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

Airbnb’s headquarters in San Francisco. Photo: Airbnb

Why Airbnb’s IPO Should Clear $30 Billion

By Cory Weinberg · Aug 26, 2020 7:02am PDT

Nothing would better epitomize the stock market’s strange surge in 2020 than a blockbuster initial public offering from a travel company whose business was bludgeoned by the pandemic. But that is exactly what looks likely for Airbnb. The Silicon Valley darling is a good bet to secure at least a $30 billion valuation when it goes... Nothing would better epitomize the stock market’s strange surge in 2020 than a blockbuster...

A view of San Francisco in July, 2020. Venture capitalist Marc Andreessen is encouraging founders to set up companies in the San Francisco area. Photo: Bloomberg

Andreessen’s Call, a Best Buy Bonanza, Palantir’s Big Reveal

By Martin Peers · Aug 25, 2020 6:11pm PDT

Y Combinator, which trains and invests in startup founders, has been intent on expanding the geographic diversity of the companies it includes in its twice-yearly accelerator program. But this summer’s group of participants was particularly far flung. One co-founder who spoke to Kate for her story on Michael Seibel, CEO of YC’s... Y Combinator, which trains and invests in startup founders, has been intent on expanding the...

Michael Seibel. Photo: Y Combinator

Y Combinator CEO Faces the Crisis and His Critics

By Kate Clark · Aug 25, 2020 7:00am PDT · 2 comments

Y Combinator has won acclaim for a twice-yearly training program that produced Silicon Valley crown jewels such as Stripe and Airbnb. But for the first time since the startup accelerator’s inception in 2005, all 220 participants had to dial in remotely, threatening a valuable component of YC—its ability to help founders forge... Y Combinator has won acclaim for a twice-yearly training program that produced Silicon Valley...

Facebook's Mark Zuckerberg testifying remotely at a House Judiciary Subcommittee hearing in July. Photo by Bloomberg

Zuckerberg Talks TikTok in D.C.: The Information’s Tech Briefing

By Martin Peers · Aug 24, 2020 5:55pm PDT

Facebook's Mark Zuckerberg testifying remotely at a House Judiciary Subcommittee hearing in July. Photo by Bloomberg

Zuckerberg Talks TikTok in D.C.: The Information’s Tech Briefing

By Martin Peers · Aug 24, 2020 5:55pm PDT

For some time, Facebook CEO Mark Zuckerberg has raised red flags about the threat he believes Chinese tech services like TikTok pose to free speech. What, then, was Zuckerberg after when he brought up his concerns about Chinese internet companies and TikTok in meetings last year with President Trump and lawmakers?What he didn’t ask for was... For some time, Facebook CEO Mark Zuckerberg has raised red flags about the threat he believes...

Amazon’s Massive Spike in Delivery Stations Poses Threat to USPS

By Paris Martineau · Aug 24, 2020 12:10pm PDT · 2 comments

Amazon has carried out an unprecedented physical expansion during the coronavirus pandemic as homebound consumers have sought to have supplies delivered to their doorstep. While its hundreds of vast suburban fulfillment centers still make up the largest chunk of its physical footprint in the U.S., openings of smaller facilities—delivery... Amazon has carried out an unprecedented physical expansion during the coronavirus pandemic as...

Illustration by B. Didier

The Information’s SPAC Target List

By Ross Matican · Aug 24, 2020 7:00am PDT

When electric vehicle startup Canoo announced it would merge with Hennessy Capital Acquisition Corporation last week, it was the latest example of an increasingly common trend in private tech: going public via a special purpose acquisition company, a cash-rich empty shell of a company whose only purpose is to acquire a business.An explosion of... When electric vehicle startup Canoo announced it would merge with Hennessy Capital Acquisition...

