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

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

Rivian's IPO in November was one of the biggest of the year in any category. Photo: Bing Guan/Bloomberg

Good Bet or High Risk? The Electric’s Prognosis For 16 EV and Battery Stocks

By Steve LeVine · Dec 12, 2021 2:00pm PST

Welcome back to The Electric! The last year and a half has been a maelstrom in the automotive industry as the Tesla juggernaut finally persuaded mainstream carmakers that they had to go electric, igniting a boom of electric vehicle and battery startups. Today, I assess 16 companies that went public during this period. Over the last 18... Welcome back to The Electric! The last year and a half has been a maelstrom in the...

Art by Haejin Park.

It’s Digital Overload as NFTs Take Manhattan, Eat Art Basel, and Bring Back the Homies

By Jon Steinberg · Dec 11, 2021 8:00am PST

Hi, welcome to your Weekend!Remember the Homies? If you came of age in 1990s California like I did, you may recall seeing the plastic figurines of Latino barrio characters being sold in supermarket vending machines, comic book shops and convenience stores. They made an overnight success out of artist David Gonzalez, who sold millions... Hi, welcome to your Weekend!Remember the Homies? If you came of age in 1990s California like I...

Photo: Jonas Goldstein

Scene and Heard

Minting Takes Manhattan: An NFT Gallery Sells Millions Even Before the Art Is Made

By Margaux MacColl · Dec 11, 2021 6:00am PST · 6 comments

The art was worth at least $7 million, and it hadn’t even been created yet. It was the opening night of non-fungible token artist Tyler Hobbs’ show “Incomplete Control” at the Bright Moments gallery in Soho. The gallery, lit by candles and LCD screens, hosted a crowd of about 100crypto influencers, venture capitalistsand traditional art... The art was worth at least $7 million, and it hadn’t even been created yet. It was the opening...

Instacart CEO Fidji Simo. Photo by AP

Instacart’s Executive Revolving Door Spins Faster

By Martin Peers · Dec 10, 2021 5:00pm PST

Instacart CEO Fidji Simo. Photo by AP

Instacart’s Executive Revolving Door Spins Faster

By Martin Peers · Dec 10, 2021 5:00pm PST

It’s a good thing Instacart’s leaders decided to put off plans to go public. Today’s news that company president Carolyn Everson is departing after just three months won’t help the grocery-delivery service turn the page on what has been a year of turmoil in its management ranks. Grappling with the frequent executive reshuffles while preparing to... It’s a good thing Instacart’s leaders decided to put off plans to go public. Today’s news that...

Former Instacart President Carolyn Everson. Photo: Bloomberg

Instacart President’s Exit Followed Disagreement With CEO On Grocer Relationships

By Berber Jin · Dec 10, 2021 4:06pm PST

Carolyn Everson decided to depart as president of Instacart under pressure from CEO Fidji Simo, who had different expectations over how Everson should manage Instacart’s relationship with its grocery retailers, said a person with direct knowledge of the matter. Earlier on Friday, Everson announced her exit from a job she started just three... Carolyn Everson decided to depart as president of Instacart under pressure from CEO Fidji Simo,...

Dollar Bill Y’all - The 411 Podcast

By The Information Staff · Dec 10, 2021 12:55pm PST

Cryptocurrency is soaking up attention, but financial services technologies involving fiat currency have also never been hotter. This week we continue our special five-episode series on The Information 50, our annual list of the most promising startups valued at less than $1 billion, by taking a look at five fintech startups that made the cut. ... Cryptocurrency is soaking up attention, but financial services technologies involving fiat...

A screenshot from an Apple commercial about its App Tracking Transparency software. Screenshot via YouTube

Apple’s Empty Threat? Silence Over iPhone Ad Workarounds Sows Confusion

By Sarah Krouse and Josh Sisco · Dec 10, 2021 11:10am PST · 1 comment

In a closely followed speech a year ago, Craig Federighi, Apple’s senior vice president of software engineering, talked about Apple’s upcoming restrictions on the way advertisers can track iPhone users. Apple could yank apps from the App Store if they didn’t comply with the new privacy rules, he said. It’s been seven... In a closely followed speech a year ago, Craig Federighi, Apple’s senior vice president of...

