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

Microsoft's main campus in 2017. Photo by Bloomberg

Microsoft Joins Shift to Remote Work: The Information’s Tech Briefing

By Martin Peers · Oct 9, 2020 5:02pm PDT

Microsoft joined the group of companies permanently allowing their employees to work from home at least some of the time. Also in this group, to varying degrees, are Twitter, Slack and Facebook, all responding to the greater flexibility employees have discovered since Covid forced remote work on everyone. Still, despite the apparent momentum in... Microsoft joined the group of companies permanently allowing their employees to work from home at...

The Information’s 411 — The Appiest Place on Earth

By Cory Weinberg · Oct 9, 2020 12:41pm PDT

Cory Weinberg talks to Tom Dotan about the success of Disney+ and why the app’s importance has bred tensions at the entertainment giant. Then, Cory talks antitrust and tech culture with Maelle Gavet, a former executive at real estate startup Compass and online travel firm Booking. Gavet recently published a book about her experience with... Cory Weinberg talks to Tom Dotan about the success of Disney+ and why the app’s importance...

Quibi's Jeffrey Katzenberg and Meg Whitman unveiling the service earlier this year. Photo by Bloomberg.

Katzenberg Strikes Out on Quibi Sale Efforts, So Far

By Jessica Toonkel and Tom Dotan · Oct 9, 2020 11:33am PDT · 2 comments

Six months after launching his revolutionary video-streaming service, Quibi, Hollywood mogul Jeffrey Katzenberg is looking for a buyer. So far, he is coming up short. Over the past few weeks, Katzenberg has pitched several tech and entertainment executives about buying Quibi, only to be turned down. Among those he approached was Eddy Cue,... Six months after launching his revolutionary video-streaming service, Quibi, Hollywood mogul...

ByteDance CEO Zhang Yiming. Photo by Bloomberg; photo illustration by Mike Sullivan

In TikTok Saga, ByteDance CEO Confronts His Blind Spot: Politics

By Juro Osawa and Yunan Zhang · Oct 9, 2020 6:02am PDT · 1 comment

ByteDance CEO Zhang Yiming. Photo by Bloomberg; photo illustration by Mike Sullivan

In TikTok Saga, ByteDance CEO Confronts His Blind Spot: Politics

By Juro Osawa and Yunan Zhang · Oct 9, 2020 6:02am PDT · 1 comment

Zhang Yiming was shocked. China’s government had just announced new rules that could kill his chances of saving TikTok, the viral video app, from being banned in the U.S. The 37-year-old founder and CEO of TikTok’s Chinese parent ByteDance confided to some of his executives that Beijing’s action, in late August, blindsided him.... Zhang Yiming was shocked. China’s government had just announced new rules that could kill...

Instacart workers filling an order at a supermarket in Los Angeles. Photo by Bloomberg

Food Delivery Apps Arm for War: The Information’s Tech Briefing

By Martin Peers · Oct 8, 2020 5:32pm PDT

Instacart and GoPuff each announced new fundraisings on Thursday, a sign that food-delivery services are arming themselves with plenty of cash for what looks to be a winter of intense competition. Instacart, which became the market leader during the pandemic, raised $200 million at a valuation of $17.7 billion. That’s a sizable increase... Instacart and GoPuff each announced new fundraisings on Thursday, a sign that food-delivery...

Illustration by J. Claeys

Audio Startups Multiply as Investors Seek the Next Clubhouse

By Kate Clark · Oct 8, 2020 6:02am PDT · 1 comment

This spring, Silicon Valley investors watched with a mix of envy and disbelief as top VC firms battled for a stake in tiny audio app Clubhouse. Now others are getting in on the act. Dozens of audio startups, including Betty Labs, Geneva, Chalk, Rodeo and Spoon, are raising capital from venture firms such as Greylock Partners, Alphabet’s GV... This spring, Silicon Valley investors watched with a mix of envy and disbelief as top VC firms...

