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

Five times/week

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.

By providing your email, you agree to The Information’s Privacy Policy

Recent Editions

Zhao Changpeng, CEO of Binance. Photo by Bloomberg

Q&A

Binance Founder Says U.S. Crypto Exchange Targets IPO In Three Years

By Hannah Miller · Sep 1, 2021 2:56pm PDT · 2 comments

Binance, the world’s largest cryptocurrency exchange, has run into a stream of regulatory and legal problems. But founder and CEO Changpeng Zhao is confident that the exchange can overcome these recent setbacks—and that its affiliate in the U.S. will move toward a public listing there. Binance.US is set to close on a large private... Binance, the world’s largest cryptocurrency exchange, has run into a stream of regulatory...

A screenshot from Beat Saber, the popular Facebook-owned VR rhythm game. Credit: Beat Games.

Examining Facebook’s Big Beat Saber Business

By Mathew Olson · Sep 1, 2021 11:00am PDT

In late 2019, Facebook made its first VR studio acquisition by snapping up the Prague-based team Beat Games, makers of the rhythm game Beat Saber. Of all the VR game makers Facebook has acquired, this likely was the best deal: in February, Facebook announced that Beat Saber has sold over 4 million copies across all platforms and also generated... In late 2019, Facebook made its first VR studio acquisition by snapping up the Prague-based team...

Announcing The Information’s 2022 Editorial Fellowship

Announcing The Information’s 2022 Editorial Fellowship

By Jessica E. Lessin · Sep 1, 2021 8:17am PDT

The Information is opening applications for the 2022 Editorial Fellowship. This is a three to six-month program for journalists early in their career to develop their reporting skills by joining a team of award-winning journalists and editors passionate about covering the tech industry and how it is changing society. The Information is an online... The Information is opening applications for the 2022 Editorial Fellowship. This is a three to...

Illustration by Mike Sullivan

Be Like Thiel: How Affluent Tech Workers Mimic the Tax Tricks of the Mega-Rich

By Sarah Krouse · Sep 1, 2021 6:01am PDT · 4 comments

Illustration by Mike Sullivan

Be Like Thiel: How Affluent Tech Workers Mimic the Tax Tricks of the Mega-Rich

By Sarah Krouse · Sep 1, 2021 6:01am PDT · 4 comments

Billionaire Peter Thiel turned heads when it was revealed that he had used a retirement account intended for the middle class to shelter some $5 billion in savings that grew from his investments in PayPal shares purchased at a discount. But similar tax-sheltering techniques have become commonplace among a less rarefied group of Silicon Valley... Billionaire Peter Thiel turned heads when it was revealed that he had used a retirement account...

An Allbirds store in San Francisco. Photo by Bloomberg

AllBirds and Warby Parker Pose Test of Investor Appetite for Consumer Brands

By Martin Peers · Aug 31, 2021 5:00pm PDT

Allbirds’ IPO filing today, a week after Warby Parker filed to go public, means that we’re going to have two big consumer brand names hitting the public market in the last few months of the year. It will be something of a parallel to the end of 2020, when shares of DoorDash and Airbnb began trading on Wall Street. Not that investors are likely... Allbirds’ IPO filing today, a week after Warby Parker filed to go public, means that we’re going...

Photo credit: Mike Sullivan

Creator Economy

Why Creator Boycotts Are Spreading; Amazon Starts Social Audio

By Kaya Yurieff · Aug 31, 2021 4:00pm PDT · 1 comment

On Wednesday, some Twitch streamers plan to boycott the live-gaming service for a day in response to “hate raids,” where trolls flood chats with bots spewing harassing messages. People of color and streamers who are LGBTQ+ are often the targets. Emily Bello, who runs a video game live-streaming account on Twitch with her husband, told me... On Wednesday, some Twitch streamers plan to boycott the live-gaming service for a day in response...

Photo by Bloomberg

A Rival to Upwork, Fiverr Uses Blockchain to Slash Fees

By Hannah Miller · Aug 31, 2021 3:23pm PDT

Blockchain technology is mostly associated with creating and using cryptocurrencies. But a project called Braintrust uses the decentralized structure—controlled by users rather than a company—for something very different: finding work.Founded in 2018, Braintrust connects skilled tech freelancers with clients like Goldman Sachs, American Eagle... Blockchain technology is mostly associated with creating and using cryptocurrencies. But a...