The Mistake I Made About Apple’s and Google’s Businesses

By Jessica E. Lessin · Aug 22, 2020 7:47am PDT · 1 comment

One of my most vivid memories from my eight years at The Wall Street Journal was sitting with my boss talking about the future of Google. I had just taken over the beat, and my editor was trying to map out for me how to cover the most important internet company at the time (and arguably now). “If you just remember one theme,... One of my most vivid memories from my eight years at The Wall Street Journal was sitting with my...

Palantir CEO Alexander Karp. Photo by Bloomberg

Palantir’s Direct Listing Lockup: The Information’s Tech Briefing

By Martin Peers · Aug 21, 2020 6:01pm PDT · 1 comment

Palantir CEO Alexander Karp. Photo by Bloomberg

Palantir’s Direct Listing Lockup: The Information’s Tech Briefing

By Martin Peers · Aug 21, 2020 6:01pm PDT · 1 comment

One of the big appeals of direct listings, when companies go public simply by listing their existing shares rather than by selling new shares, is that they allow investors and employees to sell their shares immediately. Palantir, which plans to lock up about 80% of its investors’ shares despite having a direct listing, just undercut that... One of the big appeals of direct listings, when companies go public simply by listing their...

The Information’s 411 — Airbnb Fights the Right to Party

By Tom Dotan · Aug 21, 2020 2:25pm PDT

Cory talks about the rise of parties at Airbnb rentals and how it's poised to be a huge headache for the company as it heads down the path of going public. Cory talks about the rise of parties at Airbnb rentals and how it's poised to be a huge...

Photo by Bloomberg

Palantir Plans Lockup for Direct Listing, Breaking With Convention

By Cory Weinberg · Aug 21, 2020 10:31am PDT

Palantir Technologies is planning an unusual feature for its direct listing next month: a partial lockup.The data analysis software firm told investors that they would have to hold onto most of their shares for several months after the company lists its stock publicly, two people familiar with the matter said. Investors would still be able to... Palantir Technologies is planning an unusual feature for its direct listing next month: a partial...

The People in Power at Netflix: An Update

By Tom Dotan · Aug 21, 2020 7:01am PDT

Many Hollywood studios have struggled to restart production, particularly in the U.S. in the past few weeks, given the challenges of navigating social distancing rules on a film set. But Netflix has had an advantage: Over the past couple of years, it has amassed a network of studio facilities overseas, where production has been easier to... Many Hollywood studios have struggled to restart production, particularly in the U.S. in the past...

Microsoft CEO Satya Nadella. Photo by Bloomberg

Microsoft’s TikTok Risk: The Information’s Tech Briefing

By Martin Peers · Aug 20, 2020 5:31pm PDT

Microsoft CEO Satya Nadella. Photo by Bloomberg

Microsoft’s TikTok Risk: The Information’s Tech Briefing

By Martin Peers · Aug 20, 2020 5:31pm PDT

One of the unexplored questions about Microsoft’s interest in TikTok is why it wants to do a deal that would plunge the company into one of the most controversial political debates of the past few years: how to deal with hate speech and other contentious content. This is a briar patch Microsoft has mercifully avoided up until... One of the unexplored questions about Microsoft’s interest in TikTok is why it wants to do...

ByteDance founder Zhang Yiming. Photo by Bloomberg

Tencent, Xiaomi Invested in TikTok’s Parent, ByteDance

By Yunan Zhang and Juro Osawa · Aug 20, 2020 10:00am PDT

The list of current and former investors in TikTok’s owner ByteDance include some of the biggest names in finance, including Sequoia Capital and General Atlantic—along with some of the biggest Chinese tech firms. The Information has learned that Chinese internet giant Tencent, one of ByteDance’s biggest competitors, bought... The list of current and former investors in TikTok’s owner ByteDance include some of the...

Photos by Microsoft; Bloomberg

Microsoft v. Oracle: How Their Washington Influence Stacks Up

By Christopher Stern · Aug 20, 2020 7:02am PDT

While plenty of companies might want to buy TikTok and gain access to the app’s scores of millions of users in the U.S. alone, there are few with deep enough pockets, not to mention the engineering resources, to pull off a successful acquisition. Another variable that will be crucial to closing a deal: having enough clout and experience in... While plenty of companies might want to buy TikTok and gain access to the app’s scores of...

