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

Get smarter about the day’s news in tech, media and finance by following Silicon Valley’s most-read executive newsletter.

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Recent Editions

The Information’s 411 — Dark Side of the Loon

By Tom Dotan · Nov 20, 2020 1:22pm PST · 2 comments

Alex talks about the tensions inside Facebook over how to deal with misleading posts from political leaders. Cory gets the inside story from Nick Bastone about struggles at Alphabet's Loon, the experimental company that has tried to bring internet connectivity to rural areas. Alex talks about the tensions inside Facebook over how to deal with misleading posts from...

A lidar sensor made by Hesai on an experimental self driving car in San Francisco last year. Photo by AP

Chinese Self-Driving Startups Plus and Hesai Considering Going Public

By Yunan Zhang · Nov 20, 2020 12:30pm PST

High-profile Chinese autonomous driving tech startups are getting ready to go public, tempted by special purpose acquisition companies and heady valuations on Wall Street and in China’s own booming domestic stock markets. Autonomous trucking startups Plus and TuSimple, as well as lidar sensor maker Hesai Technology, are considering... High-profile Chinese autonomous driving tech startups are getting ready to go public, tempted by...

Art by Mike Sullivan

Airbnb’s Chesky Takes Far Lower Salary Than Most Tech CEOs at IPO

By Martin Peers · Nov 20, 2020 9:02am PST

Airbnb has distinguished itself on a number of grounds, including the innovative nature of its business model and its ability to turn a profit, at least for a period of time. But it also stands out for how little money its CEO earns, at least in terms of his salary. The travel firm’s initial public offering filing revealed that CEO Brian... Airbnb has distinguished itself on a number of grounds, including the innovative nature of its...

Microsoft's Xbox Series X and S consoles. Photo by Microsoft

Microsoft’s New Weapon in Console Wars: a ‘Netflix for Games’

By Nick Wingfield · Nov 20, 2020 6:02am PST · 5 comments

Microsoft's Xbox Series X and S consoles. Photo by Microsoft

Microsoft’s New Weapon in Console Wars: a ‘Netflix for Games’

By Nick Wingfield · Nov 20, 2020 6:02am PST · 5 comments

Last week, Microsoft and Sony kicked off a new round of game console wars, releasing new machines likely to be among the most sought-after gifts this holiday season. And this round is particularly important for Microsoft, which needs to do better than it did in the last chapter of the games business. It’s fair to say that Sony left... Last week, Microsoft and Sony kicked off a new round of game console wars, releasing new machines...

BuzzFeed CEO Jonah Peretti. Photo by Bloomberg

BuzzFeed Snags HuffPo: The Information’s Tech Briefing

By Martin Peers · Nov 19, 2020 5:31pm PST

Consolidation in digital media took a small step forward today when BuzzFeed announced it will acquire HuffPost from Verizon. It’s an elegant combination from a historical perspective: Media investor Ken Lerer and BuzzFeed CEO Jonah Peretti were both involved in founding HuffPost 15 years ago. But whether the deal helps BuzzFeed amass more... Consolidation in digital media took a small step forward today when BuzzFeed announced it will...

A help wanted sign hangs on the door of a Target store in Uniontown, Pa. Photo: AP

Job Site Hired, Once Valued at $500 Million, Discusses Winding Down

By Zoë Bernard · Nov 19, 2020 2:26pm PST · 2 comments

Hired, a recruitment service for tech jobs, has started a process to sell assets, pay off creditors and wind down the company, according to people familiar with the plans and a document seen by The Information. The company’s chief financial officer, Edward Schaffer, told some shareholders last week that the board has been unsuccessfully... Hired, a recruitment service for tech jobs, has started a process to sell assets, pay off...

Traders on the floor of the New York Stock Exchange. Photo by Bloomberg

Airbnb’s IPO Signals That Rigid Lockup Rules Are on the Way Out

By Ross Matican · Nov 19, 2020 6:01am PST · 1 comment

When Airbnb filed to go public on Monday, its IPO prospectus contained a provision that until recently wasn’t common for public offerings: Its employees will be allowed to sell up to 15% of their shares within the first week of trading in December. And they’ll be able to sell even more shares if Airbnb’s stock price trades at a... When Airbnb filed to go public on Monday, its IPO prospectus contained a provision that until...

