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

A WeWork office. Photo by Bloomberg

WeWork Trying to Unravel Office Lease Deals

By Cory Weinberg · Dec 12, 2019 10:01am PST · 1 comment

WeWork has tried to convey a semblance of strength in the midst of management upheaval and mass layoffs. It announced last week that it opened a record number of buildings in December, as coworking spaces long under construction were completed. But quietly, WeWork has been trying to shrink the number of buildings it leases even faster than is... WeWork has tried to convey a semblance of strength in the midst of management upheaval and mass...

Bill Gurley. Photo by Bloomberg

SEC Stalls Direct Listing Push to Protect Small Investors

By Kevin Dugan · Dec 12, 2019 7:01am PST · 1 comment

In his campaign to rewrite the rules on how companies go public, Benchmark partner Bill Gurley has railed about how investment bankers handling traditional IPOs sell shares at too low a price. But the Securities and Exchange Commission, the ultimate arbiter of how the stock market works, is worried about how proposed rule changes could hurt... In his campaign to rewrite the rules on how companies go public, Benchmark partner Bill Gurley...

TerraTrue COO Chris Handman (left) and CEO Jad Boutros. Photo by TerraTrue

Former Snap Executives Raise Funds for a ‘TurboTax for Privacy’

By Alex Heath · Dec 11, 2019 10:01am PST

Two former Snap executives have raised a first round of funding for a new startup building what they describe as a TurboTax for privacy. TerraTrue, created by former Snap chief security officer Jad Boutros and former general counsel Chris Handman, recently closed a $4.5 million round of seed funding led by Anthos Capital—a venture... Two former Snap executives have raised a first round of funding for a new startup building what...

Beijing headquarters of Kuaishou. Photo by AP

Tencent Nears $2 Billion Investment in Chinese Video App Kuaishou to Fight ByteDance

By Yunan Zhang and Wayne Ma · Dec 11, 2019 7:01am PST · 1 comment

Beijing headquarters of Kuaishou. Photo by AP

Tencent Nears $2 Billion Investment in Chinese Video App Kuaishou to Fight ByteDance

By Yunan Zhang and Wayne Ma · Dec 11, 2019 7:01am PST · 1 comment

Tencent is nearing a deal to invest another $2 billion in Kuaishou, creator of a popular short-video app by the same name that’s gained an especially strong following in China’s smaller cities and countryside, say people familiar with the matter. The investment is designed to counter the rise of ByteDance’s group of apps,... Tencent is nearing a deal to invest another $2 billion in Kuaishou, creator of a popular...

An ad for Viacom's Pluto TV service on a New York subway wall earlier this year. Photo by AP

To Draw Advertisers, Video Services Need to Agree on Audience Measures

By Jessica Toonkel · Dec 10, 2019 10:02am PST · 1 comment

Spare a thought for advertisers contemplating buying commercial time on one of the wide array of free, ad-supported video services, ranging from giants like YouTube and Hulu to smaller outlets like Pluto TV and Tubi TV. Right now, there’s almost no way an advertiser can compare how many people watch all these services, as the viewership... Spare a thought for advertisers contemplating buying commercial time on one of the wide array of...

Facebook COO Sheryl Sandberg in Vietnam at a conference in 2017. Photo by Bloomberg

Facebook and Google Balance Booming Business with Censorship Pressure in Vietnam

By Wayne Ma · Dec 10, 2019 7:00am PST

When Facebook and Google want to strike ad deals in Vietnam, salespeople in Singapore get on a plane and fly to major cities like Ho Chi Minh City. They rent out rooms in five-star hotels for meetings with small retailers looking to sell around the world or big brands wanting to reach Vietnamese consumers. Vietnam is the most important market in... When Facebook and Google want to strike ad deals in Vietnam, salespeople in Singapore get on a...

An Uber self-driving car prototype in February 2018. Photo by AP

Uber Nears Deal for Self-Driving Car Simulation Startup

By Amir Efrati · Dec 9, 2019 1:32pm PST

Uber is in advanced negotiations to acquire the team behind a small Silicon Valley-based startup, Foresight, that develops simulation software to help test self-driving car prototypes, said a person who has worked at Uber and has direct knowledge of the pending deal. The small deal, if completed, would aid Uber’s robo-taxi development... Uber is in advanced negotiations to acquire the team behind a small Silicon Valley-based startup,...

North Dakota state Representative Jim Kasper. Photo by AP.