Mapbox's office in Washington, D.C. Photo by Shutterstock

A New Target in Antitrust Battle Against Google: Maps

By Amir Efrati and Nick Bastone · Oct 8, 2020 6:02am PDT

Maps have suddenly become a new front in the antitrust war against Google. Credit for that goes to Mapbox, a growing rival to Google Maps that steered federal investigators to alleged abuses by the company, according to two people with direct knowledge of the situation. A congressional report on Tuesday, which made antitrust claims against four... Maps have suddenly become a new front in the antitrust war against Google. Credit for that goes...

Europe's competition czar, Margrethe Vestager. Photo by Bloomberg

EU Warns of Tougher Measures Against Tech: The Information’s Tech Briefing

By Martin Peers · Oct 7, 2020 5:31pm PDT

Europe's competition czar, Margrethe Vestager. Photo by Bloomberg

EU Warns of Tougher Measures Against Tech: The Information’s Tech Briefing

By Martin Peers · Oct 7, 2020 5:31pm PDT

As much of the news media dived deep into the House of Representatives’ antitrust report on big tech, a more consequential development was unfolding in Europe. Broadcom settled “abuse of dominance” proceedings initiated by the European Commission by caving on the main points the regulator sought. And Europe’s competition... As much of the news media dived deep into the House of Representatives’ antitrust report on...

Airbnb Burned Through $1.2 Billion as IPO Loomed

By Cory Weinberg, Amir Efrati and Zoë Bernard · Oct 7, 2020 6:01am PDT

Airbnb burned through more than $1.2 billion in cash between mid-2019 and mid-2020, according to previously undisclosed figures, as the plunge in global travel earlier this year eroded a balance sheet already weakened by big increases in spending on hiring and marketing. The cash drain wiped away more than a third of what the company had on hand... Airbnb burned through more than $1.2 billion in cash between mid-2019 and mid-2020, according to...

David Cicilline, who heads the antitrust subcommittee of the House of Representatives. Photo by Bloomberg

House’s Antitrust Verdict on Big Tech: The Information’s Tech Briefing

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

It shouldn’t be a surprise that the House of Representatives committee investigating big tech should conclude that all four companies—Facebook, Google, Amazon and Apple—are monopolies in one way or another. The views of Democrats who control the committee came through at the CEO hearing in late July. But the report does provide... It shouldn’t be a surprise that the House of Representatives committee investigating big...

An Amazon Prime truck in the U.K. Photo by Bloomberg.

Amazon’s Real Reason for Postponing Prime Day

By Paris Martineau · Oct 6, 2020 1:53pm PDT

For years, Amazon has pitched its annual Prime Day shopping extravaganza as “Black Friday in July,” a concoction designed to juice up sales during the summer shopping lull. But with online shopping hitting new sales records during the pandemic, there was no lull this year, prompting Amazon to bump Prime Day from July to two days next... For years, Amazon has pitched its annual Prime Day shopping extravaganza as “Black Friday...

From left: Kevin Mayer, Peter Rice and Bob Iger. Photos by Disney; AP

How Iger Intervened to Mediate a Power Struggle at Disney+

By Tom Dotan · Oct 6, 2020 6:02am PDT

From left: Kevin Mayer, Peter Rice and Bob Iger. Photos by Disney; AP

How Iger Intervened to Mediate a Power Struggle at Disney+

By Tom Dotan · Oct 6, 2020 6:02am PDT

Last fall, Disney’s then-CEO Bob Iger sent a terse email to two of his top executives, Kevin Mayer and Peter Rice. Mayer, who then ran Disney’s video-streaming effort, had been feuding with Rice, who runs Disney’s television studios, over who had the power to pick the shows that would run on the company’s about-to-launch... Last fall, Disney’s then-CEO Bob Iger sent a terse email to two of his top executives,...

An Asana sign at the New York Stock Exchange when the company went public last week. Photo by Bloomberg.

What Palantir and Asana Mean for Direct Listings: The Information’s Tech Briefing

By Martin Peers · Oct 5, 2020 5:31pm PDT · 1 comment

Stocks enjoyed a robust rally on Monday—except for the two newest stocks to go public via direct listing, Palantir and Asana. For the fourth consecutive day, both stocks lost ground. Palantir is now down 5% from its close last Wednesday, while Asana is down 13%. Both are down much more from their highs on their opening day. The weak... Stocks enjoyed a robust rally on Monday—except for the two newest stocks to go public via...

