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

Facebook CEO Mark Zuckerberg. Photo by Bloomberg

What Facebook-Apple Battle Could Mean: The Information’s Tech Briefing

By Martin Peers · Dec 16, 2020 5:01pm PST · 4 comments

It’s hard not to feel that Apple CEO Tim Cook has only himself to blame for the battle he now finds himself in with Facebook. Over the past few years he spent an inordinate amount of time preaching about the evils of the advertising-based business model of Facebook and others. It’s not a surprise Facebook CEO Mark Zuckerberg would... It’s hard not to feel that Apple CEO Tim Cook has only himself to blame for the battle he...

Alibaba's Jack Ma and Indian prime minister Narendra Modi. Photos by Bloomberg and AP

How Alibaba Lost India: A Tale of Missed Opportunities and Bad Luck

By Juro Osawa · Dec 16, 2020 10:22am PST · 4 comments

In the fall of 2016, Cyrus Mistry, then chairman of India’s biggest conglomerate, Tata Group, flew to China for a crucial meeting with Joe Tsai, Alibaba’s co-founder and executive vice chairman, according to two people with direct knowledge of the visit. Alibaba had been courting Tata, hoping an alliance would jump-start its business... In the fall of 2016, Cyrus Mistry, then chairman of India’s biggest conglomerate, Tata...

A sign outside Facebook's Menlo Park, Calif., headquarters. Photo: Bloomberg

Facebook to Let Users Book Services in Potential Rivalry to Angie’s List

By Alex Heath · Dec 16, 2020 6:01am PST

Facebook is planning to let its users find and book services through its app, a move that could position the social media giant as a competitor to gig economy marketplaces such as TaskRabbit, Fiverr, and Angie’s List. The social network is building a team to focus on services, potentially including home repairs or freelance jobs, within... Facebook is planning to let its users find and book services through its app, a move that could...

Margrethe Vestager, competition commissioner of the European Commission with Thierry Breton, industry commissioner of the European Union, on Tuesday. Photo by Bloomberg

Europe’s Tough New Rules of Digital Road: The Information’s Tech Briefing

By Martin Peers · Dec 15, 2020 5:31pm PST

Margrethe Vestager, competition commissioner of the European Commission with Thierry Breton, industry commissioner of the European Union, on Tuesday. Photo by Bloomberg

Europe’s Tough New Rules of Digital Road: The Information’s Tech Briefing

By Martin Peers · Dec 15, 2020 5:31pm PST

It may take a couple of years for the ramifications of Europe’s proposed new digital regulations to crystallize. But on first look, it appears the regulations could lead to far-reaching changes for U.S. tech giants. And given the U.S. antitrust actions underway, it’s quite possible the companies will make changes on a global basis,... It may take a couple of years for the ramifications of Europe’s proposed new digital...

Social Finance CEO Anthony Noto, shown in 2018. Photo: Bloomberg

SoFi Q3 Revenue Hit $200 Million, Aided by Low Rates

By Cory Weinberg · Dec 15, 2020 10:54am PST

Social Finance CEO Anthony Noto has spent nearly three years trying to turn around the online lender after internal turmoil. The business now appears to be on a stronger footing as low interest rates drive more borrowing and refinancing across the U.S. Social Finance, known as SoFi, pulled in about $200 million in revenue in the third quarter... Social Finance CEO Anthony Noto has spent nearly three years trying to turn around the online...

Photos by AP and Bloomberg. Illustration by Jesse Howe.

Predictions 2021

What We Got Right (and Wrong) in Our Predictions for Tech in 2020

By The Information Staff · Dec 15, 2020 7:01am PST · 5 comments

Last year, our reporters made nearly three dozen predictions about the tech industry in 2020. We missed the big one, of course: a global pandemic that caused the deaths of more than 1.6 million, a recession and a shift to remote work for most tech employees. Yet even as the pandemic left indelible marks on the way we live, many of our ... Last year, our reporters made nearly three dozen predictions about the tech industry in 2020. We...

Margrethe Vestager, competition commissioner of the European Commission, in her office in Brussels in February. Photo by Bloomberg

How New European Rules Could Affect Amazon, Google and Other Tech Icons

By Mark Di Stefano · Dec 15, 2020 1:31am PST · 2 comments

Europe has big plans for policing bad behavior by Google, Apple, Amazon, Facebook and others with faster enforcement, new rules to prevent the spread of illegal material on their platforms and stiff fines for more kinds of violations. Later today, the European Commission—the executive branch of the European Union—plans to unveil... Europe has big plans for policing bad behavior by Google, Apple, Amazon, Facebook and others with...