Apple CEO Tim Cook. Photo by Bloomberg

Apple’s Tax Cut: The Information’s Tech Briefing

By Martin Peers · Nov 18, 2020 5:31pm PST · 1 comment

Apple CEO Tim Cook. Photo by Bloomberg

Apple’s Tax Cut: The Information’s Tech Briefing

By Martin Peers · Nov 18, 2020 5:31pm PST · 1 comment

Apple is cutting taxes! Well, at least it’s cutting the infamous “Apple tax,” the commission it charges app developers on money they make through the App Store. In future, developers earning less than a million dollars in proceeds will only pay 15% of the money as a commission, half of what they typically pay now. In its... Apple is cutting taxes! Well, at least it’s cutting the infamous “Apple tax,”...

Mike Sullivan

Facing Antitrust Probes, Google and Facebook Avoid Big M&A Deals

By Laura Mandaro and Nick Bastone · Nov 18, 2020 9:02am PST

Tech M&A roared back in the second half of this year, highlighted by multibillion-dollar deals that promise to reshape competition in semiconductors, delivery apps and digital health. Yet for some of the largest tech companies, major acquisitions were scarce. As authorities in the U.S. and elsewhere stepped up antitrust investigations this... Tech M&A roared back in the second half of this year, highlighted by multibillion-dollar...

Art by Mike Sullivan

As Cloud Adoption Booms, Integration and Talent Remain Challenges

By The Information Staff · Nov 18, 2020 8:00am PST

Cloud computing used to be a trend big tech companies talked about on their earnings calls, and business executives rolled their eyes at. Now, it is part of the fabric of every major—and minor business. And the transformation that cloud technologies are going to bring about for businesses, and ultimately consumers, is major and just... Cloud computing used to be a trend big tech companies talked about on their earnings calls, and...

The Loon team's Autolauncher. Photo by Loon

Alphabet’s Internet Balloon Subsidiary ‘Loon’ Hit Financing Turbulence

By Nick Bastone · Nov 18, 2020 6:02am PST · 3 comments

Doubts are growing about one of the first and most high-profile efforts by Google owner Alphabet to show that it can be more than an advertising cash machine. Loon, a decadelong project to provide internet to rural areas and islands around the world using high-altitude helium balloons, earned the company years of fawning coverage in the press... Doubts are growing about one of the first and most high-profile efforts by Google owner Alphabet...

Alibaba founder Jack Ma. Photo by Bloomberg

Jack Ma’s Investment Firm Raises $3 Billion as Foreign Capital Chases China

By Juro Osawa and Yunan Zhang · Nov 17, 2020 7:20pm PST

Alibaba founder Jack Ma. Photo by Bloomberg

Jack Ma’s Investment Firm Raises $3 Billion as Foreign Capital Chases China

By Juro Osawa and Yunan Zhang · Nov 17, 2020 7:20pm PST

As China’s economy recovers from Covid-19, the country’s top-tier private equity and VC firms are raising billions of dollars for their new tech-focused funds from investors around the world. Yunfeng Capital, a Chinese private equity firm co-founded by Alibaba founder Jack Ma that also is a major shareholder of financial services... As China’s economy recovers from Covid-19, the country’s top-tier private equity and...

Facebook CEO Mark Zuckerberg appearing at the Judiciary Committee hearing today. Photo by Bloomberg.

Senators Grill Tech CEOs Again: The Information’s Tech Briefing

By Martin Peers · Nov 17, 2020 5:34pm PST

Another day, another congressional hearing for tech CEOs. Facebook CEO Mark Zuckerberg and Twitter CEO Jack Dorsey (complete with that beard) were at it again, appearing before a congressional committee on Tuesday to discuss Section 230 of the Communications Decency Act—the law that gives internet platforms immunity from liability for what... Another day, another congressional hearing for tech CEOs. Facebook CEO Mark Zuckerberg and...

