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

Bolt CEO Ryan Breslow. Photo: Bolt

Online Checkout Startup Bolt Valued at $4 Billion

By Kate Clark and Malique Morris · Jul 20, 2021 3:22pm PDT · 5 comments

Bolt, a San Francisco-based startup that offers software for online shopping, is raising $333 million in Series D funding at a post-investment valuation of $4 billion, nearly five times its valuation in December, according to three people familiar with the matter. London-based venture firm Hedosophia is leading the round, said one of the people.... Bolt, a San Francisco-based startup that offers software for online shopping, is raising $333...

FTX’s New Clout; Elusive Bitcoin ETFs

By Hannah Miller · Jul 20, 2021 3:03pm PDT

Crypto exchange FTX’s blockbuster fundraising reveals a sharp contradiction within the cryptocurrency world. Even as bitcoin prices fall below $30,000 and speculation abounds that we’re in a crypto bubble, venture capital firms are convinced that this industry has real promise. The funding round is the largest in history for a crypto... Crypto exchange FTX’s blockbuster fundraising reveals a sharp contradiction within the...

Vice CEO Nancy Dubuc. Photo: Bloomberg

Vice Media’s SPAC Talks Stall

By Jessica Toonkel · Jul 20, 2021 11:07am PDT

Vice Media’s plan to go public by merging with a special purpose acquisition company has stalled as the company struggles to raise additional financing for the deal amid questions about Vice’s valuation, according to people familiar with the situation. In early discussions with SPACs such as one backed by 7GC & Co, Vice was... Vice Media’s plan to go public by merging with a special purpose acquisition company has...

A HaptX virtual reality glove designed to emulate realistic touch. Photo by HaptX

VR Glove Maker Expands its Reach

By Mathew Olson · Jul 20, 2021 11:00am PDT

A HaptX virtual reality glove designed to emulate realistic touch. Photo by HaptX

VR Glove Maker Expands its Reach

By Mathew Olson · Jul 20, 2021 11:00am PDT

On Tuesday morning, HaptX, a startup that specializes in creating haptic gloves for VR, announced a $12 million Series A-1 funding round with participation from Verizon Ventures, among others. It’s a promising sign of life for a part of the VR industry that has yet to make a real appeal to consumers despite questions some have about its... On Tuesday morning, HaptX, a startup that specializes in creating haptic gloves for VR, announced...

The People With Power at Disney’s Media Distribution Group

By Jessica Toonkel and Wayne Ma · Jul 20, 2021 6:00am PDT

Hulu, one of the pioneers of video streaming, has become a training ground for the entire industry as key executives flock to newer rival services. And that raises potential challenges for Disney’s own streaming ambitions. Since Walt Disney Co. took control of Hulu two years ago, a slew of key Hulu executives in engineering, marketing and... Hulu, one of the pioneers of video streaming, has become a training ground for the entire...

Zoom CEO Eric Yuan. Photo by Bloomberg

Zoom’s Five9 Deal Begs Question of What Comes Next

By Martin Peers · Jul 19, 2021 5:01pm PDT

Zoom Video kicked off its long-expected expansion, unveiling plans to acquire contact center software provider Five9 Inc. for $14.7 billion in stock. That gives Zoom a second business to complement its original videoconferencing service, which proved vital for companies and consumers during the pandemic. Contact center software, which helps... Zoom Video kicked off its long-expected expansion, unveiling plans to acquire contact center...

Rex Woodbury. Photo: Index Ventures

Creator Economy

Rebuild America’s Economy for ‘Solopreneurs,’ Says Index’s Woodbury

By Kaya Yurieff · Jul 19, 2021 4:00pm PDT

Rex Woodbury, a 27-year-old principal at venture capital firm Index Ventures in San Francisco, started out as an influencer in college, amassing 236,000 Instagram followers. Posts about his daily life led to deals for sponsored posts with BMW, Under Armour and Marriott. That experience laid the foundation for his work as an investor, where... Rex Woodbury, a 27-year-old principal at venture capital firm Index Ventures in San Francisco,...

