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

President Trump. Photo by Bloomberg

Twitter’s Trump Ban: The Information’s Tech Briefing

By Martin Peers · Jan 8, 2021 5:31pm PST · 1 comment

Big tech took two daring steps today to deal with Trump and right-wing misinformation—Twitter banned Donald Trump’s account permanently, including deleting all his past tweets. That’s a ground-shaking move in itself. Separately, BuzzFeed reported that Apple has threatened to ban Parler, the social media site popular with... Big tech took two daring steps today to deal with Trump and right-wing...

The Information’s 411 — Googlers of the World, Unite!

By Tom Dotan · Jan 8, 2021 2:56pm PST

Following the announcement of the new employee union at Google parent Alphabet, we look at what’s behind the recent labor activism in the tech industry, and talk to some of the people behind the organizing efforts. Plus, Cory talks to Alex about the fallout for social media companies following President Trump's incitement of the mob... Following the announcement of the new employee union at Google parent Alphabet, we look at...

AWS CEO Andy Jassy and WarnerMedia CEO Jason Kilar. Photos by Bloomberg

WarnerMedia Extended AWS Deal to Win Key HBO Max Concession

By Jessica Toonkel · Jan 8, 2021 9:54am PST · 5 comments

For six months after WarnerMedia launched HBO Max, the growth of the high-profile new streaming service suffered because the company couldn’t reach deals to distribute the service on popular streaming devices, including those made by Amazon. The impasse was so paralyzing that John Stankey—CEO of WarnerMedia’s parent company,... For six months after WarnerMedia launched HBO Max, the growth of the high-profile new streaming...

BuzzFeed CEO Jonah Peretti. Photo by Bloomberg

BuzzFeed Has Held Discussions With Rascoff’s SPAC

By Ross Matican and Jessica Toonkel · Jan 8, 2021 6:00am PST

BuzzFeed CEO Jonah Peretti. Photo by Bloomberg

BuzzFeed Has Held Discussions With Rascoff’s SPAC

By Ross Matican and Jessica Toonkel · Jan 8, 2021 6:00am PST

BuzzFeed has held discussions with at least one special purpose acquisition company, Spencer Rascoff’s Supernova Partners Acquisition Co., in a sign that it is actively exploring going public, say people familiar with the situation. BuzzFeed’s interest comes as Group Nine Media has launched its own SPAC to raise $200 million for... BuzzFeed has held discussions with at least one special purpose acquisition company, Spencer...

Trump speaking to protesters on Wednesday before the riot. Photo by Bloomberg

Social Media’s Fuzzy Line in the Sand: The Information’s Tech Briefing

By Martin Peers · Jan 7, 2021 5:01pm PST

Facebook’s decision to ban Trump for at least the next two weeks got a lot of airplay today, as the most decisive action yet by the social network to deal with disinformation from the president. But it’s doubtful this constitutes any major sea change in Facebook’s historically hands-off approach to dealing with toxic speech. ... Facebook’s decision to ban Trump for at least the next two weeks got a lot of airplay...

President-elect Joe Biden campaigned in Atlanta on Monday with then-Senate candidates Raphael Warnock, center, and Jon Ossoff, left. Photo: AP

Big Tech, Already in the Hot Seat, Faces New Threats From Democratic Senate

By Christopher Stern · Jan 7, 2021 3:59pm PST

Silicon Valley’s tech titans, under siege by federal regulators and lawmakers seeking to rein in their influence, are expected to face forceful new challenges to their power as the Democrats assume control of the White House and both houses of Congress. High on the Democrats’ agenda, policy experts said, are changes to antitrust law... Silicon Valley’s tech titans, under siege by federal regulators and lawmakers seeking to...

Hipcamp campers at a site in Maryland last year. Photo: AP

Hipcamp, ‘Airbnb of the Outdoors,’ Raises $57 Million

By Cory Weinberg · Jan 7, 2021 9:45am PST · 1 comment

Hipcamp, a VC-backed startup that offers people places to stay or pitch a tent in rural areas, closed a $57 million funding round that values it at more than $300 million, according to financial filings, more than double the valuation of its last major financing in 2019. New investors in the round include Index Ventures and Mary Meeker’s... Hipcamp, a VC-backed startup that offers people places to stay or pitch a tent in rural areas,...

