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

Rep. David Cicilline. Photo: Bloomberg

News Publishers Gain Political Support in Fight With Google, Facebook

By Christopher Stern · Oct 19, 2020 5:22pm PDT

For more than a decade, the world’s largest news publishers, such as News Corp and Axel Springer, have attempted, mostly without success, to get Facebook and Google to pay the media companies for headlines and other news content that appears on the tech companies’ platforms. Now, the momentum is suddenly shifting in favor of the... For more than a decade, the world’s largest news publishers, such as News Corp and Axel...

Elon Musk speaks during the Tesla China-Made Model 3 Delivery Ceremony at the company's Gigafactory in Shanghai, China, in January 2020. Photo by Bloomberg.

How Tesla is Winning From the U.S.-China Trade War

By Juro Osawa · Oct 19, 2020 6:02am PDT · 1 comment

On Nov. 1 last year, Tesla invited executives from dozens of China-based automotive parts suppliers to the carmaker’s new Shanghai factory, where its first made-in-China Model 3 sedans were about to roll out. At the event, Roshan Thomas, Tesla’s senior executive in charge of managing suppliers, gave a speech explaining that Tesla... On Nov. 1 last year, Tesla invited executives from dozens of China-based automotive parts...

Brynne Kennedy. Photo by Byrnne Kennedy for Congress

From Tech Founder to Politician—Meet Brynne Kennedy

By Jessica E. Lessin · Oct 17, 2020 7:45am PDT

While tech leaders with opinions about politics are a dime a dozen, those who actually jump in and run for office are very rare—which is why I was intrigued when I learned that Brynne Kennedy was running for Congress. Kennedy is clearly ahead of her time as both a female executive in tech and the founder of a company that makes software to... While tech leaders with opinions about politics are a dime a dozen, those who actually jump in...

Amazon delivery trucks in Richmond, Calif. on Tuesday. Photo by Bloomberg

Amazon’s Less Than Prime Day: The Information’s Tech Briefing

By Martin Peers · Oct 16, 2020 6:01pm PDT

Amazon delivery trucks in Richmond, Calif. on Tuesday. Photo by Bloomberg

Amazon’s Less Than Prime Day: The Information’s Tech Briefing

By Martin Peers · Oct 16, 2020 6:01pm PDT

Has Amazon’s Prime Day shopping event peaked? There were some hints this week that the two-day bargain extravaganza—held in October instead of its usual July date—wasn’t as bountiful for the retail giant as it has been in past years. For one thing, as Citigroup analyst Jason Bazinet reportedly pointed out, Amazon... Has Amazon’s Prime Day shopping event peaked? There were some hints this week that the...

Hopin's virtual events software. Screen shot provided by Hopin

Virtual Events Startup Hopin Discusses Valuation As High as $2 Billion in New Round

By Kate Clark · Oct 16, 2020 4:33pm PDT · 1 comment

The pandemic-related shutdown of conferences could make one startup a tech unicorn in a fraction of the time it normally takes to pass that $1 billion valuation milestone. Only four months after Hopin, a startup that powers online events, was valued by investors at around $350 million, the company has held discussions with venture capital firms... The pandemic-related shutdown of conferences could make one startup a tech unicorn in a fraction...

The Information’s 411 — Working Remotely, or Not Remotely Working?

By Tom Dotan · Oct 16, 2020 2:34pm PDT

Tom talks to Kate Clark about the state of funding for female-led startups, which has sunk even lower during the pandemic. We also interview Tracy Chou, founder of Blockparty, and Sara Mauskopf, co-founder of Winnie, who discussed their experiences raising money for their startups. And Cory talked to Nick Bastone and Humu’s Liz Fosslien to... Tom talks to Kate Clark about the state of funding for female-led startups, which has sunk even...

The People With Power at Stripe as It Gets Closer to an IPO

By Kate Clark · Oct 16, 2020 6:01am PDT

Stripe CEO Patrick Collison has said the e-commerce payments company he and his brother co-founded 10 years ago needs to finish “core pillars of the product” before it goes public. In the meantime, the Collisons have been hiring senior Amazon and General Motors executives with the critical experience to do just that. The... Stripe CEO Patrick Collison has said the e-commerce payments company he and his brother...