Art by Haejin Park.

Scott Galloway Wants to Be “the Most Influential Thought Leader in the History of Business”

By Josh Duboff · Dec 10, 2021 9:00am PST · 27 comments

Art by Haejin Park.

Scott Galloway Wants to Be “the Most Influential Thought Leader in the History of Business”

By Josh Duboff · Dec 10, 2021 9:00am PST · 27 comments

Scott Galloway begins our phone call with an admission. “To be honest, I’m very uncomfortable with the idea of a profile,” he says before I’ve asked him any questions. “I suffer from imposter syndrome. I’m waiting for the profile that reveals me for the less talented, lower-character person I am.” He pauses. “Anyways, here I am.” Radical honesty... Scott Galloway begins our phone call with an admission. “To be honest, I’m very uncomfortable...

Art by Haejin Park.

For Twenty-Somethings, Parties Are Back. Now, How to Send That Invitation?

By Annie Goldsmith · Dec 10, 2021 9:00am PST · 2 comments

Caroline Leopold was bracing herself. Fingers at the ready, the 25-year-old was stationed at her MacBook, preparing to send roughly 200 individual iMessages. For the next tedious hour and a half, Leopold dragged a JPEG with her tastefully designed, block-letter invite into the app’s blinking gray box, shooting a digital flyer for her upcoming... Caroline Leopold was bracing herself. Fingers at the ready, the 25-year-old was stationed at her...

Illustration by Scotty Reifsynder

Postcard From Florida

The NFTs That Ate Miami

By Melissa Henderson · Dec 10, 2021 9:00am PST · 3 comments

The pent-up and ready-to-party crowd at The Cultivist x Nifty Gateway event on December 3 was an entangled mix of entertainers, designers, tech executives, influencers and non-influencers. The Winklevoss twins sauntered around the massive private waterfront mansion dressed identically, as per usual. DJ Khaled bellowed “Gem-in-i” and “Cryp-to”... The pent-up and ready-to-party crowd at The Cultivist x Nifty Gateway event on December 3 was an...

Tencent's headquarters in Shenzhen, China. Photo by Bloomberg.

Tencent in Talks to Boost Supercell Stake at $11 Billion Valuation Amid Sign of Rebound

By Wayne Ma, Juro Osawa and Shai Oster · Dec 10, 2021 6:00am PST

Tencent hasn’t given up on Supercell. The Finnish developer of mobile games such as Clash of Clans has seen revenue fall nearly every year since Chinese internet giant Tencent led a group of investors to buy a majority stake in it in 2016. Yet Tencent is now negotiating a new deal that would boost its stake in Supercell at a valuation of... Tencent hasn’t given up on Supercell. The Finnish developer of mobile games such as Clash...

Gary Gensler. Photo by Bloomberg.

Gensler Eyes SPAC Loopholes

By Martin Peers · Dec 9, 2021 5:00pm PST

Gary Gensler. Photo by Bloomberg.

Gensler Eyes SPAC Loopholes

By Martin Peers · Dec 9, 2021 5:00pm PST

Is it bye-bye, SPACs? Securities and Exchange Commission chief Gary Gensler’s speech today laying out the need to tighten securities rules for special purpose acquisition companies is likely to reverberate across the financial markets—and shake up tech firms that see SPACs as a great way to go public. Gensler correctly spotlighted one of the... Is it bye-bye, SPACs? Securities and Exchange Commission chief Gary Gensler’s speech today laying...

Polygon co-founder Sandeep Nailwal. Photo by Polygon. Art by Mike Sullivan.

Polygon’s $400 Million Acquisition Aims to Speed Up Ethereum; Crypto Fans Offer Predictions for 2022

By Hannah Miller · Dec 9, 2021 4:30pm PST

Even though VC firms have flooded the crypto market with funding, a $400 million acquisition by Polygon is a reminder that startups in the wider blockchain field have played a strong role in shaping the future of crypto too. Polygon, which developed a protocol built on top of Ethereum that’s supposed to make the blockchain faster and easier to... Even though VC firms have flooded the crypto market with funding, a $400 million acquisition by ...

