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

Proton CEO Andy Yen. Image: Proton Technologies

The Big Interview

How ProtonMail Is Fighting Big Tech

By Josh Sisco · Apr 13, 2021 9:00am PDT · 2 comments

Andy Yen and Proton Technologies, the company behind ProtonMail, are having their moment. Seven years after Yen and his co-founders launched the encrypted email app as an alternative to services offered by tech giants like Google and Microsoft, mounting consumer privacy concerns are driving a flood of new users to the company’s platform. ... Andy Yen and Proton Technologies, the company behind ProtonMail, are having their moment. Seven...

Despite Digital Focus, More DTC Brands See Value in TV Ads

By Malique Morris · Apr 13, 2021 6:00am PDT

When major advertisers in industries such as travel abruptly pulled out of their primetime network television spots last March as pandemic lockdowns hit, TV advertising rates fell dramatically. That’s when Warby Parker, a popular eyeglasses firm, saw an opportunity. The company accelerated its buying of TV ads. One of the only eyeglass... When major advertisers in industries such as travel abruptly pulled out of their primetime...

Microsoft CEO Satya Nadella. Photo by Bloomberg.

The Briefing: Microsoft Takes a More Nuanced Approach to Deals

By Martin Peers · Apr 12, 2021 5:02pm PDT · 3 comments

Phew! For a few months we’ve been worried that Microsoft CEO Satya Nadella had lost his bearings, as he reportedly looked at buying TikTok (can you imagine the cultural combination?), Pinterest (a little better) or Discord (a fit with Xbox at least). Instead, Microsoft is plunking down nearly $20 billion to buy Nuance Communications, a... Phew! For a few months we’ve been worried that Microsoft CEO Satya Nadella had lost his...

Anduril co-founder Palmer Luckey. Photo by Bloomberg.

Anduril Raising New Round That Will Double Valuation to Over $4 Billion

By Berber Jin and Alex Heath · Apr 12, 2021 2:50pm PDT

Anduril co-founder Palmer Luckey. Photo by Bloomberg.

Anduril Raising New Round That Will Double Valuation to Over $4 Billion

By Berber Jin and Alex Heath · Apr 12, 2021 2:50pm PDT

Anduril Industries, a defense technology startup aiming to take on large U.S. contractors like Lockheed Martin Corp., is raising a new round of funding that will more than double the firm’s valuation to between $4 billion and $5 billion, two people familiar with the talks said. The Irvine, Calif.-based startup, valued at $1.9 billion last... Anduril Industries, a defense technology startup aiming to take on large U.S. contractors like...

A prototype of a CREAL virtual reality headset. Photo provided by CREAL

TI Reality Check: Better Optics and an HTC Teaser

By Mathew Olson · Apr 12, 2021 11:16am PDT

HTC has started promoting new VR hardware as though it’s teasing the next Marvel movie. On Friday, the company tweeted out a partial image of something that looked like a new VR headset (HTC later cheekily confirmed that’s exactly what it was). Today, the company also announced a new event called ViveCon 2021—most likely a... HTC has started promoting new VR hardware as though it’s teasing the next Marvel movie. On...

A Didi Chuxing autonomous car on display in 2019. Photo by Bloomberg.

Didi Chuxing Aborted $1 Billion Acquisition of Aurora Amid Concerns of U.S. Officials

By Juro Osawa · Apr 12, 2021 6:01am PDT

After defeating Uber in China’s brutal ride-hailing war in 2016, Didi Chuxing had an even more ambitious goal: Win the global race to develop robotaxis. A year later, Didi quietly struck a $1 billion deal to acquire Aurora Innovation, the high-profile self-driving-car firm led by Chris Urmson, a pioneer in the field who started... After defeating Uber in China’s brutal ride-hailing war in 2016, Didi Chuxing had an even...

What Tech Can Do for Local Governments, Pandemic Edition

By Jessica E. Lessin · Apr 10, 2021 7:46am PDT · 2 comments

There was a period early in the pandemic when I wondered if Covid-19 would be the crisis that finally pushed Silicon Valley and Washington together. Google was promising to develop a website with nationwide information about testing and risk levels. In a rare collaboration to help the government and health officials, Apple and Google said they... There was a period early in the pandemic when I wondered if Covid-19 would be the crisis that...

