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

A Lime scooter in San Francisco last December. Photo by AP

Lime’s Valuation May Fall 80% in Emergency Fundraising

By Cory Weinberg · Mar 25, 2020 9:03pm PDT

Scooter rental startup Lime, one of the hottest startups in tech two years ago, is trying to raise emergency funds at a valuation slashed by 80% from last year, two people familiar with the matter said. The company is seeking funds from new investors at a valuation of just $400 million, compared with the $2.4 billion level at which it last... Scooter rental startup Lime, one of the hottest startups in tech two years ago, is trying to...

Is Amazon Too Essential?

By Tom Dotan · Mar 25, 2020 5:05pm PDT

Priya dives into how Amazon has become one of the central services holding things together as large swaths of the country lives under stay-at-home orders. We also discuss whether Amazon's increasing role as a utility servicing the nation will change the way people view the company—and what it means for regulatory efforts. Priya dives into how Amazon has become one of the central services holding things together as...

Spotify CEO Daniel Ek. Photo by Bloomberg

Spotify Attracts Podcast Fans but Not Much Revenue—Yet

By Jessica Toonkel · Mar 25, 2020 12:34pm PDT · 2 comments

In September 2018, Spotify struck an exclusive deal to add a podcast to its streaming service by Joe Budden, a rap artist with a giant following. The deal was a spectacular success globally, drawing hundreds of thousands of new subscribers to Spotify, according to two people familiar with the situation. Spotify CEO Daniel Ek was so... In September 2018, Spotify struck an exclusive deal to add a podcast to its streaming service by...

Robots running software from Vicarious. Photo by Vicarious

Amazon, Startups See Surge in Demand for Automation Tech Amid Pandemic

By Kevin McLaughlin · Mar 25, 2020 7:01am PDT · 5 comments

Robots running software from Vicarious. Photo by Vicarious

Amazon, Startups See Surge in Demand for Automation Tech Amid Pandemic

By Kevin McLaughlin · Mar 25, 2020 7:01am PDT · 5 comments

Earlier this month, after the Philippines government ordered a lockdown of its capital city to combat the coronavirus, many of the country’s vast network of call centers—which handle customer service for airlines, banks and other companies—ground to a halt. In the days since, Amazon has seen a huge swell in sales inquiries... Earlier this month, after the Philippines government ordered a lockdown of its capital city to...

An Uber Eats courier in Portugal this past weekend. Photo by Bloomberg

Uber Eats’ U.S. Sales Surged 10% Last Week Thanks to Quarantines

By Amir Efrati · Mar 24, 2020 3:06pm PDT · 2 comments

Uber Eats’ U.S. sales surged by around 10% last week from the week before, a nearly unprecedented uptick for this time of the year, particularly given the substantial size of the business, said a person with knowledge of the figure. It shows how the quarantining of people at home amid the coronavirus pandemic has given Uber’s... Uber Eats’ U.S. sales surged by around 10% last week from the week before, a nearly...

Francis Davidson, CEO of Sonder. Photo: Bloomberg

VC-Backed Sonder Cuts One-Third of Staff as Travel Plummets

By Cory Weinberg · Mar 24, 2020 9:00am PDT · 2 comments

Sonder, a venture capital-backed operator of apartment-based lodgings for tourists and business travelers, laid off or furloughed more than 400 people, about one-third of its staff, in a bid to offset a declining number of bookings as the travel market collapses.The San Francisco-based company is the largest of a raft of startups that have... Sonder, a venture capital-backed operator of apartment-based lodgings for tourists and business...

Amazon’s Retail Power Could Grow During Pandemic

By Priya Anand and Ashley Gold · Mar 24, 2020 7:02am PDT

Amazon’s critics were worried about the company’s growing power in retail before the coronavirus pandemic. It may be even more powerful by the time the crisis is over. There’s a credible argument that the shutdown of many retail stores, along with a general anxiety about going out in public, could end up increasing... Amazon’s critics were worried about the company’s growing power in retail before the...

