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

Rendering of the YAM-4 spacecraft bus by Blue Canyon Technologies for Loft Orbital. Image provided by Business Wire

Blackrock Values ‘Space Carpool’ Startup Loft Orbital at $550 Million

By Aidan Ryan and Berber Jin · Sep 23, 2021 12:02pm PDT

Commercial space startups have had a mixed track record as investment prospects: While shares in space tourism outfit Virgin Galactic have doubled in two years, satellite internet provider OneWeb ended up in bankruptcy court last year. Even after that bumpy ride, investors are still keen on the sector, which they see as a way to bet on the next... Commercial space startups have had a mixed track record as investment prospects: While shares in...

Gorillas founder Kağan Sümer. Photo provided by Gorillas

Gorillas Raising $950 Million Amidst European Delivery Wars

By Mark Di Stefano and Kate Clark · Sep 23, 2021 11:45am PDT

Gorillas, one of the biggest of a crop of European startups in the convenience delivery market, has finalized a $950 million series C fundraising round, valuing the company at $3 billion, according to two people with direct knowledge of the situation. The fundraising is the latest example of the investor frenzy around startups seeking to deliver... Gorillas, one of the biggest of a crop of European startups in the convenience delivery market,...

Fortnite characters sporting Balenciaga outfits, a recent metaverse-forward partnership. Credit: Epic Games

Epic’s Metaverse Needs Mobile Eventually

By Mathew Olson · Sep 23, 2021 11:00am PDT

Fortnite won’t be coming back to iOS any time soon, and the outcome of Epic v. Apple doesn’t exactly augur well for Epic’s prospects of prevailing in its pending lawsuit with Google either. For now, as has been for over a year, Fortnite remains unavailable on either app store and without updates for those who already had it installed.“So what?”... Fortnite won’t be coming back to iOS any time soon, and the outcome of Epic v. Apple doesn’t...

Illustration by Haejin Park

How Google Spies on Its Employees

By Sarah Krouse · Sep 23, 2021 6:00am PDT · 5 comments

Illustration by Haejin Park

How Google Spies on Its Employees

By Sarah Krouse · Sep 23, 2021 6:00am PDT · 5 comments

At Google, a seemingly innocuous action can earn an employee the attention of the company’s corporate security department. For example, when Google wants to find out who has been accessing or leaking sensitive corporate information, the company often homes in on employees who are thinking about leaving it. In the past, its security teams... At Google, a seemingly innocuous action can earn an employee the attention of the company’s...

The Whoop 4.0, containing Sila Nanotechnologies' silicon-carbon anode. Image: Courtesy Whoop

The Electric Flash Analysis: The Customers Many Battery Startups Are Overlooking

By Steve LeVine · Sep 23, 2021 4:00am PDT

If you are worth your salt in the lithium-ion battery business, you are working on a new-generation anode, a cathode, an electrolyte—or all three. You are aiming to both break new ground and earn billions of dollars to boot by powering the electric vehicles that are about to swamp the global market. But what if EVs are a buzzy diversion and the... If you are worth your salt in the lithium-ion battery business, you are working on a...

Epic CEO Tim Sweeney. Photo by Bloomberg

Today’s Lessons in How Apple Wields Power

By Martin Peers · Sep 22, 2021 5:01pm PDT

Apple’s legal battle with Tim Sweeney of Epic Games is turning into one of those off-putting television dramas where none of the characters are likable. Sweeney, in particular, is losing credibility by the day. After the court ruling on his antitrust case against Apple two weeks ago, he described the decision as a loss for developers and... Apple’s legal battle with Tim Sweeney of Epic Games is turning into one of those off-putting...

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

NFT Game Axie Infinity Targets $1 Billion in Revenue, Launch of Crypto Exchange

By Hannah Miller · Sep 22, 2021 4:51pm PDT · 1 comment

Online video game Axie Infinity has emerged as the most successful of video games built on blockchain technology, which underpins how players make money in the game. It has generated $700 million in revenue so far this year and will likely hit $1 billion by year-end, said Jeff Zirlin, co-founder of Sky Mavis, the game’s developer.Now the company... Online video game Axie Infinity has emerged as the most successful of video games built on...