On the Market: Veterans of TikTok, Netflix and Pinterest

By The Information Staff · Oct 5, 2020 9:15am PDT · 1 comment

At a time when corporations are being especially vigilant about their bottom line, some high-profile media and tech executives have found themselves without a job recently. Other industry leaders decided to seek out new ventures, either after being passed over for a top job or following a corporate merger. In The Information’s latest... At a time when corporations are being especially vigilant about their bottom line, some...

An address sign for Facebook Way is shown in Menlo Park, Calif. Photo: Associated Press

Facebook to Let Managers, More Staff Work Remotely After Pandemic

By Alex Heath and Nick Bastone · Oct 5, 2020 6:02am PDT

Facebook is expanding its permanent work from home policy, moving it closer to CEO Mark Zuckerberg’s prediction that half his workforce will be working remotely within a decade. The company, which has more than 52,000 full-time employees, in recent weeks has started allowing a significant portion of its managers and other employees to... Facebook is expanding its permanent work from home policy, moving it closer to CEO Mark...

Why Coinbase CEO Brian Armstrong Will Lose

By Jessica E. Lessin · Oct 3, 2020 8:02am PDT · 1 comment

Why Coinbase CEO Brian Armstrong Will Lose

By Jessica E. Lessin · Oct 3, 2020 8:02am PDT · 1 comment

It was the blog post heard from Napa to Lake Tahoe and all the other places Silicon Valley CEOs are hiding out from the smoke and Covid-19 these days. This week, Coinbase CEO Brian Armstrong published a post telling Coinbase employees to leave their social activism at the door. He followed up with a bold offer: If you don’t like it,... It was the blog post heard from Napa to Lake Tahoe and all the other places Silicon Valley CEOs...

Alphabet CEO Sundar Pichai testifying at a congressional committee hearing late July. Photo by Bloomberg

How Big Could Google and Facebook Get?: The Information’s Tech Briefing

By Martin Peers · Oct 2, 2020 5:01pm PDT

This was a week so packed with news that one reporter tweeted that we’re now in a period of “news hyperinflation,” likening the news environment to hyperinflation in Germany in the 1920s. But amid the barrage, some big picture events are unfolding, like the antitrust investigations now under way, could affect the tech industry... This was a week so packed with news that one reporter tweeted that we’re now in a period of...

The Information’s 411 — Slacktivism

By Tom Dotan · Oct 2, 2020 4:34pm PDT

Zoë talks about this week's Coinbase controversy and how different CEOs feel about taking activist stands as a company. Then Alex talks about Facebook’s battle with Apple, this time over messaging and integrating into iMessage. Zoë talks about this week's Coinbase controversy and how different CEOs feel about...

Tribe Capital partner Arjun Sethi. Photo provided by Arjun Sethi

Tribe Capital Plans Challenge to AngelList

By Zoë Bernard · Oct 2, 2020 1:56pm PDT · 2 comments

For years, venture firms have given pension funds, family offices and others who put money into their funds ways to invest more directly in the firms’ startups. Now, one well-connected VC firm in Silicon Valley has a plan to let a wider group of investors do the same. Tribe Capital, a $360 million venture fund founded by a trio... For years, venture firms have given pension funds, family offices and others who put money into...

Lyft's driver hub in San Francisco. Photo by Bloomberg

Lyft Talked to Bosch About Self-Driving Car Partnership, Investment

By Amir Efrati · Oct 2, 2020 12:36pm PDT

Lyft's driver hub in San Francisco. Photo by Bloomberg

Lyft Talked to Bosch About Self-Driving Car Partnership, Investment

By Amir Efrati · Oct 2, 2020 12:36pm PDT

Lyft has had talks over the past year about joining forces on self-driving–car development with German automotive system manufacturer Bosch, according to two people with direct knowledge of the discussions. Lyft also has considered selling a stake in its self-driving–car unit to a player such as Bosch, said the two people.... Lyft has had talks over the past year about joining forces on self-driving–car development...