Apple CEO Tim Cook. Photo by Bloomberg

Apple’s Labor Challenges: The Information’s Tech Briefing

By Martin Peers · Dec 14, 2020 5:31pm PST

Apple CEO Tim Cook. Photo by Bloomberg

Apple’s Labor Challenges: The Information’s Tech Briefing

By Martin Peers · Dec 14, 2020 5:31pm PST

There may be few things in the tech industry that demonstrate the gulf between rich and poor more than workers in India who manufacture iPhones rioting over low pay. That’s what happened over the weekend at Wistron’s Bangalore factory. It’s a reminder that, while complaints from Silicon Valley workers about their... There may be few things in the tech industry that demonstrate the gulf between rich and poor more...

Photos by AP and Bloomberg. Art by Jesse Howe.

Predictions 2021

The Information’s 2021 Predictions

By The Information Staff · Dec 14, 2020 9:01am PST · 6 comments

After a year that produced no end of surprises, it may seem like folly to forecast what will happen in 2021. We decided to do it anyway. Our reporters checked in with their sources to make more than 40 predictions on the most important companies and issues they cover. We forecast which hot financial technology and open-source startups will go... After a year that produced no end of surprises, it may seem like folly to forecast what will...

Cdiscount's Emmanuel Grenier. Photo provided by Cdiscount

The Big Interview

An Amazon Rival in France Awaits New Europe Regulations

By Mark Di Stefano · Dec 14, 2020 6:01am PST · 3 comments

On Tuesday, Europe’s main antitrust authority in Brussels plans to unveil sweeping new proposals aimed partly at preventing digital gatekeepers like Amazon from crushing much smaller competitors. Emmanuel Grenier is exactly the kind of business executive the new rules could help. Last month, Europe’s top competition official,... On Tuesday, Europe’s main antitrust authority in Brussels plans to unveil sweeping new...

Steve Huffman, chief executive officer and co-founder of Reddit Inc., in 2018. Photo: Bloomberg

Reddit to Buy TikTok Rival Dubsmash in New Video Push

By Alex Heath and Jessica E. Lessin · Dec 13, 2020 6:16pm PST · 1 comment

Reddit, the 15-year-old online news aggregator and discussion forum, has agreed to buy lip-synching video app Dubsmash, one of the few remaining startups to rival TikTok, according to two people with direct knowledge of the deal. The acquisition, originally set to be announced on Monday, marks an unexpected push by Reddit into mobile video,... Reddit, the 15-year-old online news aggregator and discussion forum, has agreed to buy...

What Airbnb and DoorDash Didn’t Teach Us

By Jessica E. Lessin · Dec 12, 2020 7:47am PST · 4 comments

What Airbnb and DoorDash Didn’t Teach Us

By Jessica E. Lessin · Dec 12, 2020 7:47am PST · 4 comments

It is not every day that tech investors are surprised by how the market is valuing tech darlings like Airbnb. But shock was in the air on Thursday, when I began receiving a series of texts from tech investors saying “Wow,” “What’s going on?” and “This is crazy.” Because while Airbnb certainly has the... It is not every day that tech investors are surprised by how the market is valuing tech darlings...

Oracle's office in Redwood City, Calif. Photo by Bloomberg

Oracle Joins Tech Migration to Texas: The Information’s Tech Briefing

By Martin Peers · Dec 11, 2020 5:31pm PST

Warning to Austin home buyers: Prices are about to skyrocket. That’s one likely result of the wave of tech companies moving their headquarters from the Bay Area to the Texas capital, a group that today expanded to include Oracle. Oracle’s news came a couple of days after Elon Musk said he had moved to Texas, and 10 days after Hewlett... Warning to Austin home buyers: Prices are about to skyrocket. That’s one likely result of...

The Information’s 411 — IPO My God

By Tom Dotan · Dec 11, 2020 3:51pm PST

Amir and Cory explain what DoorDash and Airbnb's specatular debuts on the markets means about both companies and about the tech world in general. Then we chat with Peter Hamby of Snapchat, who hosts the company’s popular political series “Good Luck America.” He talks about whether social media platforms are doing enough to... Amir and Cory explain what DoorDash and Airbnb's specatular debuts on the markets means about...

OnlyFans founder Tim Stokely. Photo by OnlyFans.

OnlyFans Is Not Only Popular, But Hugely Profitable

By Tom Dotan · Dec 11, 2020 9:30am PST · 2 comments

OnlyFans is having a moment in the tech world as investors and executives marvel at the site’s transition from a seemingly niche, under-the-radar outfit into a mainstream phenomenon. But what is even more impressive is just how good a business OnlyFans is proving to be. This year, the subscription-based social media service will earn $300... OnlyFans is having a moment in the tech world as investors and executives marvel at the...

