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

Art by Sam Lessin.

Modest Proposals

Lessons From the Rise of OnlyFans

By Sam Lessin · Oct 2, 2020 6:01am PDT · 5 comments

In the polite circles of Silicon Valley, when people want to discuss how creators build and monetize audiences, people like to talk about companies like Patreon and Substack. What they should be talking about is the adult-entertainment subscription service OnlyFans. OnlyFans’ scale and cultural relevance have exploded during the... In the polite circles of Silicon Valley, when people want to discuss how creators build and...

Amazon workers protesting the company over climate change last September. Photo by Bloomberg

51% of Subscribers Disagree With Coinbase’s Armstrong: The Information’s Tech Briefing

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

Coinbase CEO Brian Armstrong’s blog post saying that Coinbase won’t “engage” with social issues unrelated to the company’s core mission as a crypto exchange has spotlighted a hugely contentious issue that divides people at tech companies big and small. Our subscribers, perhaps not surprisingly, are just as divided.... Coinbase CEO Brian Armstrong’s blog post saying that Coinbase won’t...

Sen. Maria Cantwell, the ranking Democrat on the Senate Commerce Committee. Photo: Bloomberg

How Trump Inadvertently Helped Facebook, Twitter Preserve Legal Shield

By Christopher Stern · Oct 1, 2020 2:20pm PDT

Just when it looked like a small group of Democrats and Republicans had found common ground in their efforts to weaken the tech industry’s immunity to lawsuits over user-posted content, election year politics robbed that group of momentum. With just weeks to go until the Nov. 3 vote, congressional staffers and tech industry advocates say... Just when it looked like a small group of Democrats and Republicans had found common ground in...

What Opening Day for Asana and Palantir Says About Private Tech Stock Values

By Ross Matican and Martin Peers · Oct 1, 2020 6:01am PDT · 2 comments

What Opening Day for Asana and Palantir Says About Private Tech Stock Values

By Ross Matican and Martin Peers · Oct 1, 2020 6:01am PDT · 2 comments

The secondary market for private tech stocks is becoming a better indicator of how the public market will value those stocks, Wall Street executives say. Wednesday’s public debuts of Asana and Palantir seemed to bear that out. The stocks of both companies, which went public via direct listings, opened at about the same level as their... The secondary market for private tech stocks is becoming a better indicator of how the public...

Palantir's sign hangs from the front of the New York Stock Exchange today. Photo by Bloomberg

Palantir and Asana: Two Very Different Debuts: The Information’s Tech Briefing

By Martin Peers · Sep 30, 2020 5:31pm PDT · 1 comment

Palantir and Asana went public Wednesday, immediately doubling the number of high-profile tech companies that have joined the public market through direct listings of their shares, rather than via a traditional IPO. But that might be the only thing that the two companies had in common on their first day on the public market. Asana shares opened... Palantir and Asana went public Wednesday, immediately doubling the number of high-profile tech...

Illustration by J. Claeys

A Housing Startup Angered Tenants. Now It’s Not Paying Landlords

By Cory Weinberg and Anissa Gardizy · Sep 30, 2020 9:01am PDT · 1 comment

Bungalow Living, a richly valued startup that rents and manages shared living spaces, has warned some of its landlords in recent days that it doesn’t intend to pay rent next month. In emails, the company cited rental market declines in major cities as a reason to break its deals. “Our ability to pay going forward is in serious... Bungalow Living, a richly valued startup that rents and manages shared living spaces, has warned...

Illustration by Scotty Reifsynder

Austin Emerges as a Hot Spot for Silicon Valley Investors

By Kate Clark · Sep 30, 2020 6:01am PDT · 5 comments

Austin’s startup scene is getting a jolt of new capital, this time from a wave of investors transplanted from Silicon Valley. Since March, Sapphire Ventures, Draper Associates, 8VC and Breyer Capital have either opened an Austin office, hired a local partner or are considering an outpost there. Austin’s lack of a state income tax,... Austin’s startup scene is getting a jolt of new capital, this time from a wave of investors...