A union official involved in the Amazon campaign in Alabama. Photo by Bloomberg.

The Briefing: Amazon Wins Round One of Union Battle

By Martin Peers · Apr 9, 2021 5:32pm PDT · 1 comment

A union official involved in the Amazon campaign in Alabama. Photo by Bloomberg.

The Briefing: Amazon Wins Round One of Union Battle

By Martin Peers · Apr 9, 2021 5:32pm PDT · 1 comment

Amazon’s victory in the Alabama unionization vote will be a relief to the e-commerce giant in the short term, but it’s hardly the end of the matter. Leaving aside the legal appeals over the outcome of the Alabama vote, the labor movement is sure to try again elsewhere. Widespread reports of onerous working conditions for Amazon... Amazon’s victory in the Alabama unionization vote will be a relief to the e-commerce giant...

Tech’s Tiger King — The Information’s 411

By Cory Weinberg · Apr 9, 2021 12:22pm PDT

Cory talks to Kate Clark about the new king of venture capital deals: Tiger Global Management. The New York hedge fund has invested at a rapid pace, at higher and higher valuations. What does it mean for venture capital in 2021? Plus, Wendy and Cory discuss whether venture-backed travel firms will get a lift after a bleak year. Cory talks to Kate Clark about the new king of venture capital deals: Tiger Global Management....

Former Warner executive Jessie Henderson at a film premiere in 2019. Photo by AP.

Apple Hires Former Warner Exec as Part of Film Push

By Jessica Toonkel · Apr 9, 2021 9:21am PDT · 1 comment

Apple has hired a former WarnerMedia executive to beef up its original film production, as part of a broader effort by the iPhone maker to ramp up the programming selection on its Apple TV+ streaming service, according to two people familiar with the situation. Jessie Henderson, who until last fall was executive vice president of feature films... Apple has hired a former WarnerMedia executive to beef up its original film production, as part...

Illustration by Jesus Escudero.

Want a Piece of Stripe and SpaceX? Find an SPV

By Berber Jin · Apr 9, 2021 6:01am PDT · 4 comments

When Khosla Ventures in February wanted to sell part of its stake in Stripe, one of the hottest private tech companies in the world, the shares ended up being auctioned in an opaque process. One broker with access to the auction told clients through texts that they had two days to submit a bid. The winning auction bidder paid $12 million for... When Khosla Ventures in February wanted to sell part of its stake in Stripe, one of the hottest...

Box CEO Aaron Levie. Photo by Bloomberg.

The Briefing: Box Tries, Again, to Appease Activist Shareholder

By Martin Peers · Apr 8, 2021 5:01pm PDT · 2 comments

Box CEO Aaron Levie. Photo by Bloomberg.

The Briefing: Box Tries, Again, to Appease Activist Shareholder

By Martin Peers · Apr 8, 2021 5:01pm PDT · 2 comments

Activist investors generally get favorable treatment from the business media, which likes to portray them as saviors riding in on a horse to rescue shareholders from poor management. While there are clearly situations where activists force much-needed changes that benefit all shareholders—eBay’s makeover under activist pressure comes... Activist investors generally get favorable treatment from the business media, which likes to...

A promotional image provided by Greenlight

Kid Debit Card Startup Greenlight Valued at $2 Billion in Andreessen-Led Round

By Kate Clark · Apr 8, 2021 2:48pm PDT · 5 comments

Andreessen Horowitz is leading a new round of funding in Greenlight Financial Technology, a startup that offers debit cards meant for children, at a $2 billion valuation, according to two people familiar with the deal. The new funding comes as two rivals—Current and Step, which both offer specialized charge cards to... Andreessen Horowitz is leading a new round of funding in Greenlight Financial Technology, a...

A person uses an iPhone 12 Pro with a LiDAR scanner on it last October. Photo by Bloomberg.