Twitter's San Francisco headquarters. Photo by Bloomberg

Twitter Is Democrat Heaven: The Information’s Tech Briefing

By Martin Peers · Oct 15, 2020 5:31pm PDT

Twitter's San Francisco headquarters. Photo by Bloomberg

Twitter Is Democrat Heaven: The Information’s Tech Briefing

By Martin Peers · Oct 15, 2020 5:31pm PDT

A study out today by the Pew Research Center on Twitter use concluded that just 10% of users produced an astounding 92% of all Tweets—and 69% of the “highly prolific users” are Democrats. That should put to rest any illusions that anyone has that Twitter represents anything like the real world. Breaking down the numbers even... A study out today by the Pew Research Center on Twitter use concluded that just 10% of users...

Snap CEO Evan Spiegel. Photo by Bloomberg

Ad Boycott of Facebook Proved to Be Boon to Snap and Pinterest, Data Shows

By Tom Dotan · Oct 15, 2020 11:50am PDT · 1 comment

When Facebook reports third-quarter earnings later this month, the results are expected to show that the summer advertiser boycott had little discernible impact on its advertising revenues. But what was likely crumbs falling from the table for Facebook appears to have been a feast for its smaller rivals, Snap and Pinterest. Snap in particular... When Facebook reports third-quarter earnings later this month, the results are expected to show...

The Rise of ‘Retention Rates,’ the Software Metric Investors Are Obsessing Over

By Kevin McLaughlin · Oct 15, 2020 6:00am PDT · 2 comments

When database startup Snowflake filed for an initial public offering in late August, investors honed in on one measure of its performance: net revenue retention rate, which reflects a company’s ability to keep customers and get them to increase their spending over time. The figure may have become the most important metric no one has heard... When database startup Snowflake filed for an initial public offering in late August, investors...

Twitter CEO Jack Dorsey. Photo by Bloomberg

Censorship Drama Engulfs Facebook, Twitter: The Information’s Tech Briefing

By Martin Peers · Oct 14, 2020 6:02pm PDT · 3 comments

There’s no question that Facebook and Twitter face an extremely difficult task in trying to keep misinformation from polluting their networks, particularly now, in the weeks before the election. And doing so without upsetting either Democrats or Republicans is downright impossible. But the companies didn’t do themselves any favors in... There’s no question that Facebook and Twitter face an extremely difficult task in trying to...

A TuSimple facility in Tucson. Photo by TuSimple

New Data Show Reality Behind Self-Driving Truck Startup’s Funding

By Yunan Zhang and Amir Efrati · Oct 14, 2020 12:35pm PDT · 2 comments

A TuSimple facility in Tucson. Photo by TuSimple

New Data Show Reality Behind Self-Driving Truck Startup’s Funding

By Yunan Zhang and Amir Efrati · Oct 14, 2020 12:35pm PDT · 2 comments

TuSimple, a prominent developer of self-driving semitrailer trucks that is worth more than $1 billion on paper, said last fall it had secured funding of $215 million from investors. Part of the funding came from U.S. package delivery giant UPS, which that summer also struck a deal to have TuSimple prototype trucks haul packages in Arizona. ... TuSimple, a prominent developer of self-driving semitrailer trucks that is worth more than $1...

Palantir signage covering the New York Stock Exchange when the company went public last month. Photo by Bloomberg

Jobs@TheInformation

Cover Wall Street for The Information!

By The Information Staff · Oct 14, 2020 11:34am PDT

If you’re interested in how the capital markets work, and you love the tech industry, The Information has a job for you. We’re looking for a reporter to cover tech companies’ interactions with Wall Street: how the companies go public and how they deal with investors and Wall Street once they are public. This may be the best... If you’re interested in how the capital markets work, and you love the tech industry, The...

New Amazon Data: Retailer Wins Sales While Losing to Merchants on Listings

By Paris Martineau · Oct 14, 2020 6:02am PDT · 2 comments

Just 1% of the vacuum cleaners, immersion blenders and other household products listed on Amazon last year were sold by the retailer, with the rest coming from other merchants who use its platform. And yet 33% of all sales in that category were by Amazon. Those were among the figures published last week in a little-noticed chart, based on... Just 1% of the vacuum cleaners, immersion blenders and other household products listed on Amazon...

