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

Silicon Valley’s Hypocrisy Over Elizabeth Holmes

By Jessica Lessin · Sep 4, 2021 7:45am PDT · 8 comments

Theranos founder Elizabeth Holmes is back in the news in Silicon Valley. The jury in her forthcoming trial, in which she stands accused of defrauding investors and the public about the company’s blood tests, was selected this week. The trial starts next week and will last a few months. I was thinking about Holmes this week as I was... Theranos founder Elizabeth Holmes is back in the news in Silicon Valley. The jury in her...

Jeff Bezos, center, after his space flight in July. Photo by AP

The Best and Worst of the Summer's Tech Stories

By Martin Peers · Sep 3, 2021 5:00pm PDT

With Labor Day upon us, summer is effectively over. And with news today thin on the ground, this seems an appropriate moment to review the highs and lows of the summer in tech business. So without further ado, here are The Briefing’s awards for the most distinctive tech business stories of the past three months:Worst Boys-and-Their-Toys Moment:... With Labor Day upon us, summer is effectively over. And with news today thin on the ground, this...

Payments Startups Edge Out Shopify Rivals in VC Sweepstakes

By Malique Morris · Sep 3, 2021 9:37am PDT · 2 comments

Spurred by record levels of online shopping, investors have rushed to back e-commerce software companies this year. As they did so, they shifted their bets to startups that process digital payments and power online checkout, such as Klarna and Rapyd. Investment in e-commerce software companies—a group that includes firms working behind the... Spurred by record levels of online shopping, investors have rushed to back e-commerce software...

Photo of Agnes Chu by AP. Art by Mike Sullivan

Agnes Chu Tries to Bring Some Disney to Condé Nast. It’ll Be a Challenge.

By Sahil Patel and Mark Di Stefano · Sep 3, 2021 6:01am PDT

Photo of Agnes Chu by AP. Art by Mike Sullivan

Agnes Chu Tries to Bring Some Disney to Condé Nast. It’ll Be a Challenge.

By Sahil Patel and Mark Di Stefano · Sep 3, 2021 6:01am PDT

A year ago, executives at Condé Nast turned some heads when they hired Agnes Chu, a rising star who helped launch the Disney+ streaming service, to bring some entertainment mojo to magazine brands including The New Yorker, Vogue and Vanity Fair. The idea was to develop more films and long-form shows and documentaries that the company... A year ago, executives at Condé Nast turned some heads when they hired Agnes Chu, a rising...

Apple's Fellow Phil Schiller, who oversees the App Store. Photo by Bloomberg.

Apple’s Already-Arbitrary App Store Rules Just Became More Complex

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

Law schools may want to start introducing a new program to train lawyers in interpreting Apple’s App Store rules. The company’s latest changes, introduced to settle a Japanese antitrust investigation, add a layer of complexity to already-opaque rules. The rules have long had an element of arbitrariness, treating developers differently, as The... Law schools may want to start introducing a new program to train lawyers in interpreting Apple’s...

Andreessen Horowitz attorney Miles Jennings. Photo by Andreessen Horowitz

A16z’s New Crypto Hire; Another Blow for Binance

By Hannah Miller · Sep 2, 2021 3:24pm PDT

Andreessen Horowitz’s cryptocurrency group became the latest to beef up its regulatory expertise. The VC firm named Miles Jennings, previously a partner at law firm Latham & Watkins, as general counsel of its crypto team, citing his experience with crypto startups and regulators. Adding new talent with extensive legal knowledge... Andreessen Horowitz’s cryptocurrency group became the latest to beef up its regulatory expertise....

Clubhouse host and comedian Leah Lamarr. Photo: Andrew Max Levy

Creator Economy

Where Apple Could Loosen App Store Rules Next; Clubhouse’s New Icon

By Kaya Yurieff · Sep 2, 2021 2:20pm PDT

Earlier this week we quoted a creator-economy startup founder who predicted Apple would keep chipping away at its rules on in-app payments to make it easier to bypass the company’s 30% fees on digital purchases. That forecast is coming true more quickly than we expected. Late Wednesday, the iPhone maker said it would allow reader apps, such... Earlier this week we quoted a creator-economy startup founder who predicted Apple would keep...