Syndio CEO Maria Colacurcio. Photo provided by Syndio

Pay Equity Startup Raises $17.1 Million in Round Led by Bessemer

By Nick Wingfield · Jan 7, 2021 8:46am PST · 1 comment

Syndio CEO Maria Colacurcio. Photo provided by Syndio

Pay Equity Startup Raises $17.1 Million in Round Led by Bessemer

By Nick Wingfield · Jan 7, 2021 8:46am PST · 1 comment

Most subscription software companies aren’t at the white-hot center of social justice movements, but one that is—Syndio—has seen a surge in corporate customers, including Coinbase. Syndio’s product identifies employee pay disparities based on gender, race and ethnicity. Now Syndio is taking advantage of the growth in its... Most subscription software companies aren’t at the white-hot center of social justice...

Chris Britt. Photo courtesy of Chime.

The Big Interview

How $14.5 Billion Chime Proved Silicon Valley Investors Wrong

By Kate Clark · Jan 7, 2021 6:02am PST · 8 comments

Chime co-founders Chris Britt and Ryan King pitched more than 200 investors in Silicon Valley during the banking startup’s first four years. Nearly every firm passed on it. “It was a little bit of a rocky road just trying to get our footing,” said Britt. The eight-year-old startup, which provides fee-free debit cards for... Chime co-founders Chris Britt and Ryan King pitched more than 200 investors in Silicon Valley...

Guards at the U.S. capitol try to stop pro-Trump mob from entering a joint session of Congress on Wednesday. Credit: Bloomberg

After Capitol Violence, Some Facebook Employees Call For Ban of Trump

By Alex Heath · Jan 6, 2021 6:07pm PST

Facebook temporarily blocked President Donald Trump from posting on the site after dozens of the company’s employees asked CEO Mark Zuckerberg to suspend or ban his account. Trump had falsely claimed in a video post on Wednesday that the election was “stolen” and praised rioters who had earlier stormed the U.S. Capitol. For an... Facebook temporarily blocked President Donald Trump from posting on the site after dozens of the...

Protesters storming the Capitol building. Photo by AP

Tech Stocks Sell Off: The Information’s Tech Briefing

By Martin Peers · Jan 6, 2021 5:02pm PST · 2 comments

It says a lot about Wall Street’s ability to compartmentalize that even as a mob of Trump loyalists stormed the Capitol in what looked like a scene from the French Revolution, stocks only dipped slightly during what was otherwise a big rally. Investors typically trade based on future expectations, not what is happening today. The bet... It says a lot about Wall Street’s ability to compartmentalize that even as a mob of Trump...

A Grab taxi. Photo by Bloomberg.

Grab’s Fintech Unit Raises $300 Million As Asia’s Tech Wars Intensify

By Juro Osawa · Jan 6, 2021 6:53am PST

A Grab taxi. Photo by Bloomberg.

Grab’s Fintech Unit Raises $300 Million As Asia’s Tech Wars Intensify

By Juro Osawa · Jan 6, 2021 6:53am PST

Grab, the Southeast Asian $15 billion ride-hailing and food-delivery giant backed by SoftBank and Uber, is accelerating its expansion into financial services with a new fundraising by its fintech subsidiary. Grab is betting on growing demand from the regions’ rising class of merchants and consumers. The unit, Grab Financial Group, has... Grab, the Southeast Asian $15 billion ride-hailing and food-delivery giant backed by SoftBank and...

A demonstrator protesting outside Amazon's headquarters in Seattle in November. Photo by Bloomberg

Alphabet Union Sparks Interest From Workers Across Tech in Organizing

By Tom Dotan · Jan 6, 2021 6:00am PST

A new labor union of Alphabet employees is already sending ripples across the tech industry, even though it may represent only a small portion of the company’s workers. Labor activists and union representatives say the Monday announcement of the Alphabet union—which more than 200 employees at Google’s parent company... A new labor union of Alphabet employees is already sending ripples across the tech industry, even...

Two time CEO Eric Schmidt. Photo by Bloomberg.

