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

Art by Sam Lessin

Modest Proposals

Equity Financing for Influencers

By Sam Lessin · Jan 26, 2021 9:01am PST · 19 comments

The most valuable brands of the future are going to be people rather than companies. The shift in that direction is starting to happen right under our noses. Take the case of Elon Musk. You can’t assess Tesla’s $800 billion market capitalization against any sort of realistic view of its financial prospects. The stock isn’t... The most valuable brands of the future are going to be people rather than companies. The shift in...

Art by Mike Sullivan.

ByteDance’s Revenue More Than Doubled in 2020

By Juro Osawa and Yunan Zhang · Jan 26, 2021 6:01am PST · 2 comments

You might have thought TikTok’s owner ByteDance had a tough year in 2020, what with President Trump trying to ban TikTok and India actually taking that step. But none of that mattered to ByteDance’s actual business, which grew like gangbusters. ByteDance’s revenue last year more than doubled to about $37 billion, people with... You might have thought TikTok’s owner ByteDance had a tough year in 2020, what with...

Photo by Bloomberg

The Clubhouse Investment Boom: The Information’s Tech Briefing

By Martin Peers · Jan 25, 2021 5:00pm PST

Just when you think the stock market excesses couldn’t get any crazier, along comes GameStop. In the space of a few hours today the stock, which was trading at $20 two weeks ago, more than doubled to a high of $159 before collapsing back to $76.79. Like a lot of other stocks bouncing around like a yo-yo lately—video-streaming service... Just when you think the stock market excesses couldn’t get any crazier, along comes...

San Francisco in the 1850s. Images courtesy of the Library of Congress

What Today’s Tech Leaders Can Learn From 1850s San Francisco

By Robert Lindsay · Jan 25, 2021 9:02am PST · 9 comments

San Francisco in the 1850s. Images courtesy of the Library of Congress

What Today’s Tech Leaders Can Learn From 1850s San Francisco

By Robert Lindsay · Jan 25, 2021 9:02am PST · 9 comments

A tent city in SOMA. Hundreds of people dying of infectious disease. Out-of-control crime on the streets and corruption in City Hall. Let’s talk about San Francisco…in the 1850s. Immediately after the Gold Rush, San Francisco became the home of thousands of destitute, out-of-work miners. Poverty was rampant, cholera was endemic, and... A tent city in SOMA. Hundreds of people dying of infectious disease. Out-of-control crime on the...

A truck next to an Amazon delivery station in New Jersey in October. Photo by Bloomberg

Amazon Expands Secretive Trucking Program

By Paris Martineau · Jan 25, 2021 6:00am PST · 2 comments

Amazon’s effort to exert control over the trucking of goods to its customers is moving quickly. In a little over a year, more than 130 small trucking companies around the globe have agreed to transport freight exclusively for Amazon, The Information has learned. Those companies have leased over 1,100 Amazon-branded tractors, the cab units... Amazon’s effort to exert control over the trucking of goods to its customers is moving...

Photos by Bloomberg; Shutterstock. Illustration by Mike Sullivan

I Helped Uncover QAnon. Failed Prophecies Won’t Kill It

By Paris Martineau · Jan 23, 2021 7:47am PST · 3 comments

I first stumbled upon the collective delusion we now refer to as QAnon in November 2017, just a few weeks after it began as a series of conspiratorial posts on one of the internet’s more untamed bulletin boards. In a sprawling discussion thread on 4chan titled “Calm Before the Storm”—a reference to a quote from the prior... I first stumbled upon the collective delusion we now refer to as QAnon in November 2017, just a...

Clubhouse Co-Founder and CEO Paul Davison. Photo: Bloomberg

Clubhouse Gets Investment Interest at $1 Billion Valuation

By Zoë Bernard, Kate Clark and Alex Heath · Jan 22, 2021 6:24pm PST · 17 comments

Update: On Sunday, Clubhouse confirmed it raised a Series B round led by Andreessen Horowitz. Read more details in our brief. The race to invest in social audio app Clubhouse is on again. Venture capital firms have approached the startup’s founders in recent weeks about leading its potential next round of funding at a roughly $1... Update: On Sunday, Clubhouse confirmed it raised a Series B round led by Andreessen...

