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

The Loon team's Autolauncher. Photo by Loon

Alphabet’s Internet Balloon Subsidiary ‘Loon’ Hit Financing Turbulence

By Nick Bastone · Nov 18, 2020 6:02am PST · 3 comments

Doubts are growing about one of the first and most high-profile efforts by Google owner Alphabet to show that it can be more than an advertising cash machine. Loon, a decadelong project to provide internet to rural areas and islands around the world using high-altitude helium balloons, earned the company years of fawning coverage in the press... Doubts are growing about one of the first and most high-profile efforts by Google owner Alphabet...

Alibaba founder Jack Ma. Photo by Bloomberg

Jack Ma’s Investment Firm Raises $3 Billion as Foreign Capital Chases China

By Juro Osawa and Yunan Zhang · Nov 17, 2020 7:20pm PST

As China’s economy recovers from Covid-19, the country’s top-tier private equity and VC firms are raising billions of dollars for their new tech-focused funds from investors around the world. Yunfeng Capital, a Chinese private equity firm co-founded by Alibaba founder Jack Ma that also is a major shareholder of financial services... As China’s economy recovers from Covid-19, the country’s top-tier private equity and...

Facebook CEO Mark Zuckerberg appearing at the Judiciary Committee hearing today. Photo by Bloomberg.

Senators Grill Tech CEOs Again: The Information’s Tech Briefing

By Martin Peers · Nov 17, 2020 5:34pm PST

Another day, another congressional hearing for tech CEOs. Facebook CEO Mark Zuckerberg and Twitter CEO Jack Dorsey (complete with that beard) were at it again, appearing before a congressional committee on Tuesday to discuss Section 230 of the Communications Decency Act—the law that gives internet platforms immunity from liability for what... Another day, another congressional hearing for tech CEOs. Facebook CEO Mark Zuckerberg and...

A Domio promotional photo from 2019. Photo via Business Wire

Rental Startup Domio Faces Likely Shut Down After Failing to Raise Funds

By Paris Martineau · Nov 17, 2020 12:26pm PST · 4 comments

A Domio promotional photo from 2019. Photo via Business Wire

Rental Startup Domio Faces Likely Shut Down After Failing to Raise Funds

By Paris Martineau · Nov 17, 2020 12:26pm PST · 4 comments

Domio, a short-term rental startup founded in 2016, has laid off most of its staff, is looking to sell its assets and could shut down, according to two investors in the company and documents viewed by The Information. After failing in an effort to raise at least $10 million in capital, the company laid off the majority of its employees earlier... Domio, a short-term rental startup founded in 2016, has laid off most of its staff, is looking to...

Tim Stokely. Photo by OnlyFans.

Q&A

OnlyFans Chief Talks Sports Ambitions and Role of Adult Content in Site

By Tom Dotan · Nov 17, 2020 9:02am PST · 4 comments

One of the buzziest companies in tech today, OnlyFans, is about as far from a typical startup as is possible. OnlyFans has no outside investors, is already profitable and isn’t looking to raise money, according to its founder, British entrepreneur Tim Stokely. OnlyFans is a subscription social media site that lets fans pay to get exclusive... One of the buzziest companies in tech today, OnlyFans, is about as far from a typical startup as...

Marco Argenti of Goldman Sachs. Photo provided by Goldman Sachs

Goldman Sachs Goes on AWS Hiring Binge to Boost AI, Cloud Efforts

By Kevin McLaughlin · Nov 17, 2020 6:00am PST · 1 comment

A little over a year ago, Marco Argenti, a top engineering executive at Amazon Web Services, left the cloud computing arm of the internet retail giant to join Goldman Sachs as co–chief information officer. He brought with him some of the quirky practices he learned at Amazon—and, over time, more than a half-dozen Amazon colleagues... A little over a year ago, Marco Argenti, a top engineering executive at Amazon Web Services, left...