A Chipotle restaurant in San Francisco. Photo: Bloomberg

Why Disney and Chipotle Are Launching Creator Programs

By Kaya Yurieff · Sep 22, 2021 4:32pm PDT

A Chipotle restaurant in San Francisco. Photo: Bloomberg

Creator Economy

Why Disney and Chipotle Are Launching Creator Programs

By Kaya Yurieff · Sep 22, 2021 4:32pm PDT

Disney this week joined a growing number of national chains, including Chipotle and Hollister, trying to woo internet personalities with special programs. They are taking a page from TikTok and YouTube, which set up funds paying creators to make videos for their apps. Disney’s effort doesn’t go quite that far. Its Disney Creators Lab... Disney this week joined a growing number of national chains, including Chipotle and Hollister,...

Roblox CEO David Baszucki. Photo: Roblox

Roblox Grows Up; AR Puts Exposure Therapy in Your Pocket

By Mathew Olson · Sep 22, 2021 11:00am PDT

Roblox is largely the company to thank for the metaverse craze that has spread throughout tech, gaming, VR and AR in 2021. It also wants to be a pioneer and leader in terms of digital safety for these kinds of immersive worlds, an ambition that’s only going to become more challenging as its millions-strong user base grows.On Tuesday, Roblox... Roblox is largely the company to thank for the metaverse craze that has spread throughout tech,...

The Athletic co-founder Alex Mather with The Information's Jessica Lessin in 2018. Photo by Erin Beach.

The Athletic Hires LionTree to Find Buyer at Price of More Than $750 Million

By Sahil Patel and Jessica Toonkel · Sep 22, 2021 10:01am PDT

If at first you don’t succeed, try, try again. That appears to be the motto of The Athletic in its efforts to sell itself. After holding unsuccessful discussions for a sale with both Axios and the New York Times Co. over the past few months, the online sports news subscription site has hired investment bank LionTree to help it find a... If at first you don’t succeed, try, try again. That appears to be the motto of The Athletic...

FTC Chair Lina Khan. Photo by Bloomberg

As FTC Shifts Priorities Under Khan, Collusion Probe of Hyatt, Hilton Goes on Ice

By Josh Sisco · Sep 22, 2021 6:01am PDT

As Federal Trade Commission antitrust lawyers try to police vast swaths of the economy with limited resources, they’re making trade-offs. The FTC earlier this year stepped up a long-running investigation into whether a group of major hotels including Hyatt, Hilton and Marriott hurt customers by colluding to stop competing for ad space in... As Federal Trade Commission antitrust lawyers try to police vast swaths of the economy with...

Uber CEO Dara Khosrowshahi. Photo by Bloomberg.

Uber Stock Rebounds But Investor Optimism May Be Temporary

By Martin Peers · Sep 21, 2021 5:00pm PDT

Uber CEO Dara Khosrowshahi. Photo by Bloomberg.

Uber Stock Rebounds But Investor Optimism May Be Temporary

By Martin Peers · Sep 21, 2021 5:00pm PDT

When a stock is as down as Uber’s has been, a little dose of good news can work wonders as an antidepressant. Uber shares jumped nearly 12% today after the company disclosed it was closer to profitability than previously thought. The rally put DoorDash, a smaller company that rose above Uber’s market valuation last week, back in its place. You... When a stock is as down as Uber’s has been, a little dose of good news can work wonders as an...

An NFT launched by Xoogler, a community of former Google employees. Photo courtesy of Rally

Xoogler NFT Shows Google Alumni Crypto Connections Run Deep

By Hannah Miller · Sep 21, 2021 4:43pm PDT · 1 comment

A non-fungible token launch on Tuesday by Xoogler, a network of more than 10,000 former Google employees, shows the deepening involvement of the tech giant's alumni with blockchain technology.The non-fungible token, which is a digital, blockchain-based asset also known as an NFT, will be distributed to the more than 200 people who virtually... A non-fungible token launch on Tuesday by Xoogler, a network of more than 10,000 former Google...

