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

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The Briefing

By Martin Peers, Jessica E. 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

Jeff Dahn's new brainchild is the "century battery." Photo: Courtesy Dalhousie University

Introducing the 36-Million-Mile 'Century Battery' for EVs

By Steve LeVine · Apr 3, 2022 2:00pm PDT

Welcome back to The Electric! You’ve probably heard of the million-mile battery, the effort by automobile companies such as Tesla and General Motors to put electric vehicles with extremely long life on the road. In this week's edition, the inventor of the million-mile battery ups his game with a surprising new concept. Correction: In... Welcome back to The Electric! You’ve probably heard of the million-mile battery, the effort...

What's Behind the Marc Andreessen–Jack Dorsey Crypto Holy War?

What's Behind the Marc Andreessen–Jack Dorsey Crypto Holy War?

By Jon Steinberg · Apr 2, 2022 8:00am PDT

Hi, welcome to your Weekend! It’s been a few months since two Silicon Valley titans started passive-aggressively sniping at each other on Twitter, and I'm still thinking about what it all meant, and why it all started. The war of words, blocks, and memes between Jack Dorsey and Marc Andreessen wasn’t only fascinating because of the... Hi, welcome to your Weekend! It’s been a few months since two Silicon Valley titans started...

Amazon CEO Andy Jassy. Photo by Bloomberg.

Amazon’s Public Shareholders Show Their Hand

By Martin Peers · Apr 1, 2022 5:00pm PDT

It looks like Amazon’s public shareholders are beginning to assert themselves. Amazon disclosed today that last year it got feedback from some shareholders that it should grant smaller equity awards to top executives, with payouts based on their hitting specific performance goals. That’s interesting for a few reasons. One is that the feedback... It looks like Amazon’s public shareholders are beginning to assert themselves. Amazon disclosed...

Art by Clark Miller.

Jack Dorsey, Marc Andreessen and the Makings of a Crypto Holy War

By Joel Stein · Apr 1, 2022 1:00pm PDT · 13 comments

Art by Clark Miller.

Jack Dorsey, Marc Andreessen and the Makings of a Crypto Holy War

By Joel Stein · Apr 1, 2022 1:00pm PDT · 13 comments

People in Silicon Valley fight about money constantly. They squabble about startup valuations, executive compensation, pro rata rights and who does and does not have three commas in their bank account. But the bigger fight, the one Americans haven’t had since the battle over the gold standard, is about what money itself should be. Which is why... People in Silicon Valley fight about money constantly. They squabble about startup valuations,...

Netflix co-CEO Reed Hastings. Photo by Bloomberg.

Netflix Tells Employees to Be More Careful About Spending, Hiring

By Jessica Toonkel · Apr 1, 2022 12:04pm PDT

Netflix is tightening its belt. In two separate meetings over the past few weeks, Netflix executives cautioned employees to be more mindful about spending and hiring, according to three people familiar with the discussions. The comments, made at an employee town hall on Monday as well as during a management offsite held last month in Anaheim,... Netflix is tightening its belt. In two separate meetings over the past few weeks, Netflix...

Art by Danielle Davis.

A Founder Finds His American Dream on a ‘Blue-Collar Lake’ in New Hampshire

By Annie Goldsmith · Apr 1, 2022 12:00pm PDT

In this week’s Decamped, we chat with Max Makeev, co-founder and chief development officer of Owl Labs, a maker of videoconferencing devices. Makeev moved to Barnstead, N.H., when the pandemic hit. He has implemented a hybrid working model ever since, spending 25% to 40% of his time in his apartment in Somerville, Mass., and the rest at his lake... In this week’s Decamped, we chat with Max Makeev, co-founder and chief development officer of Owl...

Art by Clark Miller.

Scene and Heard

At the Shoptalk Conference in Las Vegas, E-Retailers Have a Lot of Problems, and the Metaverse Isn’t One of Them

By Malique Morris · Apr 1, 2022 12:00pm PDT

“The metaverse is a big fat distraction,” declared Julie Bornstein, CEO of mobile-first fashion marketplace The Yes. Sitting in a stuffy conference room at the Mandalay Bay Resort and Casino’s convention center in Las Vegas, Bornstein is on the frontlines of how shoppers, especially younger ones, are buying goods online. And right now, she said... “The metaverse is a big fat distraction,” declared Julie Bornstein, CEO of mobile-first fashion...