Apple CEO Tim Cook. Photo by Bloomberg.

How Apple Could Get an Edge in AR/VR with a Tethered Headset

By Mathew Olson · Sep 2, 2021 11:00am PDT · 2 comments

Apple CEO Tim Cook. Photo by Bloomberg.

How Apple Could Get an Edge in AR/VR with a Tethered Headset

By Mathew Olson · Sep 2, 2021 11:00am PDT · 2 comments

News reported earlier today by my colleague Wayne Ma that Apple’s forthcoming mixed reality headset won’t be a purely standalone device is a big deal. It might not be obvious, but this implicitly gives Apple an edge over rivals like Facebook, allowing Apple to offer a more capable headset.As Wayne’s story says, the headset’s main chip will be... News reported earlier today by my colleague Wayne Ma that Apple’s forthcoming mixed reality...

Apple's campus. Photo by Bloomberg

Apple’s AR/VR Headset Will Need Connection to Other Device Such as iPhone

By Wayne Ma · Sep 2, 2021 9:08am PDT · 1 comment

New details of the custom chips designed by Apple for its forthcoming virtual reality and augmented reality headset indicate it will need to be wirelessly tethered to a phone or a similar device for the most advanced features, just as early versions of the Apple Watch required users to carry their iPhone with them. Apple completed work last year... New details of the custom chips designed by Apple for its forthcoming virtual reality and...

Photo of Katrina Lake (left) by Bloomberg; photo of Elizabeth Spaulding (right) by Stitch Fix; art by Mike Sullivan.

At Stitch Fix, Stylists and Algorithms Face Off

By Malique Morris · Sep 2, 2021 6:01am PDT · 7 comments

Last May, a Stitch Fix customer visited a section of the internet apparel retailer’s site called Complete Your Looks, where algorithms are supposed to recommend sweaters, shirts and other items that complement clothing the customer has bought in the past. On this visit, though, Stitch Fix didn’t offer any recommendations, a glitch... Last May, a Stitch Fix customer visited a section of the internet apparel retailer’s site...

Jeff Bezos. Photo by Bloomberg

Bezos’ New Growth Tactic is Filing Lawsuits

By Martin Peers · Sep 1, 2021 5:02pm PDT · 1 comment

Elon Musk joked on Twitter today that “filing legal actions against SpaceX” is Jeff Bezos’ “full time job.” Musk has a point. For all of Bezos’ talk about never forgetting the Day One principles of a startup, growing by a relentless focus on customers, it’s surprising how often his companies—Amazon and Blue Origin—have lately relied on legal... Elon Musk joked on Twitter today that “filing legal actions against SpaceX” is Jeff Bezos’ “full...

The Next Creator Economy Unicorns

By Kaya Yurieff · Sep 1, 2021 4:02pm PDT · 2 comments

Creator Economy

The Next Creator Economy Unicorns

By Kaya Yurieff · Sep 1, 2021 4:02pm PDT · 2 comments

Our latest chart looks at the creator economy startups that have achieved unicorn status, according to our database of companies in this sector. The list is quite varied. While two focus on creator- or celebrity-run online courses (Kajabi, MasterClass), the others offer very different products, such as Patreon’s membership platform or Cameo... Our latest chart looks at the creator economy startups that have achieved unicorn status,...

Changpeng Zhao, CEO and founder of Binance. Photo by Bloomberg

Binance’s CZ On U.S. IPO, CEO Hiring and His Own Retirement

By Hannah Miller · Sep 1, 2021 3:40pm PDT

Stock traders eager to get in on the crypto boom may soon have choices beyond Coinbase shares. That was one of my takeaways from interviewing Changpeng Zhao, CEO and founder of Binance, who gave exclusive details on a planned initial public offering for Binance.US, his company’s U.S. affiliate. (You can read the full Q&A here). ... Stock traders eager to get in on the crypto boom may soon have choices beyond Coinbase shares....

