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

Microsoft President Brad Smith. Photo by Bloomberg

Microsoft President Met With House Antitrust Committee

By Christopher Stern and Nick Wingfield · Jul 20, 2020 5:38pm PDT

Next Monday, a House antitrust subcommittee will grill a quartet of CEOs from Apple, Amazon, Google and Facebook, but the committee has already prepped for a related investigation into the sector by quizzing a top executive from another tech giant: Microsoft. Several weeks ago, the subcommittee interviewed Brad Smith, president and chief... Next Monday, a House antitrust subcommittee will grill a quartet of CEOs from Apple, Amazon,...

Mark Cuban. Photo by Bloomberg

The New Stock Market Bubble: The Information’s Tech Briefing

By Martin Peers · Jul 20, 2020 5:31pm PDT · 1 comment

Investor Mark Cuban on Monday likened the present stock market to the dot-com boom of the late 1990s. Cuban, of course, made his fortune by selling Broadcast.com to Yahoo during that era, so he knows what he is talking about. He sold the company a year before the tech crash of early 2000.Cuban also made the point that the dot-com boom lasted... Investor Mark Cuban on Monday likened the present stock market to the dot-com boom of the late...

Illustration by J. Brill

What Private Tech Firms Should Watch Out For in SPACs

By Ross Matican · Jul 20, 2020 10:04am PDT · 3 comments

Blank-check companies, also known on Wall Street as special purpose acquisition companies, have become all the rage over the past few months. They’re the force behind high-flying stocks such as that of electric vehicle maker Nikola. They’re publicly traded firms whose only asset is cash and whose only purpose is to merge with a real... Blank-check companies, also known on Wall Street as special purpose acquisition companies, have...

The People With Power at Airbnb After Shakeup

By Cory Weinberg · Jul 20, 2020 7:01am PDT · 1 comment

The People With Power at Airbnb After Shakeup

By Cory Weinberg · Jul 20, 2020 7:01am PDT · 1 comment

In 2017, Airbnb CEO Brian Chesky restructured the fast-growing travel company to more closely resemble Amazon, a company whose handling of diverse business lines he had long admired. Reflecting Airbnb’s expansion into new areas, he created four separate product divisions and brought in a top Amazon executive to lead home rentals, the... In 2017, Airbnb CEO Brian Chesky restructured the fast-growing travel company to more closely...

Tech Is Rebounding: The Winners, Losers and Risks

By Jessica E. Lessin · Jul 18, 2020 7:46am PDT

Back in March, there was something particularly cruel about how the pandemic affected Airbnb. As its bankers were finishing up paperwork to file for a direct listing, a way to go public when your cash coffers are so full you don’t need more cash, travel ground to a halt. The company said revenue would likely take a 50% hit in the... Back in March, there was something particularly cruel about how the pandemic affected Airbnb. As...

Netflix co-CEO Ted Sarandos. Photo by Bloomberg

Why the Netflix Sell-Off Isn’t Meaningful: The Information’s Tech Briefing

By Martin Peers · Jul 17, 2020 6:02pm PDT

Netflix’s second-quarter results on Thursday were about as good as it gets. But you could be forgiven for missing that, given some media coverage that took its cue from the stock sell-off following the earnings report. Investors were supposedly upset that Netflix wasn’t forecasting a repeat of the rip-roaring growth in the third... Netflix’s second-quarter results on Thursday were about as good as it gets. But you could...

The Information’s 411 — Haven Help Me

By Cory Weinberg · Jul 17, 2020 1:37pm PDT

Paris Martineau discusses her reporting on problems at the secretive healthcare initiative Haven, and what the turmoil tells us about its benefactor Amazon. Four Information reporters give their takes on which companies are ripe for acquisitions. Paris Martineau discusses her reporting on problems at the secretive healthcare initiative Haven,...

