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

Get smarter about the day’s news in tech, media and finance by following Silicon Valley’s most-read executive newsletter.

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Recent Editions

Alphabet CFO Ruth Porat. Photo by Bloomberg

Who Wins and Loses at Alphabet From Page Departure

By Nick Bastone and Amir Efrati · Dec 4, 2019 12:50pm PST · 6 comments

Twenty-one years after founding Google, Larry Page and Sergey Brin announced on Tuesday they would be stepping down from their leadership roles at the company. Page will no longer serve as the CEO of Alphabet, the holding company of Google and its ambitious endeavors known as “Other Bets.” And Brin will step down as Alphabet’s... Twenty-one years after founding Google, Larry Page and Sergey Brin announced on Tuesday they...

A DoorDash delivery person. Photo by Bloomberg

With Public Debut Looming, DoorDash Projected $450M 2019 Loss

By Amir Efrati · Dec 4, 2019 7:01am PST · 2 comments

DoorDash, an on-demand food delivery firm most recently valued at $12 billion which plans to go public next year, expects to lose $450 million this year—but it is faring better than its main rivals, such as Uber Eats.The financial picture—including projections that DoorDash’s net revenue will be between $900 million and about... DoorDash, an on-demand food delivery firm most recently valued at $12 billion which plans to go...

Introducing the Tech Top 10 by The Information

By Jessica E. Lessin · Dec 4, 2019 5:01am PST · 1 comment

We launched The Information six years ago to the day with a mission to conduct fearless and deep original reporting about the technology industry. The press was only telling part of the tech story. We focused on what was missing—from the early-stage companies that became the next unicorns to the scandals that have ousted CEOs. But... We launched The Information six years ago to the day with a mission to conduct fearless and deep...

Sergey Brin and Larry Page. Photo by AP

As Alphabet Grows Obsolete, Page and Brin Step Aside

By Jessica E. Lessin, Nick Bastone and Nick Wingfield · Dec 3, 2019 3:32pm PST · 1 comment

Sergey Brin and Larry Page. Photo by AP

As Alphabet Grows Obsolete, Page and Brin Step Aside

By Jessica E. Lessin, Nick Bastone and Nick Wingfield · Dec 3, 2019 3:32pm PST · 1 comment

The days of Alphabet, the Google parent company that Larry Page and Sergey Brin created as a playground for ambitious new bets, may be numbered. A little over four years after Page and Brin formed Alphabet, the two made a surprise announcement on Tuesday that Google CEO Sundar Pichai will become Alphabet’s CEO, replacing Page. Brin... The days of Alphabet, the Google parent company that Larry Page and Sergey Brin created as a...

Meituan CEO Wang Xing. Photo by Bloomberg

Meituan’s Turnaround Holds Lessons for Uber

By Amir Efrati, Juro Osawa and Yunan Zhang · Dec 3, 2019 7:02am PST · 1 comment

Before Uber became the poster child for public investors’ aversion to money-losing tech companies, Chinese on-demand services giant Meituan went through a similar experience. But it figured out how to win over investors.In the four months after its September 2018 IPO, Meituan stock fell 40% as investors balked at mounting losses from its... Before Uber became the poster child for public investors’ aversion to money-losing tech...

Art by Sam Lessin

Modest Proposals

Four Paths Forward for ‘Social Products’

By Sam Lessin · Dec 2, 2019 10:02am PST · 3 comments

A broad-based belief in Silicon Valley is that new opportunities for social networks occur only with “platform shifts,” such as the growth of mobile. Only then, so this theory goes, do consumers have the cognitive bandwidth and interest to seek out new social products—and can budding networks find cheap enough... A broad-based belief in Silicon Valley is that new opportunities for social networks occur only...

Airbnb CEO Brian Chesky, shown in 2017. Photo: Bloomberg

Silicon Valley Braces for Belt-Tightening

By Cory Weinberg · Dec 2, 2019 7:02am PST · 2 comments

At Airbnb’s board meeting two weeks ago, one topic took center stage: how to contain accelerating costs. It is a question that until relatively recently received scant attention inside Silicon Valley’s big-name startups. But a string of rejections by the public markets of some of the tech industry’s superstars has prompted... At Airbnb’s board meeting two weeks ago, one topic took center stage: how to contain...

The Information’s 411 — Disney in a Foxhole

By Tom Dotan · Nov 29, 2019 2:25pm PST

The Information’s 411 — Disney in a Foxhole

By Tom Dotan · Nov 29, 2019 2:25pm PST

Ashley breaks down where the frontrunners for the Democratic nomination stand regarding the tech industry. Martin joins to talk about the math underlying Disney's acquisition of Fox's assets and why it's clear that it seriously overpaid. Ashley breaks down where the frontrunners for the Democratic nomination stand regarding the tech...

Art: Jesse Howe

The Information’s Top 10 ‘Tech’ Gifts for 2019

By The Information Staff · Nov 29, 2019 7:02am PST · 1 comment

We don’t just write about the latest tech news here at The Information. Like most of our subscribers, we’re avid users of the tech industry’s products in our personal lives, from the newest smart home gadgets to fitness devices. Below are 10 products and services that would make great gifts this holiday. We describe them... We don’t just write about the latest tech news here at The Information. Like most of our...

ByteDance CEO Zhang Yiming. Photo by Bloomberg

TikTok Owner ByteDance in Talks to Borrow $2 Billion From Banks

By Juro Osawa and Yunan Zhang · Nov 27, 2019 8:31am PST

ByteDance, the Chinese company behind the wildly popular TikTok video app, is looking to borrow around $2 billion from banks, according to people familiar with the matter. The money would add to ByteDance’s war chest as TikTok challenges Facebook and Snapchat in the U.S. and other parts of the world. The latest fundraising comes as... ByteDance, the Chinese company behind the wildly popular TikTok video app, is looking to borrow...