Spring CEO Chris Lamontagne Photo: Spring

Creator Economy

Custom ‘Merch’ Maker Spring Eyes $165 Million in Revenue, Future IPO

By Kaya Yurieff · Sep 21, 2021 3:58pm PDT

Spring, formerly known as Teespring, was one of the first companies to offer a way for social media creators to sell custom merchandise like hoodies, phone cases and hats to their fans. Its focus on creator-customized products has been paying off. After 53% growth last year, the company expects to generate $165 million in revenue this year.CEO... Spring, formerly known as Teespring, was one of the first companies to offer a way for social...

Sarah Guo, a general partner at Greylock Partners. Photo by Bloomberg.

Greylock Raises $500 Million in Battle for Seed Deals

By Kate Clark · Sep 21, 2021 11:57am PDT · 2 comments

Greylock Partners has raised $500 million to focus exclusively on seed deals, a pool of funds that will give the 56-year-old venture capital firm the ability to write large checks at “lean-in valuations” and emphasize its commitment to early-stage investing, said general partner Sarah Guo. The money is part of an expansion of a... Greylock Partners has raised $500 million to focus exclusively on seed deals, a pool of funds...

The main characters of "Eden," a Netflix-produced anime. Credit: Netflix

What to Make of Netflix’s New VR Game

By Mathew Olson · Sep 21, 2021 11:00am PDT

The main characters of "Eden," a Netflix-produced anime. Credit: Netflix

What to Make of Netflix’s New VR Game

By Mathew Olson · Sep 21, 2021 11:00am PDT

Netflix quietly released a VR game on Oculus Quest—so quietly, in fact, that it may well have been sitting under people’s noses for a while. We know the streaming behemoth is keen on getting into videogames, but the closer you look at this VR surprise, the less it looks like something that’s part of Netflix’s new gaming strategy.Anyone with a... Netflix quietly released a VR game on Oculus Quest—so quietly, in fact, that it may well have...

Illustration by Josh Brill

More Startup CEOs Are Moonlighting as VC Investors

By Berber Jin · Sep 21, 2021 6:01am PDT · 1 comment

Late last year, Lattice CEO Jack Altman started an unusual side gig for a startup founder: He raised $20 million from investors for a venture capital fund he was launching while continuing to run Lattice, the developer of human resource management software he co-founded six years ago. Altman’s feat reflects a new trend in startup... Late last year, Lattice CEO Jack Altman started an unusual side gig for a startup founder: He...

Twitter's former CFO Anthony Noto. Photo by Bloomberg.

What Twitter’s $809.5 Million Legal Payout Tells Us

By Martin Peers · Sep 20, 2021 5:00pm PDT

It’s tempting to view Twitter’s $809.5 million settlement today of a shareholder lawsuit—which alleged that top executives misled investors with overly optimistic statements about user growth—as a meaningful development. The news media spends much of its time obsessing over the massive gulf between company executives’ public statements and... It’s tempting to view Twitter’s $809.5 million settlement today of a shareholder lawsuit—which...

Coinbase and Bitcoin signage in New York this April. Photo by Bloomberg

Coinbase Backs Down Against SEC; Robinhood Tests Wallet

By Hannah Miller · Sep 20, 2021 4:00pm PDT · 2 comments

Coinbase has decided not to launch its lending product after CEO Brian Armstrong said earlier this month that the Securities and Exchange Commission threatened to sue the cryptocurrency exchange if it released Lend, which planned to offer a 4% annual yield to people who lent their USD Coin cryptocurrency to Coinbase.The move is a big win for the... Coinbase has decided not to launch its lending product after CEO Brian Armstrong said earlier...

What’s Hot and Cold in the SPAC Market

By Aidan Ryan · Sep 20, 2021 9:01am PDT

What’s Hot and Cold in the SPAC Market

By Aidan Ryan · Sep 20, 2021 9:01am PDT

After a frenetic beginning to 2021, the special purpose acquisition company market has cooled off in recent months, with fewer SPACs filing to go public and many pre-deal shares trading below their $10 issue price. And we’re now seeing the aftereffects of the SPAC meltdown: in particular, an evaporation of SPACs looking to combine with... After a frenetic beginning to 2021, the special purpose acquisition company market has cooled off...