CEO Experience Isn’t as Valuable as Believed: The Information’s Tech Briefing

By Martin Peers · Jan 5, 2021 5:31pm PST

A study reported by Harvard Business Review found that people who serve as CEOs of more than one company perform worse the second time around than chief executives without prior experience in the top job. It’s one data point that should help fuel a more diverse CEO cohort, by pushing back against the idea that experience as CEO is an... A study reported by Harvard Business Review found that people who serve as CEOs of more than one...

Hinge Health co-founders Daniel Perez (left) and Gabriel Mecklenburg. Photo courtesy of Hinge Health

Hinge Health Valued at $3 Billion by Tiger Global, Coatue

By Kate Clark · Jan 5, 2021 3:27pm PST · 3 comments

Hinge Health, which sells virtual physical therapy sessions for customers with back and joint pain, has raised a financing round led jointly by Coatue Management and Tiger Global Management at a valuation of $3 billion, or seven times its last financing in April, according to two people familiar with the matter. The San Francisco–based... Hinge Health, which sells virtual physical therapy sessions for customers with back and joint...

Cameo CEO Steven Galanis. Photo: Courtesy of Cameo

Cameo to Seek Funding as CEO Eyes Expansion

By Alex Heath · Jan 5, 2021 9:01am PST

Cameo CEO Steven Galanis. Photo: Courtesy of Cameo

Cameo to Seek Funding as CEO Eyes Expansion

By Alex Heath · Jan 5, 2021 9:01am PST

Cameo, a service that lets fans pay celebrities to create personalized video messages, plans to raise more venture capital in the coming months and potentially buy smaller tech startups, according to CEO Steven Galanis. The four-year-old startup, last valued at $300 million, also plans to introduce new money-making features such as subscriptions... Cameo, a service that lets fans pay celebrities to create personalized video messages, plans to...

Yubico CEO Stina Ehrensvärd. Photo provided by Yubico

Q&A

How a Google Deal Put a Small Security Company on the Map

By Kevin McLaughlin · Jan 5, 2021 6:36am PST · 3 comments

A little over a decade ago, Yubico was an obscure security company founded in Sweden, with only five full-time employees. Then Google came along and signed up to use Yubico’s product—a tiny hardware doodad that acts as physical security key when plugged into the USB port on a PC—to protect its employees. That... A little over a decade ago, Yubico was an obscure security company founded in Sweden, with only...

Google workers protesting in a 2018 walkout over how the company handled sexual harassment allegations against a senior executive. Photo by Bloomberg

Alphabet Workers Form Union: The Information’s Tech Briefing

By Martin Peers · Jan 4, 2021 5:01pm PST · 1 comment

Tech workers of the world unite! That could be the slogan for the new Alphabet Workers Union, which was announced Monday by the union’s leaders in an opinion piece in the New York Times. It’s an update on a famous version of a line from the Communist Manifesto, which, judging by the opinion piece, would be appropriate. In their... Tech workers of the world unite! That could be the slogan for the new Alphabet Workers Union,...

An NFL game over the weekend. The NFL is vital for traditional TV. Photo by AP

Predictions 2021

Why TV Advertising Won’t Recover What It Lost in 2020

By Tom Dotan · Jan 4, 2021 9:01am PST · 3 comments

One of the biggest casualties of the pandemic was television advertising, as big marketers shifted money from TV commercials to social media apps like Snap and Facebook. But even assuming the pandemic ends this year with widespread vaccination, I predict TV advertising in 2021 won’t regain all it lost. In fact, the pandemic will end up... One of the biggest casualties of the pandemic was television advertising, as big marketers...

Art by Jesse Howe

The Information’s Tech IPO Lockup Calendar

By Ross Matican · Jan 4, 2021 6:01am PST · 2 comments

Art by Jesse Howe

The Information’s Tech IPO Lockup Calendar

By Ross Matican · Jan 4, 2021 6:01am PST · 2 comments

The past few months have seen many tech initial public offerings rocket on their opening day and in subsequent weeks. The big question over the next few months will be whether those sterling performances will be maintained after the expiration of lockup restrictions on the sale of shares held by early investors and employees. Those lockups can... The past few months have seen many tech initial public offerings rocket on their opening day and...