Art by G. Kratzer

The Great Tech Rivalries of 2019

By The Information Staff · Nov 27, 2019 7:01am PST · 4 comments

This has been a year of intensified competition between a number of companies in both tech and media, as well as between tech and Washington.Below, our team has profiled six of the most high-profile rivalries and who prevailed—at least over the course of this year. These fights have many more rounds to play out, but here’s a snapshot... This has been a year of intensified competition between a number of companies in both tech and...

[Bonus] Why Jason Blum Says Tech Has Upended Hollywood

By Tom Dotan · Nov 26, 2019 1:36pm PST

[Bonus] Why Jason Blum Says Tech Has Upended Hollywood

By Tom Dotan · Nov 26, 2019 1:36pm PST

Producer Jason Blum explains why we've still got a few more years of big money flowing into Hollywood before business realities set in. Also why Apple should consider buying a studio and why most movie budgets have gotten smaller while TV shows have ballooned in price. Producer Jason Blum explains why we've still got a few more years of big money flowing into...

Photo: CQ Roll Call via AP Images

Q&A

Why Libra Worries This Physicist-Turned-Congressman

By Christopher Stern · Nov 26, 2019 11:03am PST · 3 comments

Rep. Bill Foster might be the only member of Congress who writes computer code in his spare time. The holder of a Ph.D. in physics from Harvard, Foster stood out among his fellow representatives during testimony by Facebook CEO Mark Zuckerberg last month, with questions that revealed a detailed knowledge of cryptocurrency.The suburban Chicago... Rep. Bill Foster might be the only member of Congress who writes computer code in his spare time....

Apple CEO Tim Cook. Photo by Bloomberg

Why Apple Shouldn’t Buy an Entertainment Company

By Martin Peers · Nov 26, 2019 7:01am PST

Film producer Jason Blum last week declared that tech companies wanting to get into streaming, like Apple, should buy a film studio. That would yield a “bigger audience for less money.” Apple has reportedly pondered buying a company like Time Warner in the past. It’s likely not the only tech company to have considered such a... Film producer Jason Blum last week declared that tech companies wanting to get into streaming,...

Art by Jesse Howe.

On the Market: Veterans of Airbnb, SoftBank, Facebook and Microsoft

By The Information Staff · Nov 25, 2019 7:00am PST

A number of prominent tech and media executives left their jobs in recent months, for reasons ranging from a post-merger reorganization to business struggles to strategic differences with the top boss. In The Information’s latest batch of Free Agents, we profile some of these industry leaders who are between jobs. The group includes... A number of prominent tech and media executives left their jobs in recent months, for reasons...

Jason Blum. Photo by Erin Beach

Hollywood’s Jason Blum, Unscripted

By Jessica E. Lessin · Nov 23, 2019 7:46am PST

Jason Blum. Photo by Erin Beach

Hollywood’s Jason Blum, Unscripted

By Jessica E. Lessin · Nov 23, 2019 7:46am PST

In reporting, we all talk about the importance of getting out of our bubbles—which in my case means leaving Silicon Valley to spend time on the ground in New York, Los Angeles, Hong Kong and beyond. The value of doing so was crystal clear this week as I sat across from producer Jason Blum to chitchat about the future of Silicon... In reporting, we all talk about the importance of getting out of our bubbles—which in my...

The Information’s 411 — A Bundle of Nerves

By Tom Dotan · Nov 22, 2019 4:45pm PST

Beejoli talks about the future of cable channels during the streaming era and what it's like working for the "old" part of the business. Cory gives the latest on Airbnb, including a scoop on its money-losing second quarter and its departing chief operating officer. Beejoli talks about the future of cable channels during the streaming era and what it's like...

Airbnb COO Belinda Johnson, who said on Friday she would leave. Photo by Bloomberg

Airbnb Lost $100 Million in Q2

By Cory Weinberg · Nov 22, 2019 3:12pm PST

Airbnb lost about $100 million before interest and taxes in the second quarter this year, a big swing from the profit of $10 million it made in the year-earlier period, according to financial information viewed by The Information. The loss, driven by higher marketing and administrative expenses, is the latest sign that Airbnb is investing... Airbnb lost about $100 million before interest and taxes in the second quarter this year, a big...

Fred Wilson, co-founder and partner at Union Square Ventures, in May. Photo by Bloomberg

Union Square Ventures Maintains Investing Edge, Returns Data Show

By Zoë Bernard · Nov 22, 2019 7:01am PST · 1 comment

Union Square Ventures earned its reputation as a top venture fund by making early bets on Twitter, Zynga and Tumblr. And in recent years, the firm has maintained its performance, remaining one of the top performing venture firms in the industry, internal data show.Three USV funds raised in 2012, 2014 and 2016 showed net internal rates of return... Union Square Ventures earned its reputation as a top venture fund by making early bets on...

The Information’s 411 — How Jared Grusd is Expanding Content on Snapchat

By Tom Dotan · Nov 21, 2019 5:32pm PST

The Information’s 411 — How Jared Grusd is Expanding Content on Snapchat

By Tom Dotan · Nov 21, 2019 5:32pm PST

Snap's chief strategy officer talks about Snap's Discover section, its explosive growth in India and competition from TikTok and Quibi. Snap's chief strategy officer talks about Snap's Discover section, its explosive growth...