ByteDance's founder Zhang Yiming, who is stepping down as CEO this later year. Photo by Bloomberg.

Where ByteDance Might Go Next in VR and AR

By Mathew Olson · Aug 31, 2021 11:00am PDT

ByteDance's founder Zhang Yiming, who is stepping down as CEO this later year. Photo by Bloomberg.

Where ByteDance Might Go Next in VR and AR

By Mathew Olson · Aug 31, 2021 11:00am PDT

ByteDance’s acquisition of headset maker Pico Interactive, confirmed Monday, is undoubtedly one of the most intriguing acquisitions in the VR space since Facebook’s purchase of Oculus in 2014. Arriving hot on the heels of news around AR creator tools for TikTok, the deal suggests ByteDance aims to compete with Facebook not just in social media,... ByteDance’s acquisition of headset maker Pico Interactive, confirmed Monday, is undoubtedly one...

An employee working at Alibaba's logistics unit Cainiao. Photo by Bloomberg

Alibaba Rival J&T Express in Talks to Raise $1 Billion from Tencent and Other Investors

By Juro Osawa · Aug 31, 2021 10:15am PDT

J&T Express, a fast-growing Asian startup that is challenging Alibaba’s logistics network in a brutal price war, is in talks to raise more than $1 billion from Tencent and other investors at a pre-money valuation of $20 billion, people familiar with the matter said. The investment could make J&T one of Asia’s most highly... J&T Express, a fast-growing Asian startup that is challenging Alibaba’s logistics...

FTC chair Lina Khan. Photo by Bloomberg.

FTC Chief Khan Faces New Pressure on Amazon Deal—From Progressives

By Josh Sisco · Aug 31, 2021 7:49am PDT

Two weeks ago, a $2.5 billion merger of two big U.S. food distributors closed without an in-depth antitrust review by the Federal Trade Commission. That surprised both of the companies, as well as some of FTC Chair Lina Khan’s key allies, who had expected her to challenge any major attempt at corporate consolidation. In a sign that... Two weeks ago, a $2.5 billion merger of two big U.S. food distributors closed without an in-depth...

Vice cofounder Shane Smith. Photo by Bloomberg

Vice Raises $85 Million as SPAC Talks End, Smith Yields Control

By Jessica Toonkel · Aug 31, 2021 6:00am PDT

Vice Media is raising over $85 million in fresh capital from existing investors, as talks to go public via a special purpose acquisition company have ended for now, according to people familiar with the situation. As part of the fundraising, Vice’s co-founder, Shane Smith, has agreed to give up his voting control, said the people. He... Vice Media is raising over $85 million in fresh capital from existing investors, as talks to go...

Alphabet CEO Sundar Pichai. Photo by Bloomberg.

Google’s App Store Profits No Plaything

By Martin Peers · Aug 30, 2021 5:00pm PDT

Alphabet CEO Sundar Pichai. Photo by Bloomberg.

Google’s App Store Profits No Plaything

By Martin Peers · Aug 30, 2021 5:00pm PDT

It seems only to be a matter of time before Apple and Google have to give up the tight controls they exercise over their mobile app stores, given the onslaught of litigation, investigation and legislation they each face around the world. And that means investors need to start thinking about the bottom line impact of the potential changes.We got... It seems only to be a matter of time before Apple and Google have to give up the tight controls...

Photo: Mike Sullivan

Creator Economy

Startup Sees Apple ‘Firewall’ Lowering Over App Store Fees

By Kaya Yurieff · Aug 30, 2021 4:00pm PDT

Apple’s recent decision to allow app makers to tell customers about payment options outside its mobile App Store largely underwhelmed developers. But Sahil Lavingia, founder and CEO of Gumroad, a seller of services for creators, said there’s reason to believe Apple could eventually concede to future demands. “It feels like the narrative is... Apple’s recent decision to allow app makers to tell customers about payment options outside its...