How Andy Jassy Is Reshaping Amazon’s Power Structure

By Mark Di Stefano · Apr 1, 2022 6:00am PDT · 1 comment

How Andy Jassy Is Reshaping Amazon’s Power Structure

By Mark Di Stefano · Apr 1, 2022 6:00am PDT · 1 comment

In the nine months since Andy Jassy took over the top job at Amazon, the former Amazon web services chief has made attention-grabbing moves like shuttering the company’s physical bookstores and increasing pay to keep up in the red-hot market for tech talent. Behind the scenes, Jassy has also been filling the top ranks with familiar faces... In the nine months since Andy Jassy took over the top job at Amazon, the former Amazon web...

Fast CEO Domm Holland at a company event. Photo: Fast

Stripe-Backed ‘Fast’ Seeks Buyer After Struggling to Raise Capital

By Malique Morris and Jessica E. Lessin · Mar 31, 2022 8:56pm PDT · 8 comments

Fast, a startup that develops one-click checkout software for online merchants, is trying to find a buyer after failing to raise a new round of funding, according to two people with knowledge of the situation. Fast has raised about $120 million from investors including payments firm Stripe and Index ventures, but its main product, which helps... Fast, a startup that develops one-click checkout software for online merchants, is trying to find...

Blockchain.com CEO Peter Smith. (Photo Credit: Blockchain.com. Artwork: Mike Sullivan)

The Math on Blockchain.com; a Crypto Deal 238 Years in the Making

By Akash Pasricha · Mar 31, 2022 6:12pm PDT · 2 comments

Blockchain.com’s new $14 billion valuation makes it one of the most highly valued crypto startups. But it could have been worth even more. The cryptocurrency exchange confirmed to The Information on Thursday that it had completed its Series D funding round at a $14 billion valuation, following a Bloomberg report. The company did not... Blockchain.com’s new $14 billion valuation makes it one of the most highly valued crypto...

Stock data on Nasdaq's MarketSite in February. Photo by Bloomberg.

What the Nasdaq Doesn’t Tell Us

By Martin Peers · Mar 31, 2022 5:00pm PDT

The first quarter ended today with another stock sell-off. That makes this a good time to review the state of tech stocks so far in 2022. Just don’t try to make any judgments based on the Nasdaq Composite Index, which is down 9% for the year to date. The Nasdaq is often used as a proxy for the tech sector simply because it includes the biggest... The first quarter ended today with another stock sell-off. That makes this a good time to review...

TikTok creator Cole Prots. Photo: Marina Elise

Online Course Provider Kajabi Hires Execs From Shopify, TikTok

By Kaya Yurieff · Mar 31, 2022 3:26pm PDT

TikTok creator Cole Prots. Photo: Marina Elise

Creator Economy

Online Course Provider Kajabi Hires Execs From Shopify, TikTok

By Kaya Yurieff · Mar 31, 2022 3:26pm PDT

Kajabi, a provider of online courses, memberships and other tools for creators and entrepreneurs, raised the single biggest funding round for any creator economy startup last year. Armed with $550 million from a May deal led by Tiger Global Management, the 12-year-old startup has since brought on new executives and plotted a product... Kajabi, a provider of online courses, memberships and other tools for creators and entrepreneurs,...

The developer-only AR Spectacles revealed in May 2021. Photo: Snap.

Snap Sets Partner Summit Date; Liv Raises $8.5 Million for Mixed Reality Streaming

By Mathew Olson · Mar 31, 2022 11:30am PDT

Snap will hold its annual partner summit on April 28, the company revealed today. And this year’s event bears an unsubtle subtitle: “Back to Reality.” The event name suggests that Snap will devote more time to its AR tech than it did at last year’s summit, which featured the debut of Snap’s developer-only AR Spectacles.As it has in the past, the... Snap will hold its annual partner summit on April 28, the company revealed today. And this year’s...

Facebook’s iPhone Ad Pain is Google’s Gain

By Sarah Krouse · Mar 31, 2022 10:44am PDT

It’s well known that when Apple last year enabled an iPhone privacy feature that blocks advertisers from tracking users, Facebook parent Meta Platforms suffered. What’s also becoming clearer: Google was among the biggest beneficiaries of Facebook’s pain. This month, nearly a year after Apple’s privacy rule went into... It’s well known that when Apple last year enabled an iPhone privacy feature that blocks...