Zhao Changpeng, CEO of Binance. Photo by Bloomberg

Q&A

Binance Founder Says U.S. Crypto Exchange Targets IPO In Three Years

By Hannah Miller · Sep 1, 2021 2:56pm PDT · 2 comments

Binance, the world’s largest cryptocurrency exchange, has run into a stream of regulatory and legal problems. But founder and CEO Changpeng Zhao is confident that the exchange can overcome these recent setbacks—and that its affiliate in the U.S. will move toward a public listing there. Binance.US is set to close on a large private... Binance, the world’s largest cryptocurrency exchange, has run into a stream of regulatory...

A screenshot from Beat Saber, the popular Facebook-owned VR rhythm game. Credit: Beat Games.

Examining Facebook’s Big Beat Saber Business

By Mathew Olson · Sep 1, 2021 11:00am PDT

In late 2019, Facebook made its first VR studio acquisition by snapping up the Prague-based team Beat Games, makers of the rhythm game Beat Saber. Of all the VR game makers Facebook has acquired, this likely was the best deal: in February, Facebook announced that Beat Saber has sold over 4 million copies across all platforms and also generated... In late 2019, Facebook made its first VR studio acquisition by snapping up the Prague-based team...

Announcing The Information’s 2022 Editorial Fellowship

Announcing The Information’s 2022 Editorial Fellowship

By Jessica Lessin · Sep 1, 2021 8:17am PDT

Announcing The Information’s 2022 Editorial Fellowship

Announcing The Information’s 2022 Editorial Fellowship

By Jessica Lessin · Sep 1, 2021 8:17am PDT

The Information is opening applications for the 2022 Editorial Fellowship. This is a three to six-month program for journalists early in their career to develop their reporting skills by joining a team of award-winning journalists and editors passionate about covering the tech industry and how it is changing society. The Information is an online... The Information is opening applications for the 2022 Editorial Fellowship. This is a three to...

Illustration by Mike Sullivan

Be Like Thiel: How Affluent Tech Workers Mimic the Tax Tricks of the Mega-Rich

By Sarah Krouse · Sep 1, 2021 6:01am PDT · 4 comments

Billionaire Peter Thiel turned heads when it was revealed that he had used a retirement account intended for the middle class to shelter some $5 billion in savings that grew from his investments in PayPal shares purchased at a discount. But similar tax-sheltering techniques have become commonplace among a less rarefied group of Silicon Valley... Billionaire Peter Thiel turned heads when it was revealed that he had used a retirement account...

An Allbirds store in San Francisco. Photo by Bloomberg

AllBirds and Warby Parker Pose Test of Investor Appetite for Consumer Brands

By Martin Peers · Aug 31, 2021 5:00pm PDT

Allbirds’ IPO filing today, a week after Warby Parker filed to go public, means that we’re going to have two big consumer brand names hitting the public market in the last few months of the year. It will be something of a parallel to the end of 2020, when shares of DoorDash and Airbnb began trading on Wall Street. Not that investors are likely... Allbirds’ IPO filing today, a week after Warby Parker filed to go public, means that we’re going...

Photo credit: Mike Sullivan

Creator Economy

Why Creator Boycotts Are Spreading; Amazon Starts Social Audio

By Kaya Yurieff · Aug 31, 2021 4:00pm PDT · 1 comment

On Wednesday, some Twitch streamers plan to boycott the live-gaming service for a day in response to “hate raids,” where trolls flood chats with bots spewing harassing messages. People of color and streamers who are LGBTQ+ are often the targets. Emily Bello, who runs a video game live-streaming account on Twitch with her husband, told me... On Wednesday, some Twitch streamers plan to boycott the live-gaming service for a day in response...

Photo by Bloomberg

A Rival to Upwork, Fiverr Uses Blockchain to Slash Fees

By Hannah Miller · Aug 31, 2021 3:23pm PDT

Photo by Bloomberg

A Rival to Upwork, Fiverr Uses Blockchain to Slash Fees

By Hannah Miller · Aug 31, 2021 3:23pm PDT

Blockchain technology is mostly associated with creating and using cryptocurrencies. But a project called Braintrust uses the decentralized structure—controlled by users rather than a company—for something very different: finding work.Founded in 2018, Braintrust connects skilled tech freelancers with clients like Goldman Sachs, American Eagle... Blockchain technology is mostly associated with creating and using cryptocurrencies. But a...