Coursera CEO Jeff Maggioncalda. Photo by Coursera

Coursera Raises $130 Million Amid Flurry of Ed Tech Deals

By Kate Clark · Jul 17, 2020 1:23pm PDT · 1 comment

Coursera CEO Jeff Maggioncalda. Photo by Coursera

Coursera Raises $130 Million Amid Flurry of Ed Tech Deals

By Kate Clark · Jul 17, 2020 1:23pm PDT · 1 comment

Another education technology company is flourishing amid the coronavirus pandemic, as people stuck at home flock to online classes. Coursera, the global online learning platform founded by prominent artificial intelligence researcher Andrew Ng, has raised $130 million in Series F funding, the company confirmed. NEA managing general partner... Another education technology company is flourishing amid the coronavirus pandemic, as people...

Art by Mike Sullivan

The Information’s Takeover Target List

By The Information Staff · Jul 17, 2020 7:02am PDT · 2 comments

The season for M&A may soon be upon us. The pandemic has squeezed many businesses and made funding harder to get. We’ve already seen Postmates sell to Uber and Grubhub sell to Europe’s Just Eat Takeaway, accelerating a long-awaited consolidation of the food-delivery market. Meanwhile, EW Scripps, grappling with a downturn in... The season for M&A may soon be upon us. The pandemic has squeezed many businesses and made...

Autonomous Trucking Startup Plus.ai in Talks to Raise $60 Million

By Yunan Zhang · Jul 17, 2020 2:41am PDT · 1 comment

Plus.ai, a developer of self-driving trucks based in the U.S. and China, is in talks to raise $60 million, according to two people familiar with the matter.The fundraising, which is still under negotiation, would be led by Hong Kong-based investment and securities firm Guotai Junan International and could value Plus.ai in the range of $600... Plus.ai, a developer of self-driving trucks based in the U.S. and China, is in talks to raise $60...

EU flags outside of the European Union Commission building in Brussels.

Europe Queries Alexa and Siri: The Information’s Tech Briefing

By Martin Peers · Jul 16, 2020 5:31pm PDT

A day after European authorities suffered an embarrassing court defeat in a 4-year-old tax case against Apple, regulators on the Continent are going after big tech again. Margrethe Vestager, the European Commission’s top antitrust enforcer, announced an inquiry into the internet of things sector, including how voice assistants like Siri,... A day after European authorities suffered an embarrassing court defeat in a 4-year-old tax case...

Former Haven CEO Atul Gawande. Photo by Kelly Davidson

What’s Ailing an Amazon Health Venture

By Paris Martineau · Jul 16, 2020 7:00am PDT · 6 comments

Former Haven CEO Atul Gawande. Photo by Kelly Davidson

What’s Ailing an Amazon Health Venture

By Paris Martineau · Jul 16, 2020 7:00am PDT · 6 comments

In May, when celebrated surgeon and writer Atul Gawande stepped down as CEO of Haven—a high-profile health care venture launched by Amazon, Berkshire Hathaway and JPMorgan Chase—he said the move would allow him to focus his energy on combating Covid-19 through policy and advocacy work. But Gawande left the top job at Haven under... In May, when celebrated surgeon and writer Atul Gawande stepped down as CEO of Haven—a...

Twitter's San Francisco headquarters. Photo by Bloomberg

Scammers Hack Twitter: The Information’s Tech Briefing

By Martin Peers · Jul 15, 2020 6:01pm PDT

Wednesday’s hack of the Twitter accounts of top executives and politicians, including Jeff Bezos, Bill Gates and Barack Obama, is an enormous black eye for the company. Scammers have used Twitter before to make money. What is worrisome about this hack is the possibility, raised by some people on Twitter, that the hackers gained... Wednesday’s hack of the Twitter accounts of top executives and politicians, including Jeff...

Greg Greeley, shown in 2017. Photo: Bloomberg

Top Airbnb Executive to Depart Amid Broader Shakeup

By Cory Weinberg · Jul 15, 2020 5:19pm PDT

Greg Greeley, Airbnb’s president of homes and one of the the travel site’s highest-ranking executives, is leaving the company, part of a broader shakeup of Airbnb’s executive team.The former Amazon Prime executive was brought in two years ago to stabilize Airbnb’s core business. The company informed employees about... Greg Greeley, Airbnb’s president of homes and one of the the travel site’s...