Peter Chernin. Photo by Bloomberg.

Chernin Looks to Acquire TV Studios in Expansion Plan

By Jessica Toonkel · Mar 31, 2022 9:22am PDT · 1 comment

Media mogul Peter Chernin wants to expand aggressively in film and TV production. Chernin, a former top executive at Rupert Murdoch’s empire who has built his own media fiefdom over the past decade, is scouting for acquisitions that could scale his company to a point where it could go public in the next three years, according to people... Media mogul Peter Chernin wants to expand aggressively in film and TV production. Chernin, a...

Signage at Qualcomm headquarters in San Diego. Photo: Bloomberg.

Why Qualcomm Failed to Land Meta as Its Flagship AI Chip Customer

By Stephen Nellis · Mar 31, 2022 6:00am PDT

Signage at Qualcomm headquarters in San Diego. Photo: Bloomberg.

Why Qualcomm Failed to Land Meta as Its Flagship AI Chip Customer

By Stephen Nellis · Mar 31, 2022 6:00am PDT

Qualcomm is the world’s biggest supplier of mobile phone processors, having perfected the art of packing computing capability into power-efficient chips. In 2019, the San Diego company declared its ambitions to use its energy efficiency expertise to break into the fast-growing market for the artificial intelligence chips used in data... Qualcomm is the world’s biggest supplier of mobile phone processors, having perfected the...

Amir Haleem, CEO and co-founder of Nova Labs. (Photo Credit: Nova Labs. Artwork: Mike Sullivan)

Helium Becomes Nova Labs and Reaches Unicorn Status

By Akash Pasricha · Mar 30, 2022 5:18pm PDT

Crypto’s newest unicorn is marking the occasion with a new name, but the decision is more than just a branding choice. Helium Inc., the company behind the Helium blockchain network, said Wednesday it would now be known as Nova Labs. The newly named startup announced it closed $200 million in an all-equity funding round at a $1.2 billion... Crypto’s newest unicorn is marking the occasion with a new name, but the decision is more than...

Apple's headquarters in Silicon Valley. Photo by Bloomberg.

Apple Shouldn’t Reinvent the Wheel in Financial Services

By Martin Peers · Mar 30, 2022 5:00pm PDT

Sometimes it seems that the top executives of big tech companies are deliberately taunting antitrust regulators around the world. Bloomberg’s scoop today that Apple is “developing its own payment processing technology” is sure to intensify questions at the European Commission and the U.S. Justice Department about whether the iPhone maker is... Sometimes it seems that the top executives of big tech companies are deliberately taunting...

Cuy Sheffield, head of crypto at Visa. Photo: Visa

Creator Economy

Creator Economy Startups Catch Web3 Fever; Visa Launches NFT Program

By Kaya Yurieff · Mar 30, 2022 2:00pm PDT

The overlap between the creator economy and crypto is hard to ignore. Every week, I receive pitches from startups billing themselves as companies that touch a combination of creators, NFTs, Web3 and, in some cases, also the metaverse. The growing buzz around the creator economy and Web3 – often described as a decentralized,... The overlap between the creator economy and crypto is hard to ignore. Every week, I receive...

The new prototype from Mojo, a hard contact lens with a display, sensors, radio, and batteries. Photo: Mojo Vision.

Mojo Vision’s New AR Contact Lens Prototype; Nreal Raises $60 Million from Alibaba

By Mathew Olson · Mar 30, 2022 11:00am PDT

The new prototype from Mojo, a hard contact lens with a display, sensors, radio, and batteries. Photo: Mojo Vision.

Mojo Vision’s New AR Contact Lens Prototype; Nreal Raises $60 Million from Alibaba

By Mathew Olson · Mar 30, 2022 11:00am PDT

Mojo Vision, the Saratoga, CA-based startup working on AR contact lenses, has reached a new development milestone. The company said today it has completed an “advanced prototype” of its contact lenses featuring all the components needed to drive their AR functions, from batteries and an accelerometer to the super-small display that sits at the... Mojo Vision, the Saratoga, CA-based startup working on AR contact lenses, has reached a new...