Airbnb CEO Brian Chesky. Photo by Bloomberg

Airbnb Unveils IPO Filing: The Information’s Tech Briefing

By Martin Peers · Nov 16, 2020 5:32pm PST

Airbnb disclosed its IPO paperwork Monday afternoon, setting up what should be a fascinating comparison, in a few weeks’ time, between the public offerings of the travel firm and DoorDash. Investors will get to choose between one company whose business was slammed by the Covid-19 pandemic, and another that enjoyed a bonanza. The former, of... Airbnb disclosed its IPO paperwork Monday afternoon, setting up what should be a fascinating...

Photo of Mark Zuckerberg by Bloomberg. Illustration by Mike Sullivan

Facebook Rejected Employee Push to Throttle Misleading Political Posts

By Alex Heath · Nov 16, 2020 4:37pm PST · 3 comments

Photo of Mark Zuckerberg by Bloomberg. Illustration by Mike Sullivan

Facebook Rejected Employee Push to Throttle Misleading Political Posts

By Alex Heath · Nov 16, 2020 4:37pm PST · 3 comments

On Nov. 3, Facebook added an advisory under a post from President Donald Trump that included the unfounded claim that his opponents were trying to “steal the election.” Followers of Trump shared the post 26,000 times as he made his Facebook account a key part of his arsenal in raising doubts about the outcome of U.S. elections. ... On Nov. 3, Facebook added an advisory under a post from President Donald Trump that included the...

Airbnb CEO Brian Chesky. Photo: Bloomberg

Airbnb to Show Profit Improvement in Q3

By Cory Weinberg · Nov 16, 2020 12:18pm PST

A key measure of Airbnb’s profit rose by about two-thirds in the third quarter compared with the same period a year earlier, in a sign the travel rental site has controlled costs amid the pandemic-induced squeeze. The company’s operating profit before depreciation, amortization and stock compensation expenses rose to about $500... A key measure of Airbnb’s profit rose by about two-thirds in the third quarter compared...

Underperforming Tech IPOs Are On the Rise

By Ross Matican · Nov 16, 2020 6:02am PST · 2 comments

The number of dud initial public offerings coming out of the tech industry is on the rise. Amid the flurry of tech companies making their public debut this year, a higher number than in the previous two years have quickly traded below the offering price, data from Dealogic shows. That includes companies such as cloud computing firm Rackspace... The number of dud initial public offerings coming out of the tech industry is on the rise. Amid...

Apple's Tim Cook and Amazon's Jeff Bezos. Photo by Bloomberg

The Strategic Difference Between Apple and Amazon

By Nick Wingfield · Nov 14, 2020 7:46am PST

Several unrelated events this week got me thinking about Apple and Amazon and their different approaches to an age-old business strategy—vertical integration, which brings different stages of production and distribution of products under the control of one company. It’s worth considering whether those differences could create... Several unrelated events this week got me thinking about Apple and Amazon and their different...

DoorDash CEO Tony Xu. Photo by Bloomberg

DoorDash’s IPO Moves Step Closer: The Information’s Tech Briefing

By Martin Peers · Nov 13, 2020 5:32pm PST

DoorDash CEO Tony Xu. Photo by Bloomberg

DoorDash’s IPO Moves Step Closer: The Information’s Tech Briefing

By Martin Peers · Nov 13, 2020 5:32pm PST

DoorDash’s IPO filing on Friday painted a portrait of a company long underappreciated now coming into its own. The filing sets the scene for what should be a heavily sought-after IPO in a few weeks’ time, probably occurring around the same time as Airbnb’s offering, of which we expect to hear more details in the next few days.... DoorDash’s IPO filing on Friday painted a portrait of a company long underappreciated now...

The Information’s 411 — 500 Middle Miles

By Tom Dotan · Nov 13, 2020 4:24pm PST

Paris explores Amazon’s plan to own more parts of the delivery process by building out its trucking fleets. Wayne talks about Apple’s fraying relationship with manufacturer Foxconn. Paris explores Amazon’s plan to own more parts of the delivery process by building out its...

