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

Coursera CEO Jeff Maggioncalda. Photo by Coursera

Coursera Raises $130 Million Amid Flurry of Ed Tech Deals

By Kate Clark · Jul 17, 2020 1:23pm PDT · 1 comment

Another education technology company is flourishing amid the coronavirus pandemic, as people stuck at home flock to online classes. Coursera, the global online learning platform founded by prominent artificial intelligence researcher Andrew Ng, has raised $130 million in Series F funding, the company confirmed. NEA managing general partner... Another education technology company is flourishing amid the coronavirus pandemic, as people...

Art by Mike Sullivan

The Information’s Takeover Target List

By The Information Staff · Jul 17, 2020 7:02am PDT · 2 comments

The season for M&A may soon be upon us. The pandemic has squeezed many businesses and made funding harder to get. We’ve already seen Postmates sell to Uber and Grubhub sell to Europe’s Just Eat Takeaway, accelerating a long-awaited consolidation of the food-delivery market. Meanwhile, EW Scripps, grappling with a downturn in... The season for M&A may soon be upon us. The pandemic has squeezed many businesses and made...

Autonomous Trucking Startup Plus.ai in Talks to Raise $60 Million

By Yunan Zhang · Jul 17, 2020 2:41am PDT · 1 comment

Plus.ai, a developer of self-driving trucks based in the U.S. and China, is in talks to raise $60 million, according to two people familiar with the matter.The fundraising, which is still under negotiation, would be led by Hong Kong-based investment and securities firm Guotai Junan International and could value Plus.ai in the range of $600... Plus.ai, a developer of self-driving trucks based in the U.S. and China, is in talks to raise $60...

EU flags outside of the European Union Commission building in Brussels.

Europe Queries Alexa and Siri: The Information’s Tech Briefing

By Martin Peers · Jul 16, 2020 5:31pm PDT

EU flags outside of the European Union Commission building in Brussels.

Europe Queries Alexa and Siri: The Information’s Tech Briefing

By Martin Peers · Jul 16, 2020 5:31pm PDT

A day after European authorities suffered an embarrassing court defeat in a 4-year-old tax case against Apple, regulators on the Continent are going after big tech again. Margrethe Vestager, the European Commission’s top antitrust enforcer, announced an inquiry into the internet of things sector, including how voice assistants like Siri,... A day after European authorities suffered an embarrassing court defeat in a 4-year-old tax case...

Former Haven CEO Atul Gawande. Photo by Kelly Davidson

What’s Ailing an Amazon Health Venture

By Paris Martineau · Jul 16, 2020 7:00am PDT · 6 comments

In May, when celebrated surgeon and writer Atul Gawande stepped down as CEO of Haven—a high-profile health care venture launched by Amazon, Berkshire Hathaway and JPMorgan Chase—he said the move would allow him to focus his energy on combating Covid-19 through policy and advocacy work. But Gawande left the top job at Haven under... In May, when celebrated surgeon and writer Atul Gawande stepped down as CEO of Haven—a...

Twitter's San Francisco headquarters. Photo by Bloomberg

Scammers Hack Twitter: The Information’s Tech Briefing

By Martin Peers · Jul 15, 2020 6:01pm PDT

Wednesday’s hack of the Twitter accounts of top executives and politicians, including Jeff Bezos, Bill Gates and Barack Obama, is an enormous black eye for the company. Scammers have used Twitter before to make money. What is worrisome about this hack is the possibility, raised by some people on Twitter, that the hackers gained... Wednesday’s hack of the Twitter accounts of top executives and politicians, including Jeff...

Greg Greeley, shown in 2017. Photo: Bloomberg

Top Airbnb Executive to Depart Amid Broader Shakeup

By Cory Weinberg · Jul 15, 2020 5:19pm PDT

Greg Greeley, Airbnb’s president of homes and one of the the travel site’s highest-ranking executives, is leaving the company, part of a broader shakeup of Airbnb’s executive team.The former Amazon Prime executive was brought in two years ago to stabilize Airbnb’s core business. The company informed employees about... Greg Greeley, Airbnb’s president of homes and one of the the travel site’s...