The entrance to Disneyland in Anaheim, Calif. resort last March when the coronavirus pandemic forced the park to close. Photo by AP

Disney’s Big Layoffs: The Information’s Tech Briefing

By Martin Peers · Sep 29, 2020 5:32pm PDT

The entrance to Disneyland in Anaheim, Calif. resort last March when the coronavirus pandemic forced the park to close. Photo by AP

Disney’s Big Layoffs: The Information’s Tech Briefing

By Martin Peers · Sep 29, 2020 5:32pm PDT

Disney’s announcement Tuesday that it will lay off 28,000 theme park workers was a good reminder that, while the stock market acts like there’s no pandemic, Covid-19 is still devastating the economy. The entertainment giant has had to severely limit attendance at its park in Florida, while state rules forced Disney to keep its... Disney’s announcement Tuesday that it will lay off 28,000 theme park workers was a good...

From left: Chamath Palihapitiya, Mark Pincus and Kevin Hartz. Photos by Bloomberg

SPAC Managers to Watch

By Ross Matican · Sep 29, 2020 6:02am PDT · 4 comments

SPAC mania may be nearing its peak. Everyone from Peter Thiel to Paul Ryan is backing special purpose acquisition companies, firms that are taken public as empty shells, destined to raise money for the purchase of a business at some point in the future. And why wouldn’t they? For the SPAC managers, it’s a great way to get rich. ... SPAC mania may be nearing its peak. Everyone from Peter Thiel to Paul Ryan is backing special...

Uber started a boat service in London. Photo by Bloomberg

Uber’s London Win Reinforces Optimism of Investors: The Information’s Tech Briefing

By Martin Peers · Sep 28, 2020 5:31pm PDT

Uber got some good news on Monday when a U.K. judge ruled that the company could get back its license to operate in London. That sent Uber’s shares up 3%. That makes sense, you might think, since London is Uber’s most important market, where it has made plenty of money. But Uber never stopped operating in London: It was allowed to... Uber got some good news on Monday when a U.K. judge ruled that the company could get back its...

Top, l-r: Tyler Bosmeny, Dan Carroll and Rafael Garica of Clever; Amanda DoAmaral of Fiveable; Matthew Gross of Newsela. Bottom: Primer's Ryan Delk and Maksim Stepanenko; Encantos' Nuria Santamaría, Steven Wolfe Pereira, Susie Jaramillo and Carlos Hoyos; Guild Education's Rachel Carlson.

Startups to Watch

Six Startups Filling the Growing Need for Online Education

By The Information Staff · Sep 28, 2020 11:06am PDT

Startups in educational technology, a growing sector often overlooked in the past, are now finding themselves near the front of the class. More than 60% of U.S. public school students in grades K-12 started the school year remotely, according to data service Burbio. These at-home learners are feeding demand for an early wave of education... Startups in educational technology, a growing sector often overlooked in the past, are now...

Uber CEO Dara Khosrowshahi. Photo by Bloomberg; illustration by Mike Sullivan

Infighting, ‘Busywork,’ Missed Warnings: How Uber Wasted $2.5 Billion on Self-Driving Cars

By Amir Efrati · Sep 28, 2020 6:02am PDT · 6 comments

Uber CEO Dara Khosrowshahi. Photo by Bloomberg; illustration by Mike Sullivan

Infighting, ‘Busywork,’ Missed Warnings: How Uber Wasted $2.5 Billion on Self-Driving Cars

By Amir Efrati · Sep 28, 2020 6:02am PDT · 6 comments

After five years and an investment of around $2.5 billion, Uber’s effort to build a self-driving car has produced this: a car that can’t drive more than half a mile without encountering a problem. “The car doesn’t drive well” and “struggles with simple routes and simple maneuvers,” said a manager in the... After five years and an investment of around $2.5 billion, Uber’s effort to build a...

What I Hope Substack Changes About Journalism

By Jessica E. Lessin · Sep 26, 2020 7:46am PDT · 3 comments

This week there was a lot of buzz around journalists ditching their newsroom jobs to publish their own newsletters. The trend was chronicled in a New York Times piece, pegged to the news that The Verge’s Casey Newton was breaking out on his own. I had to laugh when Ben Thompson, the creator of the subscription Stratechery newsletter,... This week there was a lot of buzz around journalists ditching their newsroom jobs to publish...

Apple CEO Tim Cook during a videoconference congressional committee hearing in late July. Photo by Bloomberg.