Alphabet CEO Sundar Pichai. Photo by Bloomberg

Google’s Threat Down Under: The Information’s Tech Briefing

By Martin Peers · Jan 22, 2021 5:31pm PST

Alphabet CEO Sundar Pichai. Photo by Bloomberg

Google’s Threat Down Under: The Information’s Tech Briefing

By Martin Peers · Jan 22, 2021 5:31pm PST

Google’s threat to shut down its search engine in Australia if the legislature there proceeds with a plan to require the search giant to pay publishers for linking to their news articles puts the spotlight on a little-understood question. What is the potential cost for Google, and Facebook, if they had to pay for news content on terms... Google’s threat to shut down its search engine in Australia if the legislature there...

The Information’s 411 — Self-Promotion as a Service

By Tom Dotan · Jan 22, 2021 2:25pm PST

What happens when VC firms become publishers? Tom talks with The Information’s Zoë Bernard and Newcomer.co’s Eric Newcomer about Andreessen Horowitz’s latest moves, and startups’ relationships with journalists. Then, Cory breaks down his reporting on Airbnb’s efforts to keep white nationalists and... What happens when VC firms become publishers? Tom talks with The Information’s...

The People With Power at Robinhood

By Kate Clark · Jan 22, 2021 6:01am PST · 5 comments

Last year, as Robinhood’s trading activity boomed and legal problems mounted, the $11.7 billion startup shook up the ranks of its senior staff. The turnover means many top employees will be relative newcomers at the time of its anticipated public listing this year. The Menlo Park, Calif., company saw the departures of its head of... Last year, as Robinhood’s trading activity boomed and legal problems mounted, the $11.7...

The Justice Department's sign at a press conference. Photo by Bloomberg

When Antitrust Opposition Boosts Value: The Information’s Tech Briefing

By Martin Peers · Jan 21, 2021 5:01pm PST

Sometimes, the government is here to help. The Justice Department’s antitrust lawsuit that killed Visa’s acquisition of Plaid promises to become a windfall for shareholders in the fintech startup, as The Information reported today. Visa had agreed to pay $5.3 billion for Plaid, but there’s now investor interest in the company... Sometimes, the government is here to help. The Justice Department’s antitrust lawsuit that...

Zach Perret, CEO and co-founder of Plaid, spoke during the Silicon Slopes Tech Summit in Salt Lake City last year. Photo: Bloomberg

Plaid Shareholders Field Offers at $15 Billion After Merger Collapse

By Kate Clark · Jan 21, 2021 1:47pm PST · 2 comments

Zach Perret, CEO and co-founder of Plaid, spoke during the Silicon Slopes Tech Summit in Salt Lake City last year. Photo: Bloomberg

Plaid Shareholders Field Offers at $15 Billion After Merger Collapse

By Kate Clark · Jan 21, 2021 1:47pm PST · 2 comments

Normally CEOs that opt to sell their companies aren’t happy when the government blocks the deal over antitrust concerns. But that doesn’t appear to be the case with Plaid, a fintech startup that has seen a surge in investor interest since federal regulators blocked its merger last week with Visa. So far, the prospective investors... Normally CEOs that opt to sell their companies aren’t happy when the government blocks the...

SoftWear Automation CEO Raj Rajan. Photo provided by the company

‘Made in the USA’ Apparel Gets a Tech Boost

By Malique Morris · Jan 21, 2021 6:01am PST · 1 comment

When Covid-19 began spreading in China last winter, the global apparel supply chain was thrown into disarray and overseas production in the category ground to a halt. That’s when Marta Miller—owner of Lefty Production Co., a Los Angeles–based company that manufactures clothing for clients—began seeing a surge in inquiries... When Covid-19 began spreading in China last winter, the global apparel supply chain was thrown...

Patreon CEO Jack Conte. Photo courtesy of Patreon

Patreon Considers Public Listing as Soon as This Year

By Ross Matican and Amir Efrati · Jan 20, 2021 6:45pm PST

Patreon, the online service that allows podcasters, musicians and other artists to receive direct financial support from fans, is considering a public listing as soon as this year, said a person with knowledge of discussions. The San Francisco startup has met with banks and has been approached by special purpose acquisition companies, though the... Patreon, the online service that allows podcasters, musicians and other artists to receive direct...

