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

Creator Economy

A Chart of Andreessen Horowitz’s Creator Deals; Glitchy Start to Instagram Conference; Dispo’s New Investors

By Kaya Yurieff · Jun 8, 2021 3:00pm PDT

Our latest chart shows just how busy Andreessen Horowitz has been in backing creator economy deals—and how often these startups involve cryptocurrencies and related assets. Three of the 11 creator economy-related startups the venture firm has led funding for this year focus on non-fungible tokens (NFT), digital collectibles that creators can... Our latest chart shows just how busy Andreessen Horowitz has been in backing creator economy...

Why Bitcoin’s Price is Plummeting, How Ransomware Attacks Could Drive Regulation

By Hannah Miller · Jun 8, 2021 2:15pm PDT

With Bitcoin prices falling 5% on Tuesday to a little below $33,000, you might think issues dogging crypto—environmental concerns, ransomware and China’s crackdown—have finally caught up with it. “Over the last two months, there really has been a disproportionate amount of bad news,” said David Nage, a managing director at Arca, a digital... With Bitcoin prices falling 5% on Tuesday to a little below $33,000, you might think issues...

Monitors display Coinbase and Bitcoin signage at the Nasdaq in NYC. Photo by Bloomberg

Crypto Lender BlockFi in Talks to Raise Funding at $5 Billion Valuation

By Kate Clark · Jun 8, 2021 11:14am PDT

BlockFi, a wealth management and trading firm for cryptocurrency holders, is raising new funding just three months after its last round. It's the latest sign that VC interest in cryptocurrency, supercharged by Coinbase’s direct listing two months ago, is overriding a recent steep retreat in crypto prices. The four-year-old startup is... BlockFi, a wealth management and trading firm for cryptocurrency holders, is raising new funding...

Apple's vp of worldwide developer relations, Susan Prescott, at Monday's WWDC.

Apple Nudges Its AR Forward at a No-Hardware WWDC

By Mathew Olson · Jun 8, 2021 11:00am PDT

Apple's vp of worldwide developer relations, Susan Prescott, at Monday's WWDC.

Apple Nudges Its AR Forward at a No-Hardware WWDC

By Mathew Olson · Jun 8, 2021 11:00am PDT

Apple’s WWDC keynote came and went yesterday without any new hardware announcements. The event did demonstrate some of Apple’s eagerness to introduce more uses for AR in the here and now, including the introduction of several features similar to ones already offered by Google and Snap.Most of these were incremental—but incrementality can be... Apple’s WWDC keynote came and went yesterday without any new hardware announcements. The...

A supervisor holds checks an employee's badge during roll call at a Pegatron factory in Shanghai. Photo by Bloomberg

Some Apple Suppliers in China Tell Ethnic Minorities: Don’t Bother Applying For Jobs

By Wayne Ma · Jun 8, 2021 6:01am PDT

Some of the companies in China that supply Apple with parts for its devices are willing to use workers from the predominantly Muslim group known as Uyghurs, as part of government-sponsored labor programs widely criticized as coercive. But Uyghurs and other marginalized Chinese minorities need not apply for jobs on the open market to many of... Some of the companies in China that supply Apple with parts for its devices are willing to use...

Jeff Bezos at a Blue Origin event in 2017. Photo by Bloomberg

Bezos Will Blast Himself Into Space

By Martin Peers · Jun 7, 2021 5:00pm PDT

Now we know why Jeff Bezos picked July 5 as the date to give up the Amazon CEO job—two weeks later he’ll be flying into space on Blue Origin’s first flight with human passengers. Can you imagine the nerves of investors if he decided to strap himself into that rocket ship while still holding the CEO reins? A flight of any kind has an element... Now we know why Jeff Bezos picked July 5 as the date to give up the Amazon CEO job—two weeks...

Facebook CEO Mark Zuckerberg speaks during the virtual F8 Developers Conference on June 2, 2021. Photo: Bloomberg

Creator Economy

Zuckerberg Jabs Apple Over Creator Fees; Floyd Mayweather Joins OnlyFans

By Kaya Yurieff · Jun 7, 2021 3:42pm PDT

Facebook’s decision to keep tools for creators free for at least the next 18 months could ratchet up pressure on other social networks to do the same. The bonus for Facebook: It’s a fresh opportunity to take a dig at Apple. In a post Monday, CEO Mark Zuckerberg announced Facebook would refrain from taking a cut of online... Facebook’s decision to keep tools for creators free for at least the next 18 months could...

