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

Coinbase CEO Brian Armstrong. Photo by Bloomberg.

Why Coinbase CEO’s Worries About Attacks on Founders Are Misplaced

By Martin Peers · Oct 6, 2021 5:00pm PDT · 1 comment

Coinbase CEO Brian Armstrong is worried that attacks from the press and politicians will drive successful CEOs to “leave from burnout.” Given the timing, this tweet seemed to be a response to the pounding that Facebook CEO Mark Zuckerberg has taken lately, although Armstrong mentioned “Gates, Page, Bezos” as though they were examples. This has... Coinbase CEO Brian Armstrong is worried that attacks from the press and politicians will drive...

An illustration of the Shibu Inu digital currency. Image: AP

Elon Musk’s Pup Pump; The New Crypto Billionaires

By Hannah Miller · Oct 6, 2021 4:35pm PDT

Elon Musk has still got it when it comes to influencing cryptocurrency markets. Four days after the Tesla CEO sent a tweet that nodded to the digital currency SHIBA INU (SHIB), the coin is still rallying. It’s currently up 47% in the past 24 hours and 232% since Sunday. Admittedly, it doesn’t take much to create big swings in the currency—it’s... Elon Musk has still got it when it comes to influencing cryptocurrency markets. Four days after...

WTF: Women in Tech, Media and Finance

Excerpts From Day One of The Information’s WTF 2021 Conference

By The Information Staff · Oct 6, 2021 3:38pm PDT

At The Information’s WTF conference today, speakers included Dawn Ostroff, chief content officer and advertising business officer of Spotify, MSNBC president Rashida Jones, Barstool Sports CEO Erika Nardini and progressive philanthropist Kathryn Murdoch. We also heard from a panel of venture capitalists—Rachel Holt, co-founder of... At The Information’s WTF conference today, speakers included Dawn Ostroff, chief content...

Photo: Wardrobe

A Startup for Wardrobe Rental Sales Nabs Funding; Twitch Hack Exposes Streamers Earning Millions

By Kaya Yurieff · Oct 6, 2021 2:50pm PDT

Photo: Wardrobe

Creator Economy

A Startup for Wardrobe Rental Sales Nabs Funding; Twitch Hack Exposes Streamers Earning Millions

By Kaya Yurieff · Oct 6, 2021 2:50pm PDT

It’s become popular practice for social media influencers to sell clothes they no longer want on second-hand marketplaces like Depop and Poshmark. Such items can sell out quickly as fans rush to buy something from their favorite online personality. Wardrobe, a three-year-old New York startup, takes that idea and pairs it with renting out... It’s become popular practice for social media influencers to sell clothes they no longer want on...

WTF: Women in Tech, Media and Finance

Kathryn Murdoch Says Big Companies Shouldn’t Be Controlled By One Person

By Mahira Dayal · Oct 6, 2021 2:25pm PDT · 2 comments

Philanthropist Kathryn Murdoch said no individual should control a big company like Facebook, saying “it is troubling when you have one person who wields that kind of power and it’s probably not the right way forward.” The comments by Murdoch, at The Information’s Women in Tech, Media and Finance conference on Wednesday,... Philanthropist Kathryn Murdoch said no individual should control a big company like Facebook,...

How Snapchat's new contests with cash prizes will appear in-app. Credit: Snap

Snap’s New AR Incentives; Canon Courts VR Filmmakers

By Mathew Olson · Oct 6, 2021 11:00am PDT

Snap is launching a new series of contests with cash prizes to entice creators large and small. On its face, it’s likely a smart move to stay attractive next to other video-focused social media platforms like TikTok and Instagram.I’m sure Kaya will have more to say about it and other changes for Snapchat’s biggest stars in today’s Creator... Snap is launching a new series of contests with cash prizes to entice creators large and small....

WTF: Women in Tech, Media and Finance

Barstool’s Nardini Predicts More Sports Media Firms Will Partner With Betting Firms

By Aidan Ryan · Oct 6, 2021 10:25am PDT

The legalization of online sports betting in states across the U.S. has sparked a wave of deal making within the sports betting industry involving both sports leagues and digital media firms. Barstool Sports CEO Erika Nardini predicts more media firms will strike deals, although she says it is the professional sports leagues that hold the most... The legalization of online sports betting in states across the U.S. has sparked a wave of deal...

