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

Honest Co's co-founder Jessica Alba with Nasdaq CEO Adena Friedman and Honest Co CEO Nick Vlahos the day Honest went public in May. Photo by Bloomberg.

Why Warby Parker and Allbirds May Struggle on the Public Market

By Malique Morris · Sep 29, 2021 6:01am PDT · 4 comments

Warby Parker’s stock market listing today, along with Allbirds’ initial public offering expected in the coming weeks, will add two high-profile consumer goods brands to a stock market that lately has shown little love for similar businesses. In the past two years, Casper and The Honest Co. have been pummeled on Wall Street, with... Warby Parker’s stock market listing today, along with Allbirds’ initial public...

Dave Limp, Amazon's senior vice president of devices and services. Photo by Bloomberg

Amazon’s Spray-and-Pray Hardware Strategy

By Martin Peers · Sep 28, 2021 5:00pm PDT

Yes, Amazon wants to be bigger in the consumer gadget business. The ecommerce-and-cloud- behemoth introduced so many new devices today that it's tough to fit a mention of all of them into one sentence. Everything from a robot that roams around the home to a new Fitbit-like health tracker to a video doorbell and a new video-calling device. One... Yes, Amazon wants to be bigger in the consumer gadget business. The ecommerce-and-cloud- behemoth...

Affirm CEO Max Levchin. Photo: Bloomberg

Affirm Plans a Crypto Card; Koji Launches NFT Apps

By Hannah Miller · Sep 28, 2021 4:37pm PDT

Affirm, the largest U.S. firm dedicated to “buy now, pay later” online loans, is planning to release a debit card that will allow consumers to hold and earn interest on cryptocurrencies, CEO Max Levchin said at an investor presentation Tuesday.The offering would bring Affirm up to speed with crypto trading exchanges including Robinhood, which... Affirm, the largest U.S. firm dedicated to “buy now, pay later” online loans, is planning to...

Chart: Mike Sullivan

How Creator Marketplaces From Social Networks Stack Up

By Kaya Yurieff · Sep 28, 2021 2:13pm PDT

Chart: Mike Sullivan

Creator Economy

How Creator Marketplaces From Social Networks Stack Up

By Kaya Yurieff · Sep 28, 2021 2:13pm PDT

For more than a decade, when advertisers wanted to reach the young audiences of popular internet personalities, they reached out to marketing agencies to broker deals or just contacted the creators directly. In the past two years, TikTok, Snap and Instagram have stepped into the fray, rolling out tech-driven marketplaces designed to pair... For more than a decade, when advertisers wanted to reach the young audiences of popular internet...

Facebook Stock Now Trades at Biggest Ever Discount to Alphabet

By Aidan Ryan and Sylvia Varnham O'Regan · Sep 28, 2021 12:58pm PDT · 1 comment

Investors appear to be losing confidence in Facebook. The social media stock is currently trading at a lower valuation—measured by its total value to its projected earnings—than any of the other major consumer tech companies. Most significantly, Facebook is now trading at its biggest-ever discount to Alphabet’s valuation, ... Investors appear to be losing confidence in Facebook. The social media stock is currently trading...

New Phiar CEO Gene Karshenboym and co-founder/CTO Chen-Ping Yu. Photo: Phiar

Ex-Android Automotive Head Jumps Over to AR Navigation Startup

By Mathew Olson · Sep 28, 2021 11:00am PDT

Several leading automakers have partnered to use Google’s Android operating system in their new cars, including Honda, which announced its plans last week. So, when one of the Google higher-ups behind Android Automotive leaves to join a startup working on AR navigation for cars, it’s worth taking note.Yesterday, Phiar Technologies announced that... Several leading automakers have partnered to use Google’s Android operating system in their new...

Photo of AWS CEO Adam Selipsky by Amazon. Illustration by Mike Sullivan

AWS’ Microsoft Problem

By Kevin McLaughlin and Amir Efrati · Sep 28, 2021 6:01am PDT · 3 comments

Microsoft has been on Adam Selipsky’s brain for a while. In 2016, Selipsky—who at the time was the No. 2 executive at Amazon’s cloud computing unit, Amazon Web Services—helped lead discussions with Salesforce to carry out a joint acquisition of Quip, then an independent startup that had made a collection of productivity... Microsoft has been on Adam Selipsky’s brain for a while. In 2016, Selipsky—who at the...

Instagram chief Adam Mosseri. Photo by Bloomberg.