A Domio promotional photo from 2019. Photo via Business Wire

Rental Startup Domio Faces Likely Shut Down After Failing to Raise Funds

By Paris Martineau · Nov 17, 2020 12:26pm PST · 4 comments

Domio, a short-term rental startup founded in 2016, has laid off most of its staff, is looking to sell its assets and could shut down, according to two investors in the company and documents viewed by The Information. After failing in an effort to raise at least $10 million in capital, the company laid off the majority of its employees earlier... Domio, a short-term rental startup founded in 2016, has laid off most of its staff, is looking to...

Tim Stokely. Photo by OnlyFans.

Q&A

OnlyFans Chief Talks Sports Ambitions and Role of Adult Content in Site

By Tom Dotan · Nov 17, 2020 9:02am PST · 4 comments

One of the buzziest companies in tech today, OnlyFans, is about as far from a typical startup as is possible. OnlyFans has no outside investors, is already profitable and isn’t looking to raise money, according to its founder, British entrepreneur Tim Stokely. OnlyFans is a subscription social media site that lets fans pay to get exclusive... One of the buzziest companies in tech today, OnlyFans, is about as far from a typical startup as...

Marco Argenti of Goldman Sachs. Photo provided by Goldman Sachs

Goldman Sachs Goes on AWS Hiring Binge to Boost AI, Cloud Efforts

By Kevin McLaughlin · Nov 17, 2020 6:00am PST · 1 comment

Marco Argenti of Goldman Sachs. Photo provided by Goldman Sachs

Goldman Sachs Goes on AWS Hiring Binge to Boost AI, Cloud Efforts

By Kevin McLaughlin · Nov 17, 2020 6:00am PST · 1 comment

A little over a year ago, Marco Argenti, a top engineering executive at Amazon Web Services, left the cloud computing arm of the internet retail giant to join Goldman Sachs as co–chief information officer. He brought with him some of the quirky practices he learned at Amazon—and, over time, more than a half-dozen Amazon colleagues... A little over a year ago, Marco Argenti, a top engineering executive at Amazon Web Services, left...

Airbnb CEO Brian Chesky. Photo by Bloomberg

Airbnb Unveils IPO Filing: The Information’s Tech Briefing

By Martin Peers · Nov 16, 2020 5:32pm PST

Airbnb disclosed its IPO paperwork Monday afternoon, setting up what should be a fascinating comparison, in a few weeks’ time, between the public offerings of the travel firm and DoorDash. Investors will get to choose between one company whose business was slammed by the Covid-19 pandemic, and another that enjoyed a bonanza. The former, of... Airbnb disclosed its IPO paperwork Monday afternoon, setting up what should be a fascinating...

Photo of Mark Zuckerberg by Bloomberg. Illustration by Mike Sullivan

Facebook Rejected Employee Push to Throttle Misleading Political Posts

By Alex Heath · Nov 16, 2020 4:37pm PST · 3 comments

On Nov. 3, Facebook added an advisory under a post from President Donald Trump that included the unfounded claim that his opponents were trying to “steal the election.” Followers of Trump shared the post 26,000 times as he made his Facebook account a key part of his arsenal in raising doubts about the outcome of U.S. elections. ... On Nov. 3, Facebook added an advisory under a post from President Donald Trump that included the...

Airbnb CEO Brian Chesky. Photo: Bloomberg

Airbnb to Show Profit Improvement in Q3

By Cory Weinberg · Nov 16, 2020 12:18pm PST

A key measure of Airbnb’s profit rose by about two-thirds in the third quarter compared with the same period a year earlier, in a sign the travel rental site has controlled costs amid the pandemic-induced squeeze. The company’s operating profit before depreciation, amortization and stock compensation expenses rose to about $500... A key measure of Airbnb’s profit rose by about two-thirds in the third quarter compared...

Underperforming Tech IPOs Are On the Rise

By Ross Matican · Nov 16, 2020 6:02am PST · 2 comments

Underperforming Tech IPOs Are On the Rise

By Ross Matican · Nov 16, 2020 6:02am PST · 2 comments

The number of dud initial public offerings coming out of the tech industry is on the rise. Amid the flurry of tech companies making their public debut this year, a higher number than in the previous two years have quickly traded below the offering price, data from Dealogic shows. That includes companies such as cloud computing firm Rackspace... The number of dud initial public offerings coming out of the tech industry is on the rise. Amid...