TI Reality Check: The Common Ground Between an Apple Car and AR Device

By Mathew Olson · Apr 8, 2021 11:10am PDT

What do two Apple projects—its autonomous vehicle and augmented reality technologies—have in common? Seemingly not much, other than the intense secrecy surrounding both of them. But a new patent Apple won on Tuesday suggests at least one common technical ingredient between them. The U.S. patent describes an approach to computer... What do two Apple projects—its autonomous vehicle and augmented reality...

Travelers with their suitcases at a check-in counter at Munich airport. Photo by AP.

Fortunes Begin to Turn for Sonder and Other Travel Startups

By Cory Weinberg · Apr 8, 2021 6:02am PDT

Last March, Sonder was in dire straits. The startup, which rents furnished, hotel-like apartments to travelers, laid off nearly a quarter of its staff, slashed room prices and looked to terminate some of its leases as Covid-19 brought travel to a near halt. “If we pull these levers simultaneously, we have a chance,” CEO Francis... Last March, Sonder was in dire straits. The startup, which rents furnished, hotel-like apartments...

YouTube CEO Susan Wojcicki. Photo by Bloomberg.

The Briefing: YouTube Dominates in Audience but Not Ads

By Martin Peers · Apr 7, 2021 5:02pm PDT

YouTube CEO Susan Wojcicki. Photo by Bloomberg.

The Briefing: YouTube Dominates in Audience but Not Ads

By Martin Peers · Apr 7, 2021 5:02pm PDT

A Pew Research Center study out today reported that 81% of Americans surveyed said they watched YouTube, making it not only the most popular video service of any kind but the most widely used digital service, well ahead even of Facebook. YouTube was also one of only two services—the other being Reddit—to become more popular since... A Pew Research Center study out today reported that 81% of Americans surveyed said they watched...

An image from Google's new Sodar AR app. Photo by Google

TI Reality Check: Pokemon Go Pushback and AR Experimentation

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

Niantic might have crossed a line in terms of how much it can reasonably ask of Pokemon Go players with its special Easter-timed event. Players are reportedly feeling pressured to spend money in order to collect one Pokemon in particular, which touches on a sensitive issue about loot boxes and gambling-like behavior in gaming. The Pokemon... Niantic might have crossed a line in terms of how much it can reasonably ask of Pokemon Go...

A screenshot of a recent Snapchat augmented reality feature that lets users virtually try on Gucci sneakers. Photo provided by Snap

Snap Acquires Screenshop App to Fuel Shopping Push

By Alex Heath · Apr 7, 2021 6:01am PDT · 1 comment

Snap is planning a bigger push into online shopping with a new feature in the Snapchat app that will recommend clothes users can buy based on photos they upload to the messaging app, according to two people with knowledge of the matter. And last fall, the company secretly acquired a startup once associated with Kim Kardashian West to help make... Snap is planning a bigger push into online shopping with a new feature in the Snapchat app that...

Inside Coinbase's San Francisco office. Photo by Bloomberg

The Briefing: Coinbase’s First Quarter Sets Stage for Big Debut

By Martin Peers · Apr 6, 2021 5:01pm PDT · 1 comment

Next week’s public market debut of cryptocurrency firm Coinbase is shaping up to be a true blockbuster. Coinbase’s first-quarter results today showed numbers any company would dream to use in their going-public pitch deck. For instance, Coinbase produced net profit of between $730 million and $800 million, up from $32 million a... Next week’s public market debut of cryptocurrency firm Coinbase is shaping up to be a...

A marketing image from Hologate.

TI Reality Check: Location-Based VR Sees a Comeback

By Mathew Olson · Apr 6, 2021 11:02am PDT · 1 comment

A marketing image from Hologate.

TI Reality Check: Location-Based VR Sees a Comeback

By Mathew Olson · Apr 6, 2021 11:02am PDT · 1 comment

In the early months of the pandemic, when little was known about how easily the virus could spread, location-based virtual reality was facing an existential crisis. It was hard to fathom how businesses built around having groups of customers gather in a room to use shared equipment could avoid trouble. But as vaccination rates rise and more... In the early months of the pandemic, when little was known about how easily the virus could...