Cisco's Chuck Robbins (left), MongoDB's Dev Ittycheria, Microsoft's Satya Nadella and Oracle's Safra Catz. Photos provided by the companies; Catz photo by Bloomberg

After Slack Deal, Dropbox, Box, MongoDB Could Be Next Acquisition Targets

By Nick Wingfield and Kevin McLaughlin · Dec 11, 2020 6:01am PST · 7 comments

Cisco's Chuck Robbins (left), MongoDB's Dev Ittycheria, Microsoft's Satya Nadella and Oracle's Safra Catz. Photos provided by the companies; Catz photo by Bloomberg

Predictions 2021

After Slack Deal, Dropbox, Box, MongoDB Could Be Next Acquisition Targets

By Nick Wingfield and Kevin McLaughlin · Dec 11, 2020 6:01am PST · 7 comments

Blockbuster acquisitions tend to beget questions about who’s going to buy whom next. Salesforce’s nearly $28 billion deal for Slack is no exception. That acquisition could be a harbinger of a new wave of consolidation in the category of enterprise software—companies that sell software and services to other businesses. The... Blockbuster acquisitions tend to beget questions about who’s going to buy whom next....

Airbnb's founders displayed on Nasdaq's Times Square screen in New York today. Photo by Bloomberg

Airbnb’s $100 Billion Day: The Information’s Tech Briefing

By Martin Peers · Dec 10, 2020 5:02pm PST

Airbnb’s opening day stock trades, at more than double its $68 a share IPO price, demonstrate just how much ultra-low interest rates are inflating asset prices, even if they aren’t causing inflation among everyday goods and services. At today’s closing price of $144.71, Airbnb’s valuation of nearly $100 billion is more... Airbnb’s opening day stock trades, at more than double its $68 a share IPO price,...

Airbnb co-founders Joe Gebbia, Brian Chesky and Nathan Blecharczyk, shown on Dec. 10, the day Airbnb shares began trading on Nasdaq. Image: Airbnb

Airbnb’s Blockbuster IPO Cements Bond Among Founders

By Cory Weinberg · Dec 10, 2020 1:49pm PST · 1 comment

Airbnb went public Thursday having achieved something rare in Silicon Valley: Its founding trio of executives has stayed with the firm from its inception through to today’s public market debut. The leadership stability brought by co-founders Brian Chesky, Nathan Blecharczyk and Joe Gebbia has been key to the company’s success,... Airbnb went public Thursday having achieved something rare in Silicon Valley: Its founding trio...

Clockwise from top-left: Jane Wiseman (photo courtesy of Netflix), Kevin Reilly (photo by Shutterstock), Nina Wolarsky (photo courtesy of Netflix), Sofia Chang (photo courtesy of WarnerMedia), Amy Emmerich (photo provided by Ms. Emmerich), Marc Debevoise (photo courtesy of CBS), Chris Spadaccini (photo courtesy of HBO)

On the Market: Entertainment Veterans From Old and New Media

By Jessica Toonkel and Tom Dotan · Dec 10, 2020 6:02am PST

This has been a year of upheaval for the entertainment industry as a combination of the pandemic-triggered freeze in business and the impact of cord cutting prompted several of the big companies to slash costs and trim their executive ranks. At the same time, streaming giant Netflix reshuffled key positions, as it routinely does, leading to some... This has been a year of upheaval for the entertainment industry as a combination of the...

Facebook CEO Mark Zuckerberg testifies before a House Financial Services Committee hearing on in Washington, D.C. on Oct. 23, 2019. Photo: AP

Facebook’s Big Risk From Antitrust Suit Is Losing WhatsApp

By Alex Heath and Christopher Stern · Dec 9, 2020 6:20pm PST · 2 comments

Facebook CEO Mark Zuckerberg testifies before a House Financial Services Committee hearing on in Washington, D.C. on Oct. 23, 2019. Photo: AP

Facebook’s Big Risk From Antitrust Suit Is Losing WhatsApp

By Alex Heath and Christopher Stern · Dec 9, 2020 6:20pm PST · 2 comments

Facebook has yet to make much money off WhatsApp, the private messaging app it bought for $19 billion more than six years ago. But if the federal government succeeds in a landmark antitrust lawsuit that seeks to unwind Facebook’s marquee acquisitions, losing WhatsApp would hurt the company’s future ambitions the most. While Instagram... Facebook has yet to make much money off WhatsApp, the private messaging app it bought for $19...