What El Salvador’s Bitcoin Recognition Could Mean; Bitcoin Maximalism in Miami

By Hannah Miller · Jun 7, 2021 2:29pm PDT · 1 comment

What El Salvador’s Bitcoin Recognition Could Mean; Bitcoin Maximalism in Miami

By Hannah Miller · Jun 7, 2021 2:29pm PDT · 1 comment

Welcome to TI Crypto Global, The Information’s latest newsletter exploring the rapidly changing world of cryptocurrency and blockchain. Why read our newsletter when your inbox already is overflowing? For those of you already working in or investing in crypto, we’ll help you keep tabs on everything that’s happening across the vast landscape... Welcome to TI Crypto Global, The Information’s latest newsletter exploring the rapidly changing...

Disney CEO Bob Chapek. Photo by Bloomberg

Disney’s Cancellation of Hulu Overseas Push Triggers Feud with Comcast

By Jessica Toonkel · Jun 7, 2021 12:39pm PDT

Tensions between Disney and Comcast over their joint ownership of Hulu are heating up. The two companies are feuding over Disney’s decision last year to not launch Hulu overseas, a move that Comcast believes undermined its growth potential and valuation. The issue has inflamed arbitration proceedings now underway between the two companies... Tensions between Disney and Comcast over their joint ownership of Hulu are heating up. The two...

Overstock CEO Jonathan Johnson. Photo by AP

Q&A

Overstock Shares Rise Fivefold in a Year: Meet the CEO Rebuilding the Ecommerce Pioneer

By Malique Morris · Jun 7, 2021 12:17pm PDT

It took several years for Overstock.com, a pioneer of online selling, to lose its way, as then-CEO Patrick Byrne diversified into blockchain investments and got sidetracked by conspiracy theories. But in just the past two years, since longtime executive Jonathan Johnson took the helm, the e-commerce business has begun growing again. His formula?... It took several years for Overstock.com, a pioneer of online selling, to lose its way, as...

Crayta's promotional art. Image by Unit 2 Games

TI Reality Check: Oculus Store Irony and Metaverse M&A

By Mathew Olson · Jun 7, 2021 11:01am PDT

It’s Apple’s big day. As I write, executives are unveiling the latest hardware and software updates at its annual developer conference. (We’ll likely have more on the implications of the announcements for Apple’s augmented reality plans in the newsletter tomorrow.)But leave it to Mark Zuckerberg to try to poke Apple in the eye. A few hours... It’s Apple’s big day. As I write, executives are unveiling the latest hardware and software...

Javier Soltero, general manager of Google Workspace, speaks during an online-only Google developer conference in May. Photo by Bloomberg

Google Responds to Remote Work Boom, Microsoft With Workspace App Improvements

By Sarah Krouse · Jun 7, 2021 6:01am PDT · 1 comment

Javier Soltero, general manager of Google Workspace, speaks during an online-only Google developer conference in May. Photo by Bloomberg

Google Responds to Remote Work Boom, Microsoft With Workspace App Improvements

By Sarah Krouse · Jun 7, 2021 6:01am PDT · 1 comment

Like other companies, Google had never seen anything like the demand for its video-calling and other productivity tools until the pandemic, which suddenly turned a big chunk of the population into remote workers. The surge also helped Google staffers figure out some issues with those same products. To address those limitations, Google is... Like other companies, Google had never seen anything like the demand for its video-calling and...

Twitter Blue and the Consumer Tech Subscription Dilemma

By Jessica E. Lessin · Jun 5, 2021 7:45am PDT · 2 comments

For years, the majority of tech companies—with their free-for-everyone, change-the-world, massive-reach mentality—led the resistance to digital subscriptions. When Apple started charging for digital music downloads, a whole industry of free-to-stream services popped up. When Facebook, MySpace, Friendster and the rest of the social media... For years, the majority of tech companies—with their free-for-everyone, change-the-world,...