Peacock Is Helping MSNBC Reach Younger Viewers, MSNBC Chief Rashida Jones Says

By Sahil Patel · Oct 6, 2021 9:28am PDT

WTF: Women in Tech, Media and Finance

Peacock Is Helping MSNBC Reach Younger Viewers, MSNBC Chief Rashida Jones Says

By Sahil Patel · Oct 6, 2021 9:28am PDT

NBCUniversal’s streaming service, Peacock, is helping MSNBC reach viewers at least a decade younger than those watching on its traditional cable channel, according to MSNBC’s president, Rashida Jones. Peacock is helping broaden MSNBC’s audience by creating a platform for different content formats and talent than what can be... NBCUniversal’s streaming service, Peacock, is helping MSNBC reach viewers at least a decade...

SoftBank CEO Masayoshi Son. Photo: Bloomberg. Art by Mike Sullivan

SoftBank’s Prodigal Son Struggles in New Era

By Berber Jin · Oct 6, 2021 6:30am PDT

On a Wednesday just before the start of summer, SoftBank Group CEO Masayoshi Son gave managers of his company’s venture capital arm a list with thousands of VC-backed startups. Frustrated that SoftBank’s two Vision Funds had missed out on investing in some hot tech companies, he wanted the partners to contact as many of the... On a Wednesday just before the start of summer, SoftBank Group CEO Masayoshi Son gave managers of...

Senators Marsha Blackburn and Richard Blumenthal as Frances Haugen testified today. Photo by Bloomberg.

Facebook Leads to Hyperbole Outbreak

By Martin Peers · Oct 5, 2021 5:00pm PDT

Have we reached peak Facebook-bashing yet? It would be risky to call the top for that exercise, although it may be hard to surpass this week’s one-two punch of the global outage with the public appearances of whistleblower Frances Haugen. The result is commentary notable for its rapidly diminishing quota of common sense. Take, for example,... Have we reached peak Facebook-bashing yet? It would be risky to call the top for that exercise,...

Art by Mike Sullivan

Bitcoin Breaks $50K; Circle’s SEC Subpoena; Blockbuster NFT Sales

By Hannah Miller · Oct 5, 2021 4:07pm PDT

The price of bitcoin broke $50,000 for the first time in about a month on Tuesday as expectations mount that the Securities and Exchange Commission will soon approve a bitcoin futures exchange-traded fund. The prices of other digital currencies and crypto-related stocks rose as well. Crypto exchange Coinbase’s stock closed at $240 on Tuesday, an... The price of bitcoin broke $50,000 for the first time in about a month on Tuesday as expectations...

Photo: Instagram

Charting Instagram’s Obsession With Video; A Twist on Clubhouse From Mark Cuban

By Kaya Yurieff · Oct 5, 2021 2:01pm PDT

Photo: Instagram

Creator Economy

Charting Instagram’s Obsession With Video; A Twist on Clubhouse From Mark Cuban

By Kaya Yurieff · Oct 5, 2021 2:01pm PDT

Instagram is taking a second whack at long-form video, as competition with two video-centric rivals, YouTube and TikTok, intensifies. On Tuesday, Instagram announced a new standalone app called Instagram TV, which includes videos and livestreams from creators. The app is a do-over of its bold attempt, launched in 2018, to take on YouTube... Instagram is taking a second whack at long-form video, as competition with two video-centric...

What Crackdown? VCs Keep Betting on China Even as Public Stocks Sink

By Juro Osawa and Shai Oster · Oct 5, 2021 11:52am PDT

It seems as if investors see two different versions of China. While publicly traded Chinese stocks flounder, venture capitalists keep pouring more money into Chinese startups. Even after the Chinese government’s regulatory crackdown wiped $1 trillion off the value of Chinese stocks this summer, there has been no sign of a slowdown for... It seems as if investors see two different versions of China. While publicly traded Chinese...

All of Facebook's services went down in Monday's outage, including its VR meeting app Workrooms. Credit: Facebook

Facebook’s Disappearance Illustrated Its Metaverse Achilles Heel

By Mathew Olson · Oct 5, 2021 11:00am PDT

If Mark Zuckerberg really wants to turn Facebook into a metaverse company, he needs to learn a lesson from Monday’s outage of Facebook services. Most obviously, Facebook should rethink its current approach of using Facebook accounts as a point-of-entry to all sorts of products—both internal and external.That arrangement is fundamentally at odds... If Mark Zuckerberg really wants to turn Facebook into a metaverse company, he needs to learn a...