Photo: AP

What Techlash? Virus Could Remake Industry Giants’ Image

By Cory Weinberg · Mar 23, 2020 9:52am PDT · 1 comment

Photo: AP

What Techlash? Virus Could Remake Industry Giants’ Image

By Cory Weinberg · Mar 23, 2020 9:52am PDT · 1 comment

It has been an uneasy few years for tech giants. Their conduct is under siege by regulators investigating potential illegal abuses of power. Thousands of their employees have staged walkouts to protest the companies’ military ties, climate policies and workplace culture. And while tech powerhouses remain among the world’s most... It has been an uneasy few years for tech giants. Their conduct is under siege by regulators...

Attendees looked at a Didi autonomous vehicle at the World Artificial Intelligence Conference in Shanghai in August. Photo: Bloomberg

SoftBank Nears Deal to Invest in Didi’s Autonomous Driving Unit

By Yunan Zhang · Mar 23, 2020 8:18am PDT

SoftBank is close to finalizing a deal to lead a $300 million investment in the autonomous driving subsidiary of Didi Chuxing, according to people with knowledge of the situation. The move would broaden SoftBank’s commitment to Didi, even as the Japanese investment giant reels from the impact of the economic crunch caused by the... SoftBank is close to finalizing a deal to lead a $300 million investment in the autonomous...

A restaurant in Dublin, Calif. closed by the coronavirus quarantine orders. Photo by AP

Layoffs Accelerate Across Silicon Valley Startups

By Kate Clark · Mar 23, 2020 7:01am PDT · 3 comments

As the world braces for a recession triggered by the coronavirus outbreak, venture capital–backed startups across several industries are making significant cuts to their employee numbers.Four companies have cut roughly 20% of their workforce in an effort to reduce cash burn rates and increase savings—online mattress retailer Eight... As the world braces for a recession triggered by the coronavirus outbreak, venture...

A Tough Week, What’s Next and a Global COVID-19 Hackathon

By Jessica E. Lessin · Mar 21, 2020 7:45am PDT · 2 comments

My what a difference a week makes. Last week, I was writing this column curled up at a desk from home, wondering when things would go back to normal. This week was anything but normal, and we won’t see normal for a long time. Our hearts go out to everyone affected by COVID-19 and the amazing health workers on the front lines. The week... My what a difference a week makes. Last week, I was writing this column curled up at a desk from...

The Information’s 411 — There’s Hope, There’s Hope, There’s Light

By Tom Dotan · Mar 20, 2020 1:30pm PDT

The Information’s 411 — There’s Hope, There’s Hope, There’s Light

By Tom Dotan · Mar 20, 2020 1:30pm PDT

We talked to Shai Oster, our Hong Kong bureau chief, who spent most of the past few weeks in New York as the coronavirus threatened from China—and has now returned to Hong Kong. He gives us a look at what life looks like after the quarantine ends and people attempt to return to normal. And why people in Hong Kong at appalled at how U.S.... We talked to Shai Oster, our Hong Kong bureau chief, who spent most of the past few weeks in New...

A Common Networks field technician installs a wireless broadband connection. Photo by Common Networks

Keeping the Internet Running in the Coronavirus Era

By Nick Bastone · Mar 20, 2020 7:00am PDT · 2 comments

When San Francisco’s mayor on Monday afternoon ordered city residents to begin staying indoors to curb the spread of the coronavirus, Rudy Rucker, the owner of Monkeybrains, a small Bay Area internet service provider, was in his van, heading to upgrade the equipment on his network. “We were like, ‘Okay…we’re still... When San Francisco’s mayor on Monday afternoon ordered city residents to begin staying...

Facebook, Google Face Near-Term Ad Hit From Small Business Crunch

By Alex Heath and Jessica Toonkel · Mar 19, 2020 11:40am PDT · 3 comments

Every quarter when Facebook reports its earnings, the social network’s No. 2 executive, Chief Operating Officer Sheryl Sandberg, singles out small businesses that advertised on the platform. It’s a reminder that Facebook, like Google, became a global ad powerhouse in large part by catering to small firms—a strategy that now... Every quarter when Facebook reports its earnings, the social network’s No. 2 executive,...

