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

Illustration by Danielle Davis.

Boxed, BuzzFeed Debt Deals Show New Financing Option for SPAC Mergers

By Berber Jin · Jul 23, 2021 11:24am PDT · 1 comment

In early March, when online retailer Boxed decided to go public through a merger with a special purpose acquisition company, it expected to raise $150 million by selling equity. But the company failed to attract investors, according to securities filings. To raise cash for its business—which Boxed estimated would lose $200 million before... In early March, when online retailer Boxed decided to go public through a merger with a special...

Matt Mochary. Illustration: Mike Sullivan

The Coach Behind the Coinbase and Robinhood CEOs

By Kate Clark · Jul 23, 2021 6:01am PDT · 2 comments

Matt Mochary was on a high. AngelList CEO Naval Ravikant had just told the leadership consultant and former startup founder that their 90-minute session had solved a problem Ravikant had been grappling with for decades. “He coached me out of my pit,” Ravikant later wrote in a review of Mochary’s 2019 book, “The Great CEO... Matt Mochary was on a high. AngelList CEO Naval Ravikant had just told the leadership consultant...

Snap CEO Evan Spiegel. Photo by Bloomberg

Snap, Twitter Show Digital Ad Market is Booming

By Martin Peers · Jul 22, 2021 4:59pm PDT

Digital advertising was on fire in the second quarter, judging by results from Twitter and Snap today. That implies next week’s reports from Facebook and Alphabet could be even stronger than anticipated.Snap reported a stunning 116% top line increase, lifting its quarterly revenue to nearly $1 billion dollars. That means Snap’s growth rate has... Digital advertising was on fire in the second quarter, judging by results from Twitter and Snap...

Photo: Bloomberg

What Snap Didn’t Say About Spotlight

By Kaya Yurieff · Jul 22, 2021 4:28pm PDT

Photo: Bloomberg

Creator Economy

What Snap Didn’t Say About Spotlight

By Kaya Yurieff · Jul 22, 2021 4:28pm PDT

Snap’s second-quarter results left us with a lot of questions about how its TikTok competitor Spotlight is performing. The company’s splashy pledge last year to give away $1 million every day to people who make the most viewed short videos on Spotlight gave it an immediate boost. That program propelled the feature to 125 million monthly... Snap’s second-quarter results left us with a lot of questions about how its TikTok competitor...

Binance CEO Changpeng Zhao

Binance’s Robinhood Moment, Jack Dorsey’s Favorite Miner

By Hannah Miller · Jul 22, 2021 3:07pm PDT

Is Binance experiencing a case of bad news being a good thing? On Thursday, NatWest became the third major U.K. bank to block customers from making payments to Binance, the world’s biggest cryptocurrency exchange, after local regulators last month banned the app without stating a reason—other than issuing a public warning about crypto’s... Is Binance experiencing a case of bad news being a good thing? On Thursday, NatWest became the...

A 3D display. Photo by Looking Glass Factory.

Why 3D Displays Deserve More Respect in AR/VR

By Mathew Olson · Jul 22, 2021 11:00am PDT

The conventional wisdom in AR and VR nowadays is that glasses and headsets will gradually come to replace most existing screens, especially as more content becomes available in 3D. Are proponents of that view missing the bigger picture?After all, companies like Sony and Google are pouring work into 3D screen tech, which won’t require accessory... The conventional wisdom in AR and VR nowadays is that glasses and headsets will gradually come to...

The Robotics Startup That Got Away (From Amazon)

By Mark Di Stefano · Jul 22, 2021 10:28am PDT · 3 comments

When Jeff Bezos attended a private robotics and artificial intelligence event in Palm Springs, Calif., in 2018, one presentation in particular caught the attention of the Amazon founder. It was a demonstration conducted by a frizzy-haired University of California, Berkeley, professor named Ken Goldberg, showing off a robot that could deftly pick... When Jeff Bezos attended a private robotics and artificial intelligence event in Palm Springs,...

Amazon streaming chief Mike Hopkins. Photos: AP; MGM

Mike Hopkins Wants to Make Amazon a Hollywood Powerhouse. MGM is Just the Start.