The Information's Jessica Lessin talking with Joanna Coles at The Information's WTF event in 2019. Photo by Karen Obrist

SPACs Have “Come of Age,” Says Joanna Coles

By Ross Matican · Nov 13, 2020 1:56pm PST

It’s cheaper and more efficient for companies to go public by merging with a special purpose acquisition company than to do so by pursuing a traditional initial public offering, said Joanna Coles, former chief content officer at Hearst. She’s one of a myriad of seasoned executives entering 2020’s booming SPAC market. ... It’s cheaper and more efficient for companies to go public by merging with a special...

The NYSE's vice chairman, John Tuttle. Photo by Bloomberg

As SPACs Evolve, So Does Their Investor Base

By Ross Matican · Nov 13, 2020 1:04pm PST

Until this year, one of the factors holding back special purpose acquisition companies was that many institutional investors didn’t buy into them. Hedge funds dominated SPAC share purchases. But that is changing, according to several Wall Street executives. The SPAC market is “a much more diverse market with a lot more participation... Until this year, one of the factors holding back special purpose acquisition companies was that...

Airbnb CEO Brian Chesky. Photo by Bloomberg

10 Questions Airbnb’s IPO Investors Should Ask

By Cory Weinberg · Nov 13, 2020 6:00am PST · 1 comment

Airbnb CEO Brian Chesky. Photo by Bloomberg

10 Questions Airbnb’s IPO Investors Should Ask

By Cory Weinberg · Nov 13, 2020 6:00am PST · 1 comment

Airbnb is planning to go public next month with the wind against its back. Promising news about a Covid-19 vaccine this week has sent travel stocks soaring. Investor demand for initial public offerings is likely to remain high, particularly for a household name like Airbnb. Of course, those good vibes could dissipate quickly if people focus more... Airbnb is planning to go public next month with the wind against its back. Promising news about a...

President Trump. Photo by Bloomberg

TikTok Drama Winding Down: The Information’s Tech Briefing

By Martin Peers · Nov 12, 2020 5:00pm PST

The first season of the TikTok drama just concluded. That’s one interpretation from the Commerce Department’s decision, reported in the Wall Street Journal, to not enforce a ban that would have prevented Apple and Google from making TikTok available in their app stores. Now the question is whether the saga comes back for a second... The first season of the TikTok drama just concluded. That’s one interpretation from the...

Image by Popshop Live

Benchmark Wins Deal for Live-Shopping App Popshop at $100 Million Valuation

By Kate Clark and Alex Heath · Nov 12, 2020 10:38am PST · 1 comment

Silicon Valley’s top venture capital funds have faced off again for an equity stake in a nascent social media app. This time it’s Popshop Live, a livestreaming app that enables individuals and businesses to sell products such as comic books and DIY crafts directly to customers. The Los Angeles–based startup has raised Series A... Silicon Valley’s top venture capital funds have faced off again for an equity stake in a...

A DoorDash delivery person in Washington D.C. Photo by Bloomberg

Ten Questions for DoorDash’s IPO Investors to Ask

By Amir Efrati · Nov 12, 2020 7:33am PST

DoorDash is a household name that is about to go public, but it has received scant coverage in the U.S. business press compared to another soon-to-go-public firm based in San Francisco—Airbnb. And after years of heavy losses across the food-delivery industry, the prevailing wisdom is that such businesses aren’t a very good bet. That... DoorDash is a household name that is about to go public, but it has received scant coverage in...

Illustration by Mike Sullivan

Stripe, Mozilla, Others Form Tech ‘Challenger Group’ to Sway European Policy

By Mark Di Stefano · Nov 12, 2020 6:00am PST

Illustration by Mike Sullivan

Stripe, Mozilla, Others Form Tech ‘Challenger Group’ to Sway European Policy

By Mark Di Stefano · Nov 12, 2020 6:00am PST

A few years back, two Brussels-based lobbyists from midsize tech companies were out for drinks, and in the course of the conversation they realized they had a common problem. Google, Amazon, Apple and Facebook were sucking all of the oxygen out of European debates about regulating the internet, leaving out the voices of smaller... A few years back, two Brussels-based lobbyists from midsize tech companies were out for drinks,...