Employees of SoundCommerce in Sneek, a video chat app. Screenshot provided by SoundCommerce

The New Normal of Working From Home: Instant Responses, All-Day Video Chats

By Priya Anand · Mar 19, 2020 7:02am PDT · 1 comment

In a work-from-home world, how can companies best recapture the immediacy of working in an office together? For Eric Best, it means relying on common tools like Slack to help the 21-person startup he founded, SoundCommerce, communicate after the coronavirus outbreak caused the company to shutter its Seattle headquarters. But SoundCommerce... In a work-from-home world, how can companies best recapture the immediacy of working in an office...

The NYSE trading floor last month. Photo: Bloomberg

NYSE Floor Closure Could Drive Trading Elsewhere

By Kevin Dugan · Mar 18, 2020 4:34pm PDT · 1 comment

The NYSE trading floor last month. Photo: Bloomberg

NYSE Floor Closure Could Drive Trading Elsewhere

By Kevin Dugan · Mar 18, 2020 4:34pm PDT · 1 comment

Starting Monday, the New York Stock Exchange will shut down its trading floor and switch to operating remotely for the first time in its history, after two exchange workers were diagnosed with coronavirus. But with all employees working remotely, the exchange won’t be able to execute about a third of the trades that normally pass through... Starting Monday, the New York Stock Exchange will shut down its trading floor and switch to...

The Information’s 411 — Gimme Shelter

By Tom Dotan · Mar 18, 2020 1:09pm PDT

For the next few weeks, as the country and the world grapples with the effects of the coronavirus pandemic, we're bringing you an extra podcast in the middle of the week, looking at the impact on tech. In the first episode, Cory explains why Airbnb decided last week to offer full refunds to guests whose stays had to be cancelled. It put the... For the next few weeks, as the country and the world grapples with the effects of the coronavirus...

Google employees at its Mountain View, Calif., campus. Photo by Bloomberg

Google Suspends Employee Reviews as Virus Disrupts Operations

By Nick Bastone · Mar 18, 2020 9:28am PDT · 1 comment

Google will suspend company-wide performance reviews of employees, as its leaders deemed the process a distraction from more pressing challenges facing the company amid the coronavirus pandemic, The Information has learned. Google’s vice president of people operations, Eileen Naughton, announced the change in an email distributed to... Google will suspend company-wide performance reviews of employees, as its leaders deemed the...

Airbnb CEO Brian Chesky in 2018. Photo: AP

Airbnb’s Longstanding Ties to Hosts Frayed by Crisis

By Cory Weinberg · Mar 18, 2020 7:01am PDT · 2 comments

Airbnb won fans among travelers over the weekend when it said it would fully refund anyone who was canceling an upcoming stay due to coronavirus. For hosts, the announcement was considerably tougher to absorb. The decision meant property owners would have little chance of recouping their losses. The move risks alienating Airbnb’s... Airbnb won fans among travelers over the weekend when it said it would fully refund anyone who...

Quibi CEO Meg Whitman. Photo by Bloomberg

Stay-at-Home Lockdown a Boon for Video Services? Not So Fast

By Tom Dotan and Jessica Toonkel · Mar 17, 2020 11:59am PDT · 4 comments

Quibi CEO Meg Whitman. Photo by Bloomberg

Stay-at-Home Lockdown a Boon for Video Services? Not So Fast

By Tom Dotan and Jessica Toonkel · Mar 17, 2020 11:59am PDT · 4 comments

In what may be the worst of times for most businesses, the enforced isolation of people at home is likely to make it the best of times for video-streaming services and TV networks. But it won’t necessarily be a boon for several new services that were due to launch this spring—AT&T’s HBO Max, Comcast’s Peacock and... In what may be the worst of times for most businesses, the enforced isolation of people at home...