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

Christina Najjar. Photo: Matthew Misisco

Creator Economy

Creator Startup M&A; Facebook’s Audio Cash; Q&A With Tinx

By Kaya Yurieff · Nov 18, 2021 4:12pm PST

A bout of merger mania is hitting the creator economy. The flurry of recent deals include banking app MoneyLion’s acquisition earlier this week of Malka Media, a startup and content studio that connects advertisers with creators. Also this week, Jellysmack, a startup that helps creators repackage their content for different social media... A bout of merger mania is hitting the creator economy. The flurry of recent deals include banking...

Gemini's Tyler Winklevoss, left, and Cameron Winklevoss. Photo by Bloomberg.

The Week’s Big Crypto Deals: Gemini, ConsenSys, Anchorage

By Hannah Miller · Nov 18, 2021 4:01pm PST · 2 comments

It was a blockbuster week for crypto as companies scored big valuations and raised significant funding. More venture capital is being pumped into the industry as crypto prices rise, institutional investors embrace the industry and buzz grows around potential uses for blockchain technology. The crypto industry is at a pivotal point as it grows... It was a blockbuster week for crypto as companies scored big valuations and raised significant...

Building a Global Brand in the Creator Economy

By The Information Staff · Nov 18, 2021 3:37pm PST

Creators have established newfound power in the media stream. But how do creators and brands build for a global footprint and infrastructure? The Information hosted an executive roundtable session at the inaugural Creator Economy Summit in partnership with the Consulate General of Canada SF to take a deep dive into the creator ecosystem and... Creators have established newfound power in the media stream. But how do creators and brands...

Sherry Cola, Mark Zuckerberg and Miley Cyrus. Photos by Shutterstock

Facebook Hands Out Cash To Creators To Boost Clubhouse Rival

By Sarah Krouse and Kaya Yurieff · Nov 18, 2021 2:16pm PST

Sherry Cola, Mark Zuckerberg and Miley Cyrus. Photos by Shutterstock

Facebook Hands Out Cash To Creators To Boost Clubhouse Rival

By Sarah Krouse and Kaya Yurieff · Nov 18, 2021 2:16pm PST

Facebook is offering to pay musicians and other celebrities tens of thousands of dollars to host sessions on its new live audio feature, as the social network beefs up its efforts to woo creators and the young people who follow them. Production companies working for Facebook, owned by Meta Platforms, have contacted music artists and social media... Facebook is offering to pay musicians and other celebrities tens of thousands of dollars to host...

The Nreal Light glasses. Photo: Nreal. Illustration: Mike Sullivan

Nreal Announces U.S. Glasses Launch; Ultraleap’s Tencent Win

By Mathew Olson · Nov 18, 2021 11:00am PST · 1 comment

China’s Nreal has finally set a date and pricing for the U.S. launch of its flagship AR glasses, the Nreal Light. The glasses, which must be connected to a compatible phone via a cable, will be released on November 30, retailing for $599.The glasses will first be sold only at 20 Verizon stores, followed by online sales beginning December 2. For... China’s Nreal has finally set a date and pricing for the U.S. launch of its flagship AR glasses,...

Former Amazon Web Services CEO Andy Jassy, now Amazon's CEO. Photo by Bloomberg

Andy Jassy’s Big Idea for AWS Expansion Marred by Glitches, High Prices

By Kevin McLaughlin · Nov 18, 2021 6:00am PST

Amazon Web Services became a juggernaut by helping companies move their data and applications to the cloud—meaning data centers run by Amazon. But AWS has increasingly gone after another big business: providing software and hardware to power private data centers operated by customers that aren’t ready or may never be ready to move... Amazon Web Services became a juggernaut by helping companies move their data and applications to...

KKR co-founder and co-executive chair Henry Kravis. Photo: Bloomberg.

KKR Plans to Lead Investment in Crypto Firm Anchorage

By Berber Jin, Kate Clark and Hannah Miller · Nov 17, 2021 6:18pm PST · 1 comment

Private equity giant KKR plans to lead a new investment in crypto startup Anchorage, which offers crypto custody, trading and financing services for financial institutions, said two people familiar with the matter. The Series D funding values the San Francisco-based company at about $3 billion including the investment, one person said. ... Private equity giant KKR plans to lead a new investment in crypto startup Anchorage, which offers...