Apple CEO Tim Cook

Apple’s $2 Trillion Day: The Information’s Tech Briefing

By Martin Peers · Aug 19, 2020 5:32pm PDT · 1 comment

For a few hours today, Apple’s market capitalization was above $2 trillion, symbolizing just how powerful the iPhone maker has become. (The stock ended up losing ground, shrinking the market cap a tad below $2 trillion by the close). By comparison, Amazon and Microsoft are both worth around $1.6 trillion. Apple’s valuation,... For a few hours today, Apple’s market capitalization was above $2 trillion, symbolizing...

Prabhakar Raghavan. Photo by Bloomberg

The Quiet Rise of Google’s New Head of Search

By Nick Bastone · Aug 19, 2020 11:51am PDT · 5 comments

Prabhakar Raghavan. Photo by Bloomberg

The Quiet Rise of Google’s New Head of Search

By Nick Bastone · Aug 19, 2020 11:51am PDT · 5 comments

When Google CEO Sundar Pichai reshuffled his most senior executives earlier this summer, he gave one of the biggest jobs to Prabhakar Raghavan, a former Yahoo research director who had earned acclaim within Google for technology predicting what Gmail users planned to type. Raghavan now heads search and ad products, business lines that together... When Google CEO Sundar Pichai reshuffled his most senior executives earlier this summer, he gave...

Nashville skyline. Illustration by Mike Sullivan

How One Rental Startup Gamed Airbnb

By Paris Martineau · Aug 19, 2020 7:01am PDT · 1 comment

Three years ago, an unusual real estate shopping spree among colleagues kicked off in Nashville, Tenn. Jay Roberts, the CEO and co-founder of a startup called Domio, purchased a newly constructed condo in the city’s North Nashville neighborhood with his then-girlfriend. A few days later, 24-year-old Adrian Lam, chief strategy officer and... Three years ago, an unusual real estate shopping spree among colleagues kicked off in Nashville,...

Oracle co-founder Larry Ellison. Photo by Bloomberg

An Oracle-TikTok Deal Might Not Be Crazy: The Information’s Tech Briefing

By Martin Peers · Aug 18, 2020 5:01pm PDT · 1 comment

Oracle’s reported interest in bidding for TikTok might not be as crazy as it sounds. There is a case to be made that the deal could be as much of a fit for Oracle as it would for Microsoft. While Oracle is best-known for its database software and business applications, it also sells a range of products that help marketers organize... Oracle’s reported interest in bidding for TikTok might not be as crazy as it sounds. There...

Art by Mike Sullivan

Apple’s China Loopholes Are Starting to Close

By Wayne Ma · Aug 18, 2020 7:01am PDT · 1 comment

In 2017, Apple rolled out a flurry of projects executives hoped would endear it to Chinese officials. It announced three new research and development centers in China and ceded control of Chinese user data to a local partner. Soon after, Apple’s newly appointed head of Greater China, Isabel Ge Mahe, had meetings with Chinese... In 2017, Apple rolled out a flurry of projects executives hoped would endear it to Chinese...

A still image from an Epic Games video spoofing Apple's '1984' commercial

Epic Games Seeks to Form Coalition of Apple Critics

By Nick Wingfield and Alex Heath · Aug 17, 2020 5:53pm PDT

A still image from an Epic Games video spoofing Apple's '1984' commercial

Epic Games Seeks to Form Coalition of Apple Critics

By Nick Wingfield and Alex Heath · Aug 17, 2020 5:53pm PDT

Epic Games, the videogame maker that started a daring legal brawl with Apple last week, is hoping to organize wider opposition to the tech giant. It could face an uphill battle in recruiting others to publicly join its cause. In recent weeks, Epic—which makes the hit game Fortnite—has reached out to other tech executives about... Epic Games, the videogame maker that started a daring legal brawl with Apple last week, is hoping...