Facebook’s Instagram Kids Retreat Signals Limits on Expansion Potential

By Martin Peers · Sep 27, 2021 5:00pm PDT · 2 comments

Instagram chief Adam Mosseri. Photo by Bloomberg.

Facebook’s Instagram Kids Retreat Signals Limits on Expansion Potential

By Martin Peers · Sep 27, 2021 5:00pm PDT · 2 comments

It’s hard to imagine a more predictable announcement than the one made by Facebook today. Less than two weeks after an uproar over the damage being done to teenage girls by Facebook’s Instagram, sparked by a Wall Street Journal report, is anyone surprised by today’s news that the company isn’t going forward with a version of “Instagram Kids”?... It’s hard to imagine a more predictable announcement than the one made by Facebook today. Less...

The Aftermath of China’s Crypto Ban; Coinbase to Offer Direct Deposit

By Hannah Miller · Sep 27, 2021 4:37pm PDT

China’s decision to ban all cryptocurrency transactions on Friday caused the price of bitcoin to drop 6% to around $41,000. But since then, prices have bounced back to near $43,000. Crypto markets were able to recover because these new measures weren’t that surprising, unlike China’s crypto mining crackdown in May and June, said Ed Moya,... China’s decision to ban all cryptocurrency transactions on Friday caused the price of bitcoin to...

Chart: Mike Sullivan

Creator Economy

How TikTok Outpaced Instagram in Rise to 1 Billion Users

By Kaya Yurieff · Sep 27, 2021 3:46pm PDT · 1 comment

TikTok announced a big milestone on Monday: more than 1 billion people around the world log on to the ByteDance-owned video app every month. In the chart above, we plot just how fast it reached that level—and how that rapid ascent compares to Instagram’s earlier rise.Our analysis, which uses past company statements as well as a suit filed by... TikTok announced a big milestone on Monday: more than 1 billion people around the world log on to...

Instagram CEO Adam Mosseri in 2019. Photo by Bloomberg

Inside Instagram’s Failed Campaign to Win Over Critics of Kids’ App

By Sylvia Varnham O'Regan · Sep 27, 2021 12:21pm PDT · 2 comments

In August, Democratic Rep. Kathy Castor of Florida dialed into a Zoom call with Adam Mosseri, the head of Facebook’s Instagram, and two of his colleagues. Castor said in an interview that the executives “wanted to try to calm the waters” after she had spent months publicly criticizing Instagram’s development of an app for... In August, Democratic Rep. Kathy Castor of Florida dialed into a Zoom call with Adam Mosseri, the...

A scenic vista in Zenith: The Last City. Credit: Ramen VR

Zenith VR MMO Team Raises $10 Million; New Oculus Hardware Leaks

By Mathew Olson · Sep 27, 2021 11:00am PDT

A scenic vista in Zenith: The Last City. Credit: Ramen VR

Zenith VR MMO Team Raises $10 Million; New Oculus Hardware Leaks

By Mathew Olson · Sep 27, 2021 11:00am PDT

Ramen VR, a small game studio based in the Bay Area, has raised $10 million in a Series A round led by Makers Fund, with participation from Dune Ventures and Anthos Capital. The funding round comes as the small (12 full-timers) studio prepares to launch Zenith: The Last City, a VR title that follows in the footsteps of massively multiplayer... Ramen VR, a small game studio based in the Bay Area, has raised $10 million in a Series A round...

Splunk CEO Doug Merritt. Photo by Bloomberg. Illustration by Mike Sullivan

Q&A

Splunk CEO Merritt Says Cloud Will Soon Be 50% of Its Business, Double From Start of Pandemic

By Kevin McLaughlin · Sep 27, 2021 6:01am PDT

Splunk CEO Doug Merritt tries not to show it but he’s clearly a little frustrated with Wall Street. The 18-year-old enterprise software company’s stock has dropped 30% since last fall, wiping out all its gains earlier in 2020, even as Splunk’s cloud-based software sales soared thanks to the impact of remote work on corporate... Splunk CEO Doug Merritt tries not to show it but he’s clearly a little frustrated with Wall...