OpenSea's Valuation; Regulation and Investments in India and Southeast Asia

OpenSea's Valuation; Regulation and Investments in India and Southeast Asia

By Mahira Dayal · Nov 17, 2021 5:16pm PST

OpenSea's Valuation; Regulation and Investments in India and Southeast Asia

OpenSea's Valuation; Regulation and Investments in India and Southeast Asia

By Mahira Dayal · Nov 17, 2021 5:16pm PST

Earlier this month, OpenSea became the first non-fungible token marketplace to host more than $10 billion in total transactions over its lifetime. Our latest chart shows that the marketplace, which is backed by Andreessen Horowitz, saw its volume shoot up to $3.4 billion in August alone, which is around 10 times higher than it was the previous... Earlier this month, OpenSea became the first non-fungible token marketplace to host more than $10...

An iPhone display. Photo by Bloomberg.

Apple’s Pointless Self-Repair Program

By Martin Peers · Nov 17, 2021 5:00pm PST · 2 comments

The beneficence of Apple knows no bounds. The tech giant is making it easier for ordinary people to repair their iPhones. Under a new program, it will send the parts and tools necessary for iPhone repairs to anyone who asks. Just imagine—this could provide a new source of growth for iPhone sales, as thousands of people attempting DIY repairs... The beneficence of Apple knows no bounds. The tech giant is making it easier for ordinary people...

OpenSea CEO Devin Finzer. Photos by Bored Ape Yacht Club; OpenSea

NFT Marketplace OpenSea Offered $10 Billion Valuation

By Kate Clark and Berber Jin · Nov 17, 2021 3:44pm PST · 2 comments

OpenSea, the most popular marketplace for non-fungible tokens, is fielding new investment offers that could increase its valuation roughly six times to $10 billion or higher, according to two people with direct knowledge of the matter. The New York–based company did not initiate the new fundraising process, which comes just four months... OpenSea, the most popular marketplace for non-fungible tokens, is fielding new investment offers...

Photo: SageSpot, Illustration: Mike Sullivan

Creator Economy

How Instagram’s Test to Hide Likes Really Impacted Creators; Fan Membership Startup SageSpot Raises from Khosla

By Kaya Yurieff · Nov 17, 2021 3:09pm PST

When Instagram first announced it would test hiding likes in 2019, the potential removal of this popularity metric risked hurting the livelihood of social media personalities building followings and businesses on the app. But the impact to creators and business accounts wasn’t as bad as feared, according to internal data from Instagram’s parent... When Instagram first announced it would test hiding likes in 2019, the potential removal of this...

The latest in-production version of HaptX's VR gloves. Photo: HaptX

HaptX Throws Down Gauntlet on Meta’s Gloves; Roblox’s Voice Woes

By Mathew Olson · Nov 17, 2021 11:00am PST

The latest in-production version of HaptX's VR gloves. Photo: HaptX

HaptX Throws Down Gauntlet on Meta’s Gloves; Roblox’s Voice Woes

By Mathew Olson · Nov 17, 2021 11:00am PST

Meta Platforms, the company formerly known as Facebook, could be headed for an ugly fight with HaptX, a Seattle-based maker of haptic gloves for use in AR and VR. On Tuesday HaptX claimed Meta’s key haptic feedback tech for AR and VR was “substantively identical” to its own.This wouldn’t be the first time Meta has been accused of copying... Meta Platforms, the company formerly known as Facebook, could be headed for an ugly fight with...

Facily's founder Diego Dzodan. Photo by Murillo Constantino

Startup’s Formula for Beating Amazon in Brazil Rests on Chinese Tactics

By Juro Osawa · Nov 17, 2021 6:01am PST · 1 comment

When Diego Dzodan quit Meta Platforms (then known as Facebook) as head of Latin America three years ago to found his own startup in Brazil, he sought inspiration from Chinese startups, like a growing number of emerging market entrepreneurs. Instead of looking to Amazon, he modeled his business on China’s Pinduoduo, a hyperfast growing... When Diego Dzodan quit Meta Platforms (then known as Facebook) as head of Latin America three...

Activision CEO Bobby Kotick. Photo by Bloomberg.

