10, 2021 2:00pm PDT · 2 comments

Crypto bears may want to go back into hibernation. Today’s inflation news, showing consumer prices rose 5% when compared to 2020, should reinforce the bull case for bitcoin, as a hedge against inflation. The new numbers follow data out of China indicating that the producer price index, a global barometer of inflation, increased 9% in May, the... Crypto bears may want to go back into hibernation. Today’s inflation news, showing consumer...

A Nanome user building a molecule with benzene rings. Credit: Nanome

How Scientists are Using VR to Study the Coronavirus

By Mathew Olson · Jun 10, 2021 11:30am PDT

Researcher Andrey Kovalevsky often dons an Oculus Rift S virtual reality headset as part of his work studying new ways to combat Covid-19. His research team is working on one of the many remaining mysteries surrounding the coronavirus: how to shut down one of the viral proteins that would stop it from reproducing. One of Kovalevsky’s tools... Researcher Andrey Kovalevsky often dons an Oculus Rift S virtual reality headset as part of his...

BuzzFeed CEO Jonah Peretti. Photo by Bloomberg.

BuzzFeed To Raise $200 Million in Bonds As SPAC Deal Nears

By Jessica Toonkel, Martin Peers and Sahil Patel · Jun 10, 2021 11:09am PDT

BuzzFeed is in discussions to raise about $200 million in convertible bonds to supplement cash it will raise by merging with a special purpose acquisition company, say people familiar with the situation. The financing will help BuzzFeed fund the acquisition of digital lifestyle publisher Complex Networks, which is being negotiated at an equity... BuzzFeed is in discussions to raise about $200 million in convertible bonds to supplement cash it...

An Argo AI prototype in Pittsburgh, 2018. Photo by Bloomberg

As IPO Nears, Argo CEO Says Self-Driving-Car Prototypes Are ‘Regularly Beating’ Human Drivers

By Amir Efrati · Jun 10, 2021 10:47am PDT · 1 comment

An Argo AI prototype in Pittsburgh, 2018. Photo by Bloomberg

Autonomous Vehicles Summit

As IPO Nears, Argo CEO Says Self-Driving-Car Prototypes Are ‘Regularly Beating’ Human Drivers

By Amir Efrati · Jun 10, 2021 10:47am PDT · 1 comment

Prototype self-driving cars developed by Argo AI “regularly” have lower collision rates than human drivers in metro areas such as Miami, said Bryan Salesky, Argo’s CEO, during The Information’s fifth annual Autonomous Vehicle Summit on Wednesday. Salesky’s comment stands in contrast to mounting criticism that the... Prototype self-driving cars developed by Argo AI “regularly” have lower collision...

Bird CEO Travis VanderZanden. Photo by Bloomberg.

SPAC Boom Helps Tech Founders Cement Control

By Cory Weinberg and Sarah Krouse · Jun 10, 2021 6:01am PDT · 1 comment

When scooter-rental startup Bird goes public later this year, CEO Travis VanderZanden won’t have to worry about the firm’s uncertain prospects emboldening activist shareholders. As part of the merger with a special purpose acquisition company that is taking Bird public, VanderZanden negotiated the right to maintain control through a... When scooter-rental startup Bird goes public later this year, CEO Travis VanderZanden won’t...

Netflix CEO Reed Hastings. Photo by Bloomberg

The Debate About Netflix Shareholder Voting Rights

By Martin Peers · Jun 9, 2021 6:08pm PDT · 2 comments

Would you believe that one of the angriest groups of shareholders in corporate America is, by one measure, at Netflix. What could shareholders have to complain about with the video streaming giant, given how its shares have appreciated over the past decade? Yet last week, shareholders owning 56% of Netflix’s shares voted against the re-election... Would you believe that one of the angriest groups of shareholders in corporate America is, by one...

Nicole Quinn, a partner at Lightspeed Venture Partners. Photo: Lightspeed Venture Partners

Creator Economy

Lightspeed’s Nicole Quinn on Cameo and Venture FOMO; Twitter Spaces Gets a Presidential Visit

By Kaya Yurieff · Jun 9, 2021 3:00pm PDT

When Nicole Quinn, a partner at Lightspeed Venture Partners, led the firm’s Series A round for Cameo in 2018, she said she got many weird looks from other investors who couldn’t understand the apparent appeal of the celebrity shout-out app. Then she watched some of those same investors try to pour money into the startup amid a broader rush into... When Nicole Quinn, a partner at Lightspeed Venture Partners, led the firm’s Series A round for ...

Crypto’s China Crackdown Intensifies

By Hannah Miller · Jun 9, 2021 2:46pm PDT

Crypto’s China Crackdown Intensifies

By Hannah Miller · Jun 9, 2021 2:46pm PDT

China’s crypto crackdown is going into overdrive. China arrested more than a thousand people for using crypto in money-laundering today. Meanwhile, China’s most popular internet services, such as Weibo and Baidu, reportedly censored crypto exchanges commonly used by Chinese traders. Typing in the names of exchanges like Huobi, Binance and... China’s crypto crackdown is going into overdrive. China arrested more than a thousand people for...

The Magic Leap 1 headset, wearable computer accessory and controller. Source: Magic Leap

Magic Leap’s C-Suite Churn, AR E-Commerce Grows Up

By Mathew Olson · Jun 9, 2021 11:02am PDT

Three longtime Magic Leap executives are heading toward the exits. Is it a reminder that Magic Leap’s comeback hopes are thin? Or is this a necessary personnel makeover?These are the kind of questions that will continue to dog Magic Leap, the once-hyped augmented reality leader that raised about $2.6 billion from investors before struggling to... Three longtime Magic Leap executives are heading toward the exits. Is it a reminder that Magic...

SoftBank CEO Masayoshi Son. Photo by Bloomberg.

SoftBank Ramps Up Software Bets With $1.3 Billion Tungee Talks

By Yunan Zhang, Juro Osawa and Shai Oster · Jun 9, 2021 10:03am PDT

SoftBank is ramping up its software bets—as aggressively as ever. The investment firm is in talks to invest in Chinese software as a service firm Tungee at a $1.3 billion valuation, even as a group of other venture capitalists are investing in the firm at a $1 billion valuation, two people with knowledge of the fundraising discussions... SoftBank is ramping up its software bets—as aggressively as ever. The investment firm is in...

Locomation trucks on the test track at the Transportation Research Center in East Liberty, Ohio. Credit: Locomation

Two More Self-Driving-Truck Developers Consider Public Offerings

By Amir Efrati · Jun 9, 2021 6:01am PDT · 1 comment

Embark Trucks and Locomation, both of which develop self-driving semitrailers to haul freight over long distances, have recently discussed going public, including by merging with a shell company known as a special purpose acquisition vehicle, according to two people with knowledge of the situation. The talks follow the successful public offering... Embark Trucks and Locomation, both of which develop self-driving semitrailers to haul freight...

IRS headquarters in Washington

Bezos’ Taxes In the Spotlight

By Martin Peers · Jun 8, 2021 5:04pm PDT

IRS headquarters in Washington

Bezos’ Taxes In the Spotlight

By Martin Peers · Jun 8, 2021 5:04pm PDT

Jeff Bezos pays taxes! We learned exactly how much from a ProPublica expose about the personal tax details of some of America’s richest people. The publication got what it said was a “vast trove” of confidential tax records covering a 15-year period for Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg, although it appears to be... Jeff Bezos pays taxes! We learned exactly how much from a ProPublica expose about the personal...