Kaianne Drance, vice president of iPhone product marketing at Apple Inc., showing off one of Apple's new iPhones on Tuesday. Photo by Bloomberg

Apple Unveils 5G Phones: The Information’s Tech Briefing

By Martin Peers · Oct 13, 2020 5:32pm PDT

Apple brought all its usual marketing hyperbole to today’s unveiling of its latest iPhones, with breathless exclamation for new colors, chip speed and the ceramic cover that Apple promises will be less breakable. And if you thought Lidar was something in a self-driving car, think again! The Pro line of new iPhones also have it, to beef up... Apple brought all its usual marketing hyperbole to today’s unveiling of its latest iPhones,...

Outside the Nasdaq on September 30, 2020, when Velodyne Lidar went public through a merger with a SPAC, a deal that EarlyBird handled. Photo: Velodyne Lidar.

SPAC Pioneer Is Vindicated by Boom, Even as Bigger Banks Take Over Market

By Ross Matican · Oct 13, 2020 6:01am PDT · 2 comments

Outside the Nasdaq on September 30, 2020, when Velodyne Lidar went public through a merger with a SPAC, a deal that EarlyBird handled. Photo: Velodyne Lidar.

SPAC Pioneer Is Vindicated by Boom, Even as Bigger Banks Take Over Market

By Ross Matican · Oct 13, 2020 6:01am PDT · 2 comments

David Nussbaum has been waiting for this moment for 30 years. The 66-year-old banker helped pioneer the concept of special purpose acquisition companies—cashed-up, empty corporate shells looking for businesses to buy—in the early 1990s. He stuck with the concept for years—even when only three or four SPACs were going public a... David Nussbaum has been waiting for this moment for 30 years. The 66-year-old banker helped...

Former politician Paul Ryan. Photo by Bloomberg

SoftBank Feeds SPAC Frenzy: The Information’s Tech Briefing

By Martin Peers · Oct 12, 2020 5:31pm PDT

Raise your hand if you’re not doing a SPAC. It often feels like the list of people who aren’t involved with a special purpose acquisition company—a cashed-up public company looking for a business to buy—is shorter than the list of people who are involved in one. So far, SPAC backers include former politician Paul Ryan,... Raise your hand if you’re not doing a SPAC. It often feels like the list of people who...

Google employees working in a Berlin office in 2019. Photo by Bloomberg

Google’s Internal Data Show Engineers Found It Harder to Code From Home

By Nick Bastone and Amir Efrati · Oct 12, 2020 2:06pm PDT · 4 comments

Google’s engineering directors are grappling with a worrisome trend: internal data that indicate productivity during the coronavirus shutdowns deteriorated among engineers, particularly newly hired ones. One internal survey viewed by The Information found that in the three months ended in June, only 31% of the company’s engineers... Google’s engineering directors are grappling with a worrisome trend: internal data that...

Art by Shutterstock/Mike Sullivan

Microsoft, AWS, Others Boast of ‘Exclusive’ Cloud Customers Who Aren’t

By Kevin McLaughlin and Amir Efrati · Oct 12, 2020 6:02am PDT · 2 comments

Microsoft and OpenAI, a hot new artificial intelligence startup co-founded by Elon Musk, first began cozying up to each other in 2016. That year, OpenAI began to buy cloud services from Microsoft, dubbing the company’s Azure business the startup’s “primary” cloud provider. In July 2019, OpenAI got even tighter with... Microsoft and OpenAI, a hot new artificial intelligence startup co-founded by Elon Musk, first...

Funding for Female Founders Is Tanking—and It Gets Worse

By Jessica E. Lessin · Oct 10, 2020 7:46am PDT · 6 comments

Funding for Female Founders Is Tanking—and It Gets Worse

By Jessica E. Lessin · Oct 10, 2020 7:46am PDT · 6 comments

Earlier this week, during a Clubhouse discussion, someone asked me if I felt the VC industry was taking diversity seriously. I wanted to say yes. After all, venture firms have increased the number of partners from underrepresented groups in the past year or so. Instead, I said I feared that they weren’t and that their hiring moves were... Earlier this week, during a Clubhouse discussion, someone asked me if I felt the VC industry was...