Udemy CEO Greg Coccari. Photo: Udemy

Online Education Company Udemy Seeks Funding at $3 Billion Valuation

By Kate Clark · Jul 15, 2020 12:17pm PDT

Udemy, one of the most highly valued education technology companies, is taking advantage of the unusually bright spotlight on online learning to raise more money. At a moment when the coronavirus outbreak is prompting more people to experiment with virtual learning, San Francisco–based Udemy is seeking new funding at a valuation of $3... Udemy, one of the most highly valued education technology companies, is taking advantage of the...

ByteDance founder Zhang Yiming. Photo by Bloomberg

ByteDance Plans to Double Down on China Expansion While TikTok Sale Possible

By Yunan Zhang, Shai Oster and Juro Osawa · Jul 15, 2020 9:40am PDT

ByteDance founder Zhang Yiming. Photo by Bloomberg

ByteDance Plans to Double Down on China Expansion While TikTok Sale Possible

By Yunan Zhang, Shai Oster and Juro Osawa · Jul 15, 2020 9:40am PDT

Facing the threat of a U.S. ban on TikTok, the app’s Chinese owner, ByteDance, has told some investors that it plans to focus more on growth in its home market by expanding into new sectors and trying to develop another hit app, says a ByteDance investor.Even as ByteDance has faced growing international pressure on TikTok, its Chinese... Facing the threat of a U.S. ban on TikTok, the app’s Chinese owner, ByteDance, has told...

Art by Sam Lessin

Modest Proposals

The Escalating War Between Our Physical and Digital Realities

By Sam Lessin · Jul 15, 2020 7:01am PDT · 6 comments

Is the destiny of the internet to become an integrated extension of the physical world, a separate parallel universe, or to supplant and subsume the real world of today? This question, which has been abstractly rattling around science fiction for decades, is so far unresolved. It feels clear now, though, that after a long period of peace, the... Is the destiny of the internet to become an integrated extension of the physical world, a...

Europe's competition commissioner Margrethe Vestager. Photo by Bloomberg

Europe’s Regulatory Traffic Jam: The Information’s Tech Briefing

By Martin Peers · Jul 14, 2020 5:31pm PDT

European regulators seem to be caught in a traffic jam of cases against big U.S. tech companies. It’s a situation we could easily see develop in the U.S. in the not-too-distant future, an interesting wrinkle that is likely to work to some companies’ advantage.The logjam in Europe has emerged in recent days as we have been waiting to... European regulators seem to be caught in a traffic jam of cases against big U.S. tech companies....

Image by Shutterstock

TikTok Agreed to Buy More Than $800 Million in Cloud Services From Google

By Kevin McLaughlin and Amir Efrati · Jul 14, 2020 1:12pm PDT

For years, Google Cloud has languished in third place in the cloud computing market, with fewer marquee customers to boast of than rivals Amazon Web Services and Microsoft. Last week, though, word surfaced of a buzzy new customer for Google Cloud—TikTok, the app for sharing short videos that is the year’s runaway social media... For years, Google Cloud has languished in third place in the cloud computing market, with fewer...

Jonah Peretti. Art by Mike Sullivan

BuzzFeed’s Peretti on How Pandemic Squashed 2020 Profit Hopes

By Jessica Toonkel · Jul 14, 2020 7:01am PDT · 1 comment

Jonah Peretti. Art by Mike Sullivan

Q&A

BuzzFeed’s Peretti on How Pandemic Squashed 2020 Profit Hopes

By Jessica Toonkel · Jul 14, 2020 7:01am PDT · 1 comment

At the height of the coronavirus pandemic a few months ago, advertisers owed BuzzFeed around $100 million in payments from the fourth quarter, almost one-third of the company’s revenue for last year. CEO Jonah Peretti was worried that with the businesses grinding to a halt and many companies suspending advertising, BuzzFeed wouldn’t... At the height of the coronavirus pandemic a few months ago, advertisers owed BuzzFeed around $100...