By Jessica Toonkel · Jul 22, 2021 6:01am PDT

Amazon streaming chief Mike Hopkins. Photos: AP; MGM

Mike Hopkins Wants to Make Amazon a Hollywood Powerhouse. MGM is Just the Start.

By Jessica Toonkel · Jul 22, 2021 6:01am PDT

Mike Hopkins had barely gotten his Amazon employee badge when Prime Video, the streaming service he oversaw for the internet retailer, had a possible crisis on its hands. Months after Hopkins joined Amazon in February 2020, one of the largest media and entertainment companies, WarnerMedia, started hinting it would no longer sell its television... Mike Hopkins had barely gotten his Amazon employee badge when Prime Video, the streaming service...

Salesforce CEO Marc Benioff. Photo by Bloomberg.

Salesforce Faces Skeptical Wall Street as Slack Deal closes

By Martin Peers · Jul 21, 2021 5:00pm PDT

Salesforce completed its $27.7 billion purchase of Slack Technologies today, thus ending Slack’s roughly two-year sojourn as a public company. No one who bought Slack at the beginning would put it down as a barn burner of an investment. Slack shares began trading in June 2019 at just above $38 and the effective sales price is around $45.50. That... Salesforce completed its $27.7 billion purchase of Slack Technologies today, thus ending Slack’s...

Images of live-shopping app NTWRK. Photo: NTWRK

Creator Economy

How Live-Shopping Startups Compete

By Kaya Yurieff · Jul 21, 2021 4:00pm PDT

As our latest table below shows, the race to find the modern version of QVC is getting crowded. At least six startups are competing to win customers with live shopping. And Amazon and Facebook are also making inroads.Here’s how the field looks: Most live-shopping services share features such as creator or celebrity hosts, commenting in real-time... As our latest table below shows, the race to find the modern version of QVC is getting crowded....

Autograph co-founder Tom Brady at the White House on Tuesday.

Tom Brady’s NFT Bump, Elon Musk’s SpaceX Bitcoin ‘Pump’

By Hannah Miller · Jul 21, 2021 3:27pm PDT

While Elon Musk, Jack Dorsey and other high-profile crypto cheerleaders tried to shore up confidence in bitcoin during an online event on Wednesday, several sports stars made a bigger splash. Tiger Woods, Wayne Gretzky, Derek Jeter, Naomi Osaka and Tony Hawk said they signed exclusive, multi-year deals to produce non-fungible tokens with... While Elon Musk, Jack Dorsey and other high-profile crypto cheerleaders tried to shore up...

How SketchFab announced it was being acquired by Epic Games. Image by SketchFab

Epic Games Pushes Further Into AR and VR; a Swan Song for Oculus Rift

By Mathew Olson · Jul 21, 2021 11:00am PDT

How SketchFab announced it was being acquired by Epic Games. Image by SketchFab

Epic Games Pushes Further Into AR and VR; a Swan Song for Oculus Rift

By Mathew Olson · Jul 21, 2021 11:00am PDT

Epic Games’ planned purchase of Sketchfab, announced this morning, is the clearest sign yet that the maker of Fortnite takes AR and VR seriously.Sketchfab is a New York-based startup best known for its 3D asset marketplace where users can upload and sell ready-made 3D models for use in videogames, 3D animations or AR and VR experiences. Since... Epic Games’ planned purchase of Sketchfab, announced this morning, is the clearest sign yet that...

Robinhood’s Biggest IPO Winners

By Kate Clark · Jul 21, 2021 6:00am PDT · 4 comments

When Robinhood was raising its early funding rounds, co-founder Baiju Bhatt kept a journal. In it were pages filled with the names of over 100 investors, most of them accompanied by an “X” mark to indicate they had passed on the investment, said an early investor who saw the journal. Those who were less skeptical of a commission-free... When Robinhood was raising its early funding rounds, co-founder Baiju Bhatt kept a journal. In it...