Why Activision Needs Fresh Blood at the Top

By Martin Peers · Nov 16, 2021 5:00pm PST · 2 comments

It may be time for public companies to institute term limits on CEOs, at least in cases where the top dog doesn’t control the company they run. You wouldn’t think this would be necessary, given how frequently CEOs get fired. But every now and then we come across a situation like that of Activision Blizzard’s Bobby Kotick, who’s been in the job... It may be time for public companies to institute term limits on CEOs, at least in cases where the...

Alex Co-founder and CEO Chiente Hsu. Photo by Alex. Art by Mike Sullivan.

Meet the Founders of DeFi Startup Alex; Twitter Passes on Crypto

By Hannah Miller · Nov 16, 2021 4:07pm PST

Decentralized finance platform Alex said Monday that it raised $5.8 million in funding. Here’s an inside look at how the female-founded company got started. Founders: Chiente Hsu and Rachel YuMoney Raised: $5.8 millionInvestors: White Star Capital, Cultur3, GBIC and OK Blockchain CapitalChiente Hsu and Rachel Yu knew each other for more... Decentralized finance platform Alex said Monday that it raised $5.8 million in funding. Here’s an...

Photo: Erin Patrice O'Brien / The Luupe, Illustration: Mike Sullivan

A Startup for Photographers Nabs Funding; Instagram Expands Tipping

By Kaya Yurieff · Nov 16, 2021 2:47pm PST

Photo: Erin Patrice O'Brien / The Luupe, Illustration: Mike Sullivan

Creator Economy

A Startup for Photographers Nabs Funding; Instagram Expands Tipping

By Kaya Yurieff · Nov 16, 2021 2:47pm PST

Freelance photographers are looking for ways to score clients beyond their own social media presence. That’s where startup The Luupe, founded by a former director at stock photography company Shutterstock, has identified an opportunity.The two-year-old startup connects photographers, particularly female and non-binary photographers, with... Freelance photographers are looking for ways to score clients beyond their own social media...

Fred Ehrsam, left, and Matt Huang. Photo by Ethan Pines

Q&A

‘Crypto Is Culture’: After One-Upping Andreessen Horowitz, Paradigm Founders Open Up

By Kate Clark · Nov 16, 2021 12:09pm PST

As a co-founder of Coinbase, Fred Ehrsam tried to raise money for the cryptocurrency-exchange startup from Sequoia Capital, Silicon Valley’s premier venture capital firm. The firm turned him down twice, he told The Information in an interview, but Coinbase went on to be worth $100 billion as a public company. After Ehrsam left Coinbase in... As a co-founder of Coinbase, Fred Ehrsam tried to raise money for the cryptocurrency-exchange...

A look at the latest haptic glove prototype from Reality Labs. Credit: Meta

Meta’s VR/AR Glove Project May Be Its Biggest Moonshot of All

By Mathew Olson · Nov 16, 2021 11:00am PST

Meta, the company formerly known as Facebook, gets a lot of flak for working on ideas that others have pioneered first, not least of all the metaverse. Is its AR/VR Reality Labs division actually working on anything ambitious and fairly unique? In the case of its haptic glove research, which Meta detailed in a new post Tuesday, the answer might... Meta, the company formerly known as Facebook, gets a lot of flak for working on ideas that others...

Instacart CEO Fidji Simo. Photo by AP

Instacart Pushes Off Public Offering to Focus on Grocery Services Growth

By Berber Jin · Nov 16, 2021 6:01am PST

Instacart has pushed off plans for a public listing until next year or later as Fidji Simo, a former Facebook executive who took the reins three months ago, focuses on strengthening its services for grocery retailers beyond delivery, said a person with direct knowledge of the matter. The decision marks a shift from earlier this year, when... Instacart has pushed off plans for a public listing until next year or later as Fidji Simo, a...

Casper's Philip Krim. Photo by Bloomberg

Casper Should Never Have Gone Public

By Martin Peers · Nov 15, 2021 5:00pm PST · 2 comments

Casper's Philip Krim. Photo by Bloomberg

Casper Should Never Have Gone Public

By Martin Peers · Nov 15, 2021 5:00pm PST · 2 comments

When Casper Sleep was going public early last year, co-founder and CEO Philip Krim told investors that “our mission is to awaken the potential of a well-rested world.” It’s a pity he didn’t aim a little lower—say, to turn Casper into a money-making enterprise. Perhaps Krim would still have a job and a company. Instead, an investment firm is... When Casper Sleep was going public early last year, co-founder and CEO Philip Krim told investors...