Stablecoins Under Scrutiny; an Interview With Tezos’ Co-Founder

By Hannah Miller · Jul 19, 2021 3:05pm PDT

Stablecoins Under Scrutiny; an Interview With Tezos’ Co-Founder

By Hannah Miller · Jul 19, 2021 3:05pm PDT

Cryptocurrency once again demonstrated that it isn’t immune to global market jitters, as prices of bitcoin, ether and other digital assets fell alongside U.S. stocks Monday. The price of bitcoin sank some 3% to around $30,700.Bitcoin has long been portrayed as a hedge against uncertainty due to its scarcity, since its circulation is capped at 21... Cryptocurrency once again demonstrated that it isn’t immune to global market jitters, as prices...

A screenshot via YouTube from an Amazon video about employee Covid-19 testing.

Amazon to Stop Covid Testing in U.S. Warehouses

By Mark Di Stefano · Jul 19, 2021 2:20pm PDT · 1 comment

Amazon on Monday told employees that it will soon stop on-site Covid testing for its legions of warehouse workers, despite a surge of cases in parts of the United States. The company told employees in a note circulated to them through an internal company app that it will discontinue Covid-19 testing for them after July 30, according to an image... Amazon on Monday told employees that it will soon stop on-site Covid testing for its legions of...

A person wearing Campfire's AR/VR headset. Image by Campfire

Why AR and VR Still Struggle to Go Wireless

By Mathew Olson · Jul 19, 2021 11:02am PDT · 1 comment

A slew of recent AR and VR devices are hitting the market without cables, most notably Facebook’s Oculus Quest headsets. To fulfill the promise of all-day use, headsets and glasses need to be wireless eventually. But after seeing some of the new hardware coming later this year, it’s clear to me that the freedom of wireless may not be worth the... A slew of recent AR and VR devices are hitting the market without cables, most notably Facebook’s...

The Information’s Tech Pay Survey Shows Power Shift to Employees

By Sylvia Varnham O'Regan and Sarah Krouse · Jul 19, 2021 6:00am PDT · 3 comments

The technology-business boom is giving white-collar workers more of what they want. At tech companies, the traditional practice of allowing employees’ shares to vest only after a worker reaches a full year of employment, known as a one-year “cliff,” appears to be eroding. More than 20% of managers and employees surveyed by The... The technology-business boom is giving white-collar workers more of what they want. At tech...

Why Elon Musk Has Bet on Asian Battery Makers Over American Battery Startups

By Steve LeVine · Jul 18, 2021 2:31pm PDT

Why Elon Musk Has Bet on Asian Battery Makers Over American Battery Startups

By Steve LeVine · Jul 18, 2021 2:31pm PDT

American battery pioneer John Goodenough in 2019. Photo by APGood evening and welcome to the second issue of The Electric! (The first issue can be found here.)In 1980, John Goodenough, an American professor running the inorganic chemistry lab at Oxford University, discovered the lithium-cobalt-oxide cathode, a battery electrode whose unusual... American battery pioneer John Goodenough in 2019. Photo by APGood evening and welcome to the...

What Makes a Good CEO?

By Jessica Lessin · Jul 17, 2021 7:46am PDT · 1 comment

Tech CEOs are grabbing their fair share of headlines, per usual. Mark Zuckerberg is in the news again in the wake of a negative new book about Facebook and a controversy over his Fourth of July watersports moment (patriotic or not?). Jeff Bezos and Richard Branson are duking it out over their journey to space, or somewhere close to it,... Tech CEOs are grabbing their fair share of headlines, per usual. Mark Zuckerberg is in the...

Alphabet CEO Sundar Pichai. Photo by Bloomberg

Tech Earnings Kick Off Next Week—and Growth Numbers Will Be Big

By Martin Peers · Jul 16, 2021 5:05pm PDT

Fasten your seat belt. Next week kicks off the tech earnings season. And we’re in for some extraordinary numbers as companies report second-quarter results that compare with the pandemic-depressed period from a year ago. That will make for somewhat artificially inflated growth rates this time around that are sure to grab headlines. To get a real... Fasten your seat belt. Next week kicks off the tech earnings season. And we’re in for some...