Art by Mike Sullivan

Staff Exits Complicate FTC Chief Lina Khan’s Agenda

By Josh Sisco · Oct 5, 2021 6:01am PDT · 2 comments

WASHINGTON, DC—Passing bipartisan legislation to curb the dominance of big tech companies seems doomed in the current Congress. That’s what staffers on Capitol Hill, officials at federal antitrust agencies, private lawyers and advocacy groups backing the various bills told me last week during a visit to Washington and New York. They... WASHINGTON, DC—Passing bipartisan legislation to curb the dominance of big tech companies...

Facebook's Silicon Valley headquarters. Photo by Bloomberg.

Facebook’s Outage and its Future

By Martin Peers · Oct 4, 2021 5:00pm PDT

Facebook's Silicon Valley headquarters. Photo by Bloomberg.

Facebook’s Outage and its Future

By Martin Peers · Oct 4, 2021 5:00pm PDT

Fixing the problems caused by Facebook turned out to be easier than everyone thought. Just turn off the site! Today’s global outage affecting all parts of Facebook seems an appropriate coda to the spate of news stories about Facebook’s negative impact on society in recent weeks. The New York Times opined that the recent spate of revelations in... Fixing the problems caused by Facebook turned out to be easier than everyone thought. Just turn...

ConsenSys Founder and CEO Joseph Lubin. Photo by Bloomberg.

Ethereum Co-founder Dishes on Solana; BofA Publishes a Crypto Creed

By Hannah Miller · Oct 4, 2021 4:01pm PDT

My colleague Kate Clark and I broke the news today that Sky Mavis, developer of the non-fungible token game Axie Infinity, raised about $150 million at a valuation near $3 billion in a Series B round led by Andreessen Horowitz. The firm has now backed two of the biggest names in blockchain gaming, having also invested in startup Yield Guild... My colleague Kate Clark and I broke the news today that Sky Mavis, developer of the non-fungible...

Photo: Encantos

Creator Economy

Education Startup Encantos Takes on YouTube Kids; Why Facebook’s Outage Is a Wake-Up Call for Influencers

By Kaya Yurieff · Oct 4, 2021 2:14pm PDT

Most people probably don’t think of school teachers as creators. But the edtech startup Encantos does and is rolling out a new product that lets them and other subject matter experts teach kids about topics such as Black history or life skills such as problem solving, CEO Steven Wolfe Pereira tells The Information. The new “storyteaching”... Most people probably don’t think of school teachers as creators. But the edtech startup Encantos...

Alex Mather. Photo by Erin Beach

The Athletic Burned Through $95 Million Between 2019 and 2020

By Jessica Toonkel · Oct 4, 2021 1:45pm PDT

Digital sports news firm The Athletic hemorrhaged nearly $100 million cash between 2019 and 2020, according to a presentation prepared for investors, exceeding the $73 million in revenue the company brought in over that same period. The heavy losses reflect primarily the cost of building up a 600-person–strong reporting staff to cover... Digital sports news firm The Athletic hemorrhaged nearly $100 million cash between 2019 and 2020,...

Art from the Axie Infinity NFT game. Photo: Axie Infinity

Andreessen Horowitz Values Developer of NFT Game Axie Infinity at $3 Billion

By Kate Clark and Hannah Miller · Oct 4, 2021 1:19pm PDT · 2 comments

Art from the Axie Infinity NFT game. Photo: Axie Infinity

Andreessen Horowitz Values Developer of NFT Game Axie Infinity at $3 Billion

By Kate Clark and Hannah Miller · Oct 4, 2021 1:19pm PDT · 2 comments

Sky Mavis, the developer of the popular crypto-based online game Axie Infinity, is raising approximately $150 million in Series B funding at a valuation near $3 billion in a new round led by Andreessen Horowitz, according to two people with direct knowledge of the deal. The valuation for the three-year-old startup reflects the tremendous growth... Sky Mavis, the developer of the popular crypto-based online game Axie Infinity, is raising...