Photo: Cayce Clifford/Bloomberg

Why Investors May Regret Hopping On the E-Bike Sharing Craze

By Steve LeVine · Sep 26, 2021 2:00pm PDT

Save the Date: The Electric Presents: Winning the EV Wars: The Establishment vs. The Upstarts. In the first subscriber-only Live Chat, The Electric is delighted to present a conversation between editor Steve LeVine and Ford Motor's Darren Palmer. Palmer is general manager of Ford's electric vehicle program and a founding member of the company’s... Save the Date: The Electric Presents: Winning the EV Wars: The Establishment vs. The Upstarts. In...

Barry Diller. Photo by Bloomberg.

Barry Diller’s Puzzling Magazine Drive

By Martin Peers · Sep 24, 2021 5:00pm PDT · 1 comment

What is the fascination that internet billionaires have with print media? First Jeff Bezos buys The Washington Post, then Marc Benioff snaps up Time magazine. And now Barry Diller is in “advanced talks” to buy Meredith Corp., the company behind People, Better Homes and Gardens, Entertainment Weekly, among others, according to the Wall Street... What is the fascination that internet billionaires have with print media? First Jeff Bezos buys...

A high school student works on a laptop computer at home during a remote learning day. Photo by Bloomberg

Online Learning Company Udemy Plans October IPO

By Kate Clark · Sep 24, 2021 10:44am PDT · 1 comment

A high school student works on a laptop computer at home during a remote learning day. Photo by Bloomberg

Online Learning Company Udemy Plans October IPO

By Kate Clark · Sep 24, 2021 10:44am PDT · 1 comment

Udemy, a San Francisco–based startup that sells online courses to individuals and businesses, is preparing to file paperwork for an initial public offering whose listing could come as soon as next month, according to two people with direct knowledge of the matter. The company, which raised $50 million at a $3.3 billion valuation in... Udemy, a San Francisco–based startup that sells online courses to individuals and...

Art by Mike Sullivan

Google Seeks Search Deals For TikTok and Instagram Videos

By Sarah Krouse and Kaya Yurieff · Sep 24, 2021 6:01am PDT · 2 comments

If you’ve ever tried searching on Google for one of those TikTok or Instagram videos all your friends are gushing about—such as sea shanties or the Renegade dance—you’ll notice something. The videos don’t show up. Google is trying to fix that—but there’s no guarantee its efforts will succeed. Google... If you’ve ever tried searching on Google for one of those TikTok or Instagram videos all...

European Commissioner competition commissioner Margrethe Vestager. Photo by Bloomberg.

Europe Aims to Solve Tech’s Knottiest Problem: Too Many Chargers

By Martin Peers · Sep 23, 2021 5:00pm PDT

The FTC’s new chair, Lina Khan, wants to drastically shake up antitrust enforcement in the U.S., by taking into account the interests of “workers and independent businesses as well as consumers,” she outlined in a memo made public this week. Over in Europe, antitrust czar Margrethe Vestager, no stranger to vigorous antitrust enforcement, is... The FTC’s new chair, Lina Khan, wants to drastically shake up antitrust enforcement in the U.S.,...

Non-fungible tokens from a collection released by Twitter in June. Photo: Twitter

Twitter Adds Bitcoin Tips; Circle and Plaid Team Up; College Football Star Issues Own Crypto

By Hannah Miller · Sep 23, 2021 4:26pm PDT

Twitter CEO Jack Dorsey is backing up his bitcoin bullishness with actual changes to how the social media network functions. The company introduced the ability to tip in bitcoin on its Apple iOS app on Thursday. Twitter users can send bitcoin payments using Strike, a third-party crypto payment service. Strike is based on the Lightning... Twitter CEO Jack Dorsey is backing up his bitcoin bullishness with actual changes to how the...

Photo of Twitter headquarters by Bloomberg, Illustration: Mike Sullivan

Twitter’s Subscription Challenge; Live Shopping App NTWRK Raises $50 Million

By Kaya Yurieff · Sep 23, 2021 3:02pm PDT · 1 comment

Photo of Twitter headquarters by Bloomberg, Illustration: Mike Sullivan

Creator Economy

Twitter’s Subscription Challenge; Live Shopping App NTWRK Raises $50 Million

By Kaya Yurieff · Sep 23, 2021 3:02pm PDT · 1 comment

Twitter is trying hard to go after creators with new features including tipping, newsletters and Super Follows, which ask fans to pay a monthly subscription of between $3 and $10 for bonus tweets. But data from mobile app- tracking firm Sensor Tower shows a slow start to at least one of these features: Super Follows has only generated about... Twitter is trying hard to go after creators with new features including tipping, newsletters and...