Udemy CEO Greg Coccari. Photo: Udemy

Online Education Company Udemy Seeks Funding at $3 Billion Valuation

By Kate Clark · Jul 15, 2020 12:17pm PDT

Udemy CEO Greg Coccari. Photo: Udemy

Online Education Company Udemy Seeks Funding at $3 Billion Valuation

By Kate Clark · Jul 15, 2020 12:17pm PDT

Udemy, one of the most highly valued education technology companies, is taking advantage of the unusually bright spotlight on online learning to raise more money. At a moment when the coronavirus outbreak is prompting more people to experiment with virtual learning, San Francisco–based Udemy is seeking new funding at a valuation of $3... Udemy, one of the most highly valued education technology companies, is taking advantage of the...

ByteDance founder Zhang Yiming. Photo by Bloomberg

ByteDance Plans to Double Down on China Expansion While TikTok Sale Possible

By Yunan Zhang, Shai Oster and Juro Osawa · Jul 15, 2020 9:40am PDT

Facing the threat of a U.S. ban on TikTok, the app’s Chinese owner, ByteDance, has told some investors that it plans to focus more on growth in its home market by expanding into new sectors and trying to develop another hit app, says a ByteDance investor.Even as ByteDance has faced growing international pressure on TikTok, its Chinese... Facing the threat of a U.S. ban on TikTok, the app’s Chinese owner, ByteDance, has told...

Art by Sam Lessin

Modest Proposals

The Escalating War Between Our Physical and Digital Realities

By Sam Lessin · Jul 15, 2020 7:01am PDT · 6 comments

Is the destiny of the internet to become an integrated extension of the physical world, a separate parallel universe, or to supplant and subsume the real world of today? This question, which has been abstractly rattling around science fiction for decades, is so far unresolved. It feels clear now, though, that after a long period of peace, the... Is the destiny of the internet to become an integrated extension of the physical world, a...

Europe's competition commissioner Margrethe Vestager. Photo by Bloomberg

Europe’s Regulatory Traffic Jam: The Information’s Tech Briefing

By Martin Peers · Jul 14, 2020 5:31pm PDT

European regulators seem to be caught in a traffic jam of cases against big U.S. tech companies. It’s a situation we could easily see develop in the U.S. in the not-too-distant future, an interesting wrinkle that is likely to work to some companies’ advantage.The logjam in Europe has emerged in recent days as we have been waiting to... European regulators seem to be caught in a traffic jam of cases against big U.S. tech companies....

Image by Shutterstock

TikTok Agreed to Buy More Than $800 Million in Cloud Services From Google

By Kevin McLaughlin and Amir Efrati · Jul 14, 2020 1:12pm PDT

Image by Shutterstock

TikTok Agreed to Buy More Than $800 Million in Cloud Services From Google

By Kevin McLaughlin and Amir Efrati · Jul 14, 2020 1:12pm PDT

For years, Google Cloud has languished in third place in the cloud computing market, with fewer marquee customers to boast of than rivals Amazon Web Services and Microsoft. Last week, though, word surfaced of a buzzy new customer for Google Cloud—TikTok, the app for sharing short videos that is the year’s runaway social media... For years, Google Cloud has languished in third place in the cloud computing market, with fewer...

Jonah Peretti. Art by Mike Sullivan

Q&A

BuzzFeed’s Peretti on How Pandemic Squashed 2020 Profit Hopes

By Jessica Toonkel · Jul 14, 2020 7:01am PDT · 1 comment

At the height of the coronavirus pandemic a few months ago, advertisers owed BuzzFeed around $100 million in payments from the fourth quarter, almost one-third of the company’s revenue for last year. CEO Jonah Peretti was worried that with the businesses grinding to a halt and many companies suspending advertising, BuzzFeed wouldn’t... At the height of the coronavirus pandemic a few months ago, advertisers owed BuzzFeed around $100...

Photo: AP

Trio of Deals: The Information’s Tech Briefing

By Martin Peers · Jul 13, 2020 5:35pm PDT

Monday’s late stock market sell-off halted, at least for a day, what appeared to be a bubble enveloping Wall Street. Even as Covid cases surge, investors had been acting like all was fine. (And one of the trading apps powering the rally, Robinhood, is directly benefiting, as we note below.)But deal-making hasn’t slowed: Today we had... Monday’s late stock market sell-off halted, at least for a day, what appeared to be a...