TikTok star Junna Faylee. Photo: Junna Faylee

Creator Economy

Facebook’s Creator Announcements Near a Dozen; ‘Nintendo.Grl’ on TikTok Hate Comments

By Mahira Dayal · Dec 9, 2021 4:09pm PST

Facebook-parent Meta Platforms is ticking off the boxes on releasing tools for creators as it pushes to bring these influencers and their young fans to the app. The latest include a new way to make money during live broadcasts and a feature for fans to follow creators after they post in the comments. While these changes are minor, the... Facebook-parent Meta Platforms is ticking off the boxes on releasing tools for creators as it...

Andrew Bosworth, in charge of Meta's virtual and augmented reality products, recently inherited Meta's AI team.

Meta’s AI Team, Which Tackles Harmful Facebook Posts, Moves to AR/VR Unit

By Sylvia Varnham O'Regan · Dec 9, 2021 3:52pm PST

Facebook parent Meta Platforms has moved its artificial intelligence group to the Reality Labs unit developing augmented and virtual reality products, according to a person familiar with the matter and confirmed by the company. The shift comes as Meta invests more money in AR and VR to develop the metaverse—virtual immersive worlds that... Facebook parent Meta Platforms has moved its artificial intelligence group to the Reality Labs...

Arena Clash, a demonstrative game built for Horizon Worlds. Credit: Meta

Meta Is Finally Opening Up Its Horizon Worlds Beta

By Mathew Olson · Dec 9, 2021 10:00am PST

Arena Clash, a demonstrative game built for Horizon Worlds. Credit: Meta

Meta Is Finally Opening Up Its Horizon Worlds Beta

By Mathew Olson · Dec 9, 2021 10:00am PST

Today, Meta Platforms is letting a cohort of users flood into the beta version of its social VR app Horizon Worlds—something first announced as “Horizon,” back in the fall of 2019 when Meta was still Facebook. Opening up access to Horizon Worlds is a step in the right direction for the company, but based on what I saw in a preliminary look, I... Today, Meta Platforms is letting a cohort of users flood into the beta version of its social VR...

Jobs@TheInformation

puts “Hello Information Engineering Team”

By The Information Staff · Dec 9, 2021 9:01am PST

The Information is looking for passionate, product-oriented full-stack engineers to join our team, in San Francisco or remotely. About Us The Information is a San Francisco-based business publication known for original, in-depth reporting about the technology industry. We're the go-to daily read for the most important people in technology... The Information is looking for passionate, product-oriented full-stack engineers to join our...

Art by Mike Sullivan

Got Whistleblowers? Good.

By Ariella Steinhorn and Amber Scorah · Dec 9, 2021 9:00am PST · 3 comments

Employees at Silicon Valley’s powerful companies are finding their own power, speaking out against abuses ranging from toxic culture and bullying bosses to fraudulent promises and damaging products. Now, those companies’ leaders have to choose how to respond: snuff out these rumblings of unrest or harness their energy? They... Employees at Silicon Valley’s powerful companies are finding their own power, speaking...

Microsoft CEO Satya Nadella

Microsoft Seeks to Stem Employee Departures Through ‘Career Check-ins’

By Kevin McLaughlin · Dec 9, 2021 6:00am PST

Microsoft employees have been known to stick around. CEO Satya Nadella and several other senior executives joined the company more than 25 years ago. But that has changed amid the pandemic, as Microsoft, along with virtually every other technology company, has struggled to retain talent. Attrition at Microsoft has become a big enough problem... Microsoft employees have been known to stick around. CEO Satya Nadella and several other senior...

An Amazon warehouse in Staten Island, N.Y. Photo by Bloomberg

The Other Amazon Antitrust Paradox

By Martin Peers · Dec 8, 2021 5:00pm PST

An Amazon warehouse in Staten Island, N.Y. Photo by Bloomberg

The Other Amazon Antitrust Paradox

By Martin Peers · Dec 8, 2021 5:00pm PST

Federal Trade Commission chair Lina Khan and other Amazon critics face an inconvenient truth in a Wall Street Journal article today about the impact Amazon is having on the unskilled labor market. Undercutting the lefty dogma that Amazon is bad for labor, the Journal story suggests Amazon is helping drive improvements in wages and benefits for... Federal Trade Commission chair Lina Khan and other Amazon critics face an inconvenient truth in a...