Gorillas in the Wild — The 411 Podcast

By Cory Weinberg · Jul 16, 2021 2:53pm PDT

Why are so many instant delivery startups popping up? Cory talks to The Information's Mark Di Stefano about the buzzy sector and one controversial company in particular, Gorillas. Then, Steve LeVine, author of the new The Information newsletter The Electric, explains the geopolitical dynamics in the battery industry. Why are so many instant delivery startups popping up? Cory talks to The Information's Mark Di...

Carta CEO Henry Ward. Photo: Carta.

Silver Lake to Lead New Carta Funding at $7.4 Billion Valuation

By Cory Weinberg and Berber Jin · Jul 16, 2021 10:38am PDT

Carta CEO Henry Ward. Photo: Carta.

Silver Lake to Lead New Carta Funding at $7.4 Billion Valuation

By Cory Weinberg and Berber Jin · Jul 16, 2021 10:38am PDT

Carta is finalizing a round of funding led by new investor Silver Lake Partners that would value the financial software startup at $7.4 billion including the new capital, roughly where secondary market investors valued it in February, two people familiar with the matter said. The funding, expected to be $500 million to $600 million, would nearly... Carta is finalizing a round of funding led by new investor Silver Lake Partners that would value...

Illustration: Mike Sullivan

AirPods Are a Huge Hit With Consumers—and Counterfeiters

By Wayne Ma · Jul 16, 2021 6:14am PDT

U.S. Customs officials are seizing record numbers of counterfeit wireless headphones amid a surge in the popularity of Apple’s easy-to-copy AirPods. Roughly 360,000 counterfeit wireless headphones with a retail value of $62.2 million were confiscated in the first nine months of the U.S. government’s fiscal year, which starts in... U.S. Customs officials are seizing record numbers of counterfeit wireless headphones amid a surge...

Netflix's Los Angeles office building. Photo by Bloomberg

Netflix for Games Will Require Lots of Hard Work

By Martin Peers · Jul 15, 2021 5:10pm PDT · 3 comments

Netflix’s hiring of a former Facebook executive to oversee an expansion into gaming will be welcome news for investors who are fretting about the company’s ability to maintain its robust growth of the past few years. But no one should be under any illusions about the rocky road ahead for Netflix as it seeks to become a force in gaming. This... Netflix’s hiring of a former Facebook executive to oversee an expansion into gaming will be...

Makeup artist and influencer Jeremiah Jacques. Photo: Jeremiah Jacques

Creator Economy

Why Advertiser Spending on Influencers Will Reach $4 Billion

By Kaya Yurieff · Jul 15, 2021 4:00pm PDT

We got an early look at new data from eMarketer/Insider Intelligence that shows just how much money advertisers are spending on sponsored posts from influencers. Influencer marketing on social networks in the U.S., including Instagram, YouTube and TikTok, is projected to rise to $3.7 billion this year, up 34% from last year. By 2023,... We got an early look at new data from eMarketer/Insider Intelligence that shows just how much...

Chart: Mike Sullivan

The Bitcoin Mining Backlash; Dogecoin’s Unhappy Inventor

By Hannah Miller · Jul 15, 2021 2:45pm PDT

Chart: Mike Sullivan

The Bitcoin Mining Backlash; Dogecoin’s Unhappy Inventor

By Hannah Miller · Jul 15, 2021 2:45pm PDT

Bitcoin miners in China were feeling the heat even before the country’s cryptocurrency crackdown. Data released Thursday from the Cambridge Bitcoin Electricity Consumption Index or CBECI show that these miners were fleeing China prior to new restrictions that Beijing put in place in May and June. The new stats help confirm what many have... Bitcoin miners in China were feeling the heat even before the country’s cryptocurrency crackdown....