Art by Mike Sullivan.

Amazon Alum’s Exit From TV Firm Shows Pitfalls for Tech Execs in Media

By Jessica Toonkel · Jul 13, 2020 10:01am PDT

Amazon alumni have turned up at a wide range of digital and traditional media firms, such as Snap and Disney. But one of the biggest contingents—around 100—has defected to TV firm Discovery, owner of the Discovery Channel, HGTV and Animal Planet, following a former Amazon Marketplace executive, Peter Faricy. He was hired in 2018 to... Amazon alumni have turned up at a wide range of digital and traditional media firms, such as Snap...

Lo Toney of Plexo Capital (left) and Adeyemi Ajao of Base10 Partners. Photo: Plexo, Base10

Venture Capital Firms Pushed to Take Historically Black Colleges as LPs

By Kate Clark · Jul 13, 2020 7:01am PDT · 3 comments

Lo Toney of Plexo Capital (left) and Adeyemi Ajao of Base10 Partners. Photo: Plexo, Base10

Venture Capital Firms Pushed to Take Historically Black Colleges as LPs

By Kate Clark · Jul 13, 2020 7:01am PDT · 3 comments

A group of Black venture capital managers is pressing Silicon Valley’s largest firms to commit to including historically Black colleges and universities among their limited partners, the institutions and individuals that provide capital to VC funds and reap the returns. Lo Toney, who spun out Plexo Capital from Alphabet’s... A group of Black venture capital managers is pressing Silicon Valley’s largest firms to...

What Would Have Happened at Allen & Co.’s Sun Valley Conference (or at Least I Think So)

By Jessica E. Lessin · Jul 11, 2020 7:47am PDT

In pre-pandemic times, the most well-known CEOs in tech and media would have spent this week in Sun Valley, hobnobbing, taking nature walks, and yes, doing a little business as part of investment bank Allen & Co.’s storied conference. I’ve been on the sidelines of the event for around a decade on and off, reporting and... In pre-pandemic times, the most well-known CEOs in tech and media would have spent this week in...

Photo: Bloomberg

Amazon’s Stunning TikTok Reversal: The Information’s Tech Briefing

By Martin Peers · Jul 10, 2020 5:35pm PDT

For a few hours on Friday, it looked like any Trump administration ban of TikTok was going to be pre-empted by companies. But Amazon’s startling reversal of its ban on TikTok—it said a Friday morning email to employees ordering the app to be deleted from their phones had been sent “in error”—made that thought moot.... For a few hours on Friday, it looked like any Trump administration ban of TikTok was going to be...

The Information’s 411 — Billionaires Without Summer Camp

By Tom Dotan · Jul 10, 2020 4:35pm PDT

Nick Bastone gives us an update on the digital advertising industry and compares the trajectories of Google and Facebook during the second quarter. Jessica Lessin gives her take on whether it matters that the annual Sun Valley conference was called off this year because of the pandemic. Nick Bastone gives us an update on the digital advertising industry and compares the trajectories...

A TikTok sign at event in Tokyo last year. Photo by Bloomberg

For TikTok, an Amazon Ban That Wasn’t, a Wells Fargo Ban That Was

By Mark Di Stefano, Alex Heath and Paris Martineau · Jul 10, 2020 3:53pm PDT

A TikTok sign at event in Tokyo last year. Photo by Bloomberg

For TikTok, an Amazon Ban That Wasn’t, a Wells Fargo Ban That Was

By Mark Di Stefano, Alex Heath and Paris Martineau · Jul 10, 2020 3:53pm PDT

It was a head-spinning day for TikTok, the hit video-sharing app. Hours after Amazon told employees to delete TikTok from their phones over security concerns, the internet giant publicly reversed its decision after a flurry of behind-the-scenes discussions between the two companies. Amazon’s initial email telling employees to get rid... It was a head-spinning day for TikTok, the hit video-sharing app. Hours after Amazon told...