Square CEO Jack Dorsey. Photo by Bloomberg

Jack Dorsey’s Square Moves Closer to a Bitcoin Exchange

By Hannah Miller · Aug 30, 2021 3:44pm PDT

Jack Dorsey’s Square has gotten a step closer to starting a decentralized exchange dedicated to bitcoin, a move that will set Square apart from other payments companies such as PayPal and Stripe—and could mark the first time a major company outside crypto delves into decentralized finance. On Friday, Dorsey tweeted details about Square’s... Jack Dorsey’s Square has gotten a step closer to starting a decentralized exchange dedicated to...

Melio chief operating officer Ziv Paz (left) CEO Matan Bar (center) and chief technology officer Ilan Atias (right) Photo: Business Wire

Payments Startup Melio to Triple Valuation to $4 Billion

By Kate Clark · Aug 30, 2021 2:23pm PDT

Melio Payments is tripling its valuation in a new funding round that will value the financial software company at $4 billion, according to three people with direct knowledge of the deal. Thrive Capital, the New York–based investment firm founded by Josh Kushner, and existing backer General Catalyst are co-leading the financing, one of the... Melio Payments is tripling its valuation in a new funding round that will value the financial...

A vistor to the DuSable Museum watches the "I Have a Dream" speech presented in VR. Photo by AP.

The Growing Pains of Exploring History Using VR and the Metaverse

By Mathew Olson · Aug 30, 2021 11:00am PDT

A vistor to the DuSable Museum watches the "I Have a Dream" speech presented in VR. Photo by AP.

The Growing Pains of Exploring History Using VR and the Metaverse

By Mathew Olson · Aug 30, 2021 11:00am PDT

However well-meaning, a new attempt by Time magazine and Epic Games to teach history through Epic’s Fortnite has sparked debate around how videogames, VR and the metaverse should handle historical subjects.Launched late last week, the “March Through Time” experience in Fortnite is a digital exhibit based on 1963’s March on Washington, including... However well-meaning, a new attempt by Time magazine and Epic Games to teach history through Epic...

Startup investor Elad Gil. Photo by Bloomberg, Illustration by Joanna Lin Su.

The Rise of Elad Gil, Silicon Valley’s Biggest Solo Venture Capitalist

By Berber Jin · Aug 30, 2021 6:01am PDT · 4 comments

When venture capital investors shied from funding travel startups in the months after the pandemic hit last year, Elad Gil sensed an opportunity. The investor asked TripActions CEO Ariel Cohen if he could invest in his startup, which provides travel-related expense management software for businesses. The deal didn’t happen—Gil... When venture capital investors shied from funding travel startups in the months after the...

Nano One CEO Dan Blondal in his "One Pot" pilot factory. Photo: Courtesy Nano One

These Startups Are Reconfiguring the Lithium-ion Battery. Their Aim Is to Beat China.

By Steve LeVine · Aug 29, 2021 2:00pm PDT

Save the Date: The Electric Presents: Making the Forever Battery. In its second live chat, The Electric is delighted to present a conversation between editor Steve LeVine and Sila Nanotechnologies CEO Gene Berdichevsky, who for a decade and a half has helped lead development of some of the world’s most important commercial batteries. Sept.... Save the Date: The Electric Presents: Making the Forever Battery. In its second live chat,...

What Silicon Valley Got Wrong About OnlyFans

By Jessica E. Lessin · Aug 28, 2021 7:45am PDT · 7 comments

Here’s a puzzle I can’t quite crack when it comes to Silicon Valley: Investors, entrepreneurs and reporters here pride themselves on spotting what’s new. Yet they so often gravitate to the old and familiar. Investors fund entrepreneurs who look and act like those who came before them. Entrepreneurs emulate iconic leaders like Steve Jobs,... Here’s a puzzle I can’t quite crack when it comes to Silicon Valley: Investors, entrepreneurs and...

The Curious Timing of Apple’s App Store Settlement; Amazon’s Affirm-ation

By Josh Sisco · Aug 27, 2021 5:31pm PDT

The Curious Timing of Apple’s App Store Settlement; Amazon’s Affirm-ation

By Josh Sisco · Aug 27, 2021 5:31pm PDT

Late last night, Apple caught a break in its ongoing battle with app makers. To settle a class action antitrust lawsuit from a group of small developers, Apple will fork over $100 million to give to those who generate less than $1 million in annual revenue. It will also loosen some of the restrictions that had prevented developers from letting... Late last night, Apple caught a break in its ongoing battle with app makers. To settle a class...