State Privacy Legislation Stalls Despite High Hopes

By Ashley Gold · Dec 9, 2019 10:01am PST · 2 comments

North Dakota state Representative Jim Kasper. Photo by AP.

State Privacy Legislation Stalls Despite High Hopes

By Ashley Gold · Dec 9, 2019 10:01am PST · 2 comments

Frustrated with a lack of action by Congress on federal privacy legislation and hearing from constituents worried about the security of their personal information online, lawmakers in more than two dozen states set out this year to pass privacy bills. The efforts aimed to follow the lead set by California, which last year adopted sweeping... Frustrated with a lack of action by Congress on federal privacy legislation and hearing from...

Apple CEO Tim Cook. Photo by Bloomberg

Apple’s Ad-Targeting Crackdown Shakes Up Ad Market

By Tom Dotan · Dec 9, 2019 7:01am PST · 2 comments

Two years ago, Apple launched an aggressive battle against ads that track users across the web. Today executives in the online publishing and advertising industries say that effort has been stunningly effective—posing a problem for advertisers looking to reach affluent consumers.Since Apple introduced what it calls its Intelligent Tracking... Two years ago, Apple launched an aggressive battle against ads that track users across the web....

Photo by Bloomberg.

Inside Our Apple App Store Ordeal

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

It all started with the price.Peter Schulz, who leads our product and engineering teams, walked into my office and told me that we couldn’t charge what we had planned for our upcoming news app because Apple had “tiers” of pricing app developers must follow. Our planned price of $30 a year didn’t fit into any of those... It all started with the price.Peter Schulz, who leads our product and engineering teams, walked...

The Information’s 411 — The Florida Project

By Tom Dotan · Dec 6, 2019 4:11pm PST

Amir joins to talk about DoorDash's money-losing business and Uber's report on sexual assaults. Alex talks about his investigation of Magic Leap's business and the disappointing sales for its AR headsets. Amir joins to talk about DoorDash's money-losing business and Uber's report on sexual...

Art: Jesse Howe

Airbnb Sells Cash Story Amid Jittery Tech Market

By Cory Weinberg · Dec 6, 2019 10:29am PST · 2 comments

Art: Jesse Howe

Reporter’s Notebook

Airbnb Sells Cash Story Amid Jittery Tech Market

By Cory Weinberg · Dec 6, 2019 10:29am PST · 2 comments

As Airbnb prepares to go public, CEO Brian Chesky feels he has a great story to tell. Over the past decade, he has raised $3.2 billion from investors—and still has all of that in Airbnb’s coffers. It’s a fact he brings up repeatedly in interviews these days, as he no doubt braces for scrutiny that the public markets will bring.... As Airbnb prepares to go public, CEO Brian Chesky feels he has a great story to tell. Over the...

Magic Leap CEO and founder Rony Abovitz. Photo by Bloomberg

Dented Reality: Magic Leap Sees Slow Sales, Steep Losses

By Alex Heath · Dec 6, 2019 7:00am PST · 7 comments

As Magic Leap neared the release of its first augmented reality headset in August 2018, the company’s founder and CEO Rony Abovitz had a bullish target, telling investors and colleagues in meetings that he wanted to sell at least one million units within the product’s first year, according to four people who repeatedly heard the goal... As Magic Leap neared the release of its first augmented reality headset in August 2018, the...

Trump Visa Crackdown Hits Outsourcing Firms

By Wayne Ma · Dec 5, 2019 10:08am PST · 4 comments

Tech outsourcing firms known for bringing workers from India to the U.S. have seen rejection rates for new skilled worker visas surge under the Trump administration, according to an analysis of U.S. government data.Most affected are companies such as Cognizant Technology Solutions, Capgemini America, Tech Mahindra, IBM and Tata Consultancy... Tech outsourcing firms known for bringing workers from India to the U.S. have seen rejection...

AWS CEO Andy Jassy. Photo by Bloomberg

At Cloud Jamboree, AWS Makes Room for Frenemies

By Kevin McLaughlin · Dec 5, 2019 7:01am PST

LAS VEGAS—When Amazon Web Services CEO Andy Jassy took the stage at the cloud giant’s annual re:Invent sales conference here this week, he showed a slide with a photo of an IBM mainframe sitting in a driveway, along with boxes labeled Oracle and Microsoft. The joke—part of a long tradition of Jassy slinging barbs at rivals at... LAS VEGAS—When Amazon Web Services CEO Andy Jassy took the stage at the cloud giant’s...

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

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

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

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...