Anthony Levandowski. Photo by Bloomberg.

The Thinking Behind Levandowski’s Pardon: The Information’s Tech Briefing

By The Information Staff · Jan 20, 2021 5:02pm PST

Now-former president Trump’s last minute pardon of self-driving car engineer Anthony Levandowski raises a fascinating question about crime and punishment in Silicon Valley. When a judge last year sentenced Levandowski to 18 months in prison for stealing a proprietary Google document, he said his goal was deterrence. As we reported at the... Now-former president Trump’s last minute pardon of self-driving car engineer Anthony...

Rioters breached barricades to enter the U.S. Capitol on Jan. 6. Photo: Bloomberg

Airbnb Used Facebook and Twitter to Weed Out Hate Groups

By Cory Weinberg · Jan 20, 2021 6:02am PST · 1 comment

Rioters breached barricades to enter the U.S. Capitol on Jan. 6. Photo: Bloomberg

Airbnb Used Facebook and Twitter to Weed Out Hate Groups

By Cory Weinberg · Jan 20, 2021 6:02am PST · 1 comment

For the past few years, a specialized team of about half a dozen employees within Airbnb has been assigned an urgent task: preventing white nationalists and other potentially dangerous fringe groups from renting homes on the site. Working inside the company’s trust and safety unit, the employees comb through Facebook, Twitter and far-right... For the past few years, a specialized team of about half a dozen employees within Airbnb has been...

Andreessen Horowitz co-founders Marc Andreessen (left) and Ben Horowitz. Photo by Bloomberg.

Andreessen Horowitz Looks to Launch Opinion Publication as Its Media Ambition Grows

By Zoë Bernard · Jan 19, 2021 5:39pm PST · 5 comments

Silicon Valley investment firm Andreessen Horowitz, which once courted attention from the news media, is ramping up its own media efforts. The firm plans to expand its publication of content related to technology and business on its website through an opinion section that publishes articles from outside contributors, according to people briefed... Silicon Valley investment firm Andreessen Horowitz, which once courted attention from the news...

Netflix's Los Angeles office. Photo by Bloomberg

Netflix Passes Major Milestone: The Information’s Tech Briefing

By Martin Peers · Jan 19, 2021 5:32pm PST · 1 comment

If the contest to build a profitable video streaming service were a footrace, Netflix would be the runner crossing the finish line as all the other contestants were leaving the starting blocks. The reality of that was brought home today when Netflix said it had passed 200 million global subscribers and was “very close” to being... If the contest to build a profitable video streaming service were a footrace, Netflix would be...

Daniel Zhang. Photo by Bloomberg.

Alibaba’s Regulatory Challenges Put Spotlight on CEO Zhang

By Juro Osawa · Jan 19, 2021 9:13am PST

Just a few months ago, things were going well for Alibaba CEO and chairman Daniel Zhang. Despite the global pandemic, China’s economy was bouncing back and strong e-commerce demand was boosting Alibaba’s revenue and share price. Time magazine in September named Zhang one of the world’s 100 most influential people, along with... Just a few months ago, things were going well for Alibaba CEO and chairman Daniel Zhang. Despite...

Vice CEO Nancy Dubuc. Photo by Bloomberg.

Inside Nancy Dubuc’s Quest to Rehabilitate Vice

By Jessica Toonkel · Jan 19, 2021 6:00am PST · 4 comments

Vice CEO Nancy Dubuc. Photo by Bloomberg.

Inside Nancy Dubuc’s Quest to Rehabilitate Vice

By Jessica Toonkel · Jan 19, 2021 6:00am PST · 4 comments

When television veteran Nancy Dubuc took over as CEO of Vice Media in the spring of 2018, cash was so tight that company executives were debating whether they should cancel the Friday morning ritual of free donuts and bagels for staff. Once the irreverent darling of the new media sector, known for its online news and TV documentaries, Vice was... When television veteran Nancy Dubuc took over as CEO of Vice Media in the spring of 2018, cash...