Bill Ackman. Photo by Bloomberg

What Ackman, and Tencent, See In Universal Music

By Martin Peers · Jun 4, 2021 5:01pm PDT

Hedge fund manager Bill Ackman’s plan to acquire 10% of Universal Music Group through his SPAC, at a valuation of $43 billion, is the clearest sign yet that the music industry is, improbably enough, hot. Yes, the industry that was in decline for years thanks to piracy and the digital disruption of the CD business is showing enough promise from... Hedge fund manager Bill Ackman’s plan to acquire 10% of Universal Music Group through his SPAC,...

Amazon’s Next Chapter — The 411 Podcast

By Cory Weinberg · Jun 4, 2021 2:50pm PDT

Amazon has been making big moves in Hollywood. What does that tell us about the company’s new CEO Andy Jassy? Cory talks to The Information’s Kevin McLaughlin and Jessica Toonkel about their recent reporting on what Amazon's incoming boss is up to. Then, Cory and senior editor Wendy Pollack discuss the downfall of Katerra, the... Amazon has been making big moves in Hollywood. What does that tell us about the company’s...

Illustration by Laurent Bazart

Fearing ‘Tsunami’ of Lawsuits, SPAC Insurers Hike Premiums

By Berber Jin · Jun 4, 2021 6:20am PDT · 3 comments

Illustration by Laurent Bazart

Fearing ‘Tsunami’ of Lawsuits, SPAC Insurers Hike Premiums

By Berber Jin · Jun 4, 2021 6:20am PDT · 3 comments

It’s getting costlier for SPAC backers to buy insurance against future shareholder lawsuits, a fresh sign of soured sentiment toward these once-hot public offerings. Insurance carriers that write policies to shield company directors and executives against shareholder lawsuits are increasing premiums for those affiliated with special... It’s getting costlier for SPAC backers to buy insurance against future shareholder...

Twitter CEO Jack Dorsey. Photo by Bloomberg

Twitter’s Subscription Plan Generates Yawn From Wall Street

By Martin Peers · Jun 3, 2021 5:00pm PDT

Twitter finally provided some clarity about its plans for subscriptions today, unveiling what it calls Twitter Blue, now going live in Canada and Australia. For about $3 a month, hardcore Twitter users can get what can only be described as minor enhancements, such as the ability to undo a tweet within 30 seconds of sending it. This won’t... Twitter finally provided some clarity about its plans for subscriptions today, unveiling what it...

TikTok performer Adam Rose. Photo: Storm Santos

Creator Economy

TikTok’s Hidden Political Ads; How a Viral Dance Won a Fortnite Deal

By Kaya Yurieff · Jun 3, 2021 3:06pm PDT

When it comes to making sure its influencers fess up when they’re getting paid to post, TikTok has trailed peers like Instagram, which has a system that automatically prompts creators for such disclosures.New research from Mozilla that exposed how influencers used undisclosed sponsorships to get around TikTok’s ban on political advertising... When it comes to making sure its influencers fess up when they’re getting paid to post, TikTok...

Jony Ive in 2019. Photo by AP

Ex-Apple Design Boss Jony Ive Recruited at Least Five Former Colleagues to New Firm

By Wayne Ma and Sarah Krouse · Jun 3, 2021 11:58am PDT · 1 comment

Wan Si, a 16-year veteran of Apple’s famed design team who worked on numerous Apple app icons, buttons and home screens, recently joined the consulting firm founded by Apple’s former design chief Jonathan Ive, The Information has learned. She is one of at least five Apple design team members Ive has recruited to his firm since... Wan Si, a 16-year veteran of Apple’s famed design team who worked on numerous Apple app...

People wearing Magic Leap's first headset at a conference in 2019. Photo by Bloomberg

Magic Leap Switches to Team AMD

By Mathew Olson · Jun 3, 2021 11:18am PDT

People wearing Magic Leap's first headset at a conference in 2019. Photo by Bloomberg

Magic Leap Switches to Team AMD

By Mathew Olson · Jun 3, 2021 11:18am PDT

There isn’t much we know about Magic Leap’s next AR headset, aside from its late-2021 release date. The few details Magic Leap has shared—for example, that its field of view will be double that of its predecessor—tend to beg a lot of questions about the product.But yesterday we got one intriguing clue. The upcoming headset, the first since Magic... There isn’t much we know about Magic Leap’s next AR headset, aside from its late-2021 release...