Apple’s Thin Olive Branch to Critics: The Information’s Tech Briefing

By Martin Peers · Sep 25, 2020 5:32pm PDT

Talk about a very thin olive branch. Apple’s decision to waive its 30% commission on in-app purchases relating to online events through the end of the year is about the smallest step the iPhone maker could take to calm critics of its App Store policies and particularly the commission it charges. In reality, the move is unlikely to do... Talk about a very thin olive branch. Apple’s decision to waive its 30% commission on in-app...

The Information’s 411 — SPACs: A Love Story

By Cory Weinberg · Sep 25, 2020 1:05pm PDT

It seems like everyone in Silicon Valley is starting a SPAC. Reid Hoffman, Peter Thiel, Kevin Hartz, Chamath Palihapitiya, maybe even your roommate. Reporters Cory Weinberg and Ross Matican trace the origins of the SPAC surge. We explain why these special-purpose acquisition companies have become so popular, how they got started and what some of... It seems like everyone in Silicon Valley is starting a SPAC. Reid Hoffman, Peter Thiel, Kevin...

Facebook's head of Messenger, Stan Chudnovsky. Photo courtesy of Facebook.

Facebook Opens New Fight With Apple Over Messaging

By Alex Heath · Sep 25, 2020 8:02am PDT

Facebook's head of Messenger, Stan Chudnovsky. Photo courtesy of Facebook.

Facebook Opens New Fight With Apple Over Messaging

By Alex Heath · Sep 25, 2020 8:02am PDT

Facebook executives have sharply ramped up their criticism of Apple in recent months, contesting the iPhone maker’s restrictions on gaming apps and ad targeting, as well as its cut of in-app purchases. Now, emboldened by Apple software changes that suggest it is starting to bend, Facebook wants something else: the option to make its... Facebook executives have sharply ramped up their criticism of Apple in recent months, contesting...

Microsoft headquarters in Redmond, Washington. Photo by Shutterstock.

Microsoft’s Changes to Business Software Terms Could Lift Its Cloud Service and Hurt AWS, Google

By Kevin McLaughlin and Amir Efrati · Sep 25, 2020 6:01am PDT · 1 comment

A change Microsoft made late last year to the terms of service for Microsoft 365, its cloud-based software that includes Word, PowerPoint and Outlook, could drive some companies that use Amazon Web Services and Google Cloud to Microsoft’s Azure cloud service, analysts said.Under the new terms, which Microsoft disclosed in August last year... A change Microsoft made late last year to the terms of service for Microsoft 365, its cloud-based...

Amazon's new flying video cam, unveiled today. Photo by Amazon

Amazon’s Flying Camera Spotlights Privacy: The Information’s Tech Briefing

By Martin Peers · Sep 24, 2020 5:31pm PDT

Amazon’s unveiling of new Echo and Ring devices today should test just how worried Americans are that tech companies are infringing on their privacy. That’s been a huge concern of parts of the news media in the past couple of years, focused on Facebook in particular. But there has been little evidence that privacy worries were... Amazon’s unveiling of new Echo and Ring devices today should test just how worried...

Viacom CEO Bob Bakish. Photo by Bloomberg

ViacomCBS Probed Sexual Misconduct Allegation Against CEO Bob Bakish

By Jessica Toonkel · Sep 24, 2020 10:47am PDT

ViacomCBS has been investigating an allegation of sexual misconduct by its CEO, Bob Bakish, according to several people familiar with the situation. The investigation comes less than a year after Viacom merged with CBS, whose former CEO Les Moonves resigned after several women accused him of sexual harassment and intimidation, including forcibly... ViacomCBS has been investigating an allegation of sexual misconduct by its CEO, Bob Bakish,...

Amazon's Staten Island, N.Y. warehouse. Photo by Bloomberg

Amazon Quietly Expands Large-Scale Covid Testing Program for Warehouses

By Paris Martineau · Sep 24, 2020 6:00am PDT · 1 comment

Amazon's Staten Island, N.Y. warehouse. Photo by Bloomberg

Amazon Quietly Expands Large-Scale Covid Testing Program for Warehouses

By Paris Martineau · Sep 24, 2020 6:00am PDT · 1 comment

After months of trials, Amazon’s program to test its warehouse workers for Covid-19 is ramping up.The e-commerce giant is now testing warehouse workers in at least 23 states for Covid using its own federally certified laboratories to process samples, The Information has learned. It’s part of a secretive Amazon initiative called... After months of trials, Amazon’s program to test its warehouse workers for Covid-19 is...