Netflix CEO Reed Hastings. Photo by Bloomberg

Netflix’s Domestic Subscriber Dip Might Be Worse News for Rivals

By Martin Peers · Jul 20, 2021 5:00pm PDT · 2 comments

Things are getting interesting in video streaming. Netflix reported today that it lost 430,000 subscribers in North America in the second quarter. On top of The Information’s report from a few weeks ago that Disney’s flagship service Disney+ has essentially flatlined in the U.S. this year, it implies the two of the biggest players have hit a... Things are getting interesting in video streaming. Netflix reported today that it lost 430,000...

Photos of Simsim, courtesy of the company.

Creator Economy

What YouTube’s Shopping Deal Means for the Creator Wars

By Kaya Yurieff · Jul 20, 2021 4:00pm PDT · 1 comment

For years, YouTube was the lone platform offering social media creators a way to make money directly. But now social networks are trying to woo internet personalities with splashy creator funds, tipping, marketplaces to connect them with advertisers for deals, and even giving cash for using certain products like Instagram... For years, YouTube was the lone platform offering social media creators a way to make money...

Bolt CEO Ryan Breslow. Photo: Bolt

Online Checkout Startup Bolt Valued at $4 Billion

By Kate Clark and Malique Morris · Jul 20, 2021 3:22pm PDT · 5 comments

Bolt CEO Ryan Breslow. Photo: Bolt

Online Checkout Startup Bolt Valued at $4 Billion

By Kate Clark and Malique Morris · Jul 20, 2021 3:22pm PDT · 5 comments

Bolt, a San Francisco-based startup that offers software for online shopping, is raising $333 million in Series D funding at a post-investment valuation of $4 billion, nearly five times its valuation in December, according to three people familiar with the matter. London-based venture firm Hedosophia is leading the round, said one of the people.... Bolt, a San Francisco-based startup that offers software for online shopping, is raising $333...

FTX’s New Clout; Elusive Bitcoin ETFs

By Hannah Miller · Jul 20, 2021 3:03pm PDT

Crypto exchange FTX’s blockbuster fundraising reveals a sharp contradiction within the cryptocurrency world. Even as bitcoin prices fall below $30,000 and speculation abounds that we’re in a crypto bubble, venture capital firms are convinced that this industry has real promise. The funding round is the largest in history for a crypto... Crypto exchange FTX’s blockbuster fundraising reveals a sharp contradiction within the...

Vice CEO Nancy Dubuc. Photo: Bloomberg

Vice Media’s SPAC Talks Stall

By Jessica Toonkel · Jul 20, 2021 11:07am PDT

Vice Media’s plan to go public by merging with a special purpose acquisition company has stalled as the company struggles to raise additional financing for the deal amid questions about Vice’s valuation, according to people familiar with the situation. In early discussions with SPACs such as one backed by 7GC & Co, Vice was... Vice Media’s plan to go public by merging with a special purpose acquisition company has...

A HaptX virtual reality glove designed to emulate realistic touch. Photo by HaptX

VR Glove Maker Expands its Reach

By Mathew Olson · Jul 20, 2021 11:00am PDT

On Tuesday morning, HaptX, a startup that specializes in creating haptic gloves for VR, announced a $12 million Series A-1 funding round with participation from Verizon Ventures, among others. It’s a promising sign of life for a part of the VR industry that has yet to make a real appeal to consumers despite questions some have about its... On Tuesday morning, HaptX, a startup that specializes in creating haptic gloves for VR, announced...

The People With Power at Disney’s Media Distribution Group

By Jessica Toonkel and Wayne Ma · Jul 20, 2021 6:00am PDT

The People With Power at Disney’s Media Distribution Group

By Jessica Toonkel and Wayne Ma · Jul 20, 2021 6:00am PDT

Hulu, one of the pioneers of video streaming, has become a training ground for the entire industry as key executives flock to newer rival services. And that raises potential challenges for Disney’s own streaming ambitions. Since Walt Disney Co. took control of Hulu two years ago, a slew of key Hulu executives in engineering, marketing and... Hulu, one of the pioneers of video streaming, has become a training ground for the entire...