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

Mike Sullivan

Crypto Newsletter

What Gemini’s Expansion Means

By Jon Victor · Jul 3, 2019 12:18pm PDT · 1 comment

It turns out last week’s rally was short-lived, with bitcoin pulling back after reaching as high as $13,500. People in the industry I’ve spoken with are still mindful of last year’s plunge, and say they would rather see the market gain steam more gradually. “Once a new base is formed, prices are likely to move... It turns out last week’s rally was short-lived, with bitcoin pulling back after reaching as...

AWS CEO Andy Jassy. Photo by Bloomberg

Open Source Battle Over AWS Intensifies

By Kevin McLaughlin · Jul 3, 2019 7:01am PDT · 7 comments

It’s a burning question in the open source community: Is Amazon Web Services friend or foe? New data provides a clue.AWS incorporates open source software in its services, which some say helps increase overall usage but others say undermines the small firms that developed the software and are trying to make a business out of it. It’s... It’s a burning question in the open source community: Is Amazon Web Services friend or foe?...

David Stern. Photo by Bloomberg

Q&A

Former NBA Head David Stern on How Sports Betting Can Save TV Rights

By Tom Dotan · Jul 2, 2019 11:33am PDT

As sports betting gradually becomes legal across the country, there may be one unexepected beneficiary: the league’s TV rights, argues former NBA Commissioner David Stern.He expects the ratings for games to go up as people who have bets riding on the results tune in—even if they’re not necessarily fans of the teams.... As sports betting gradually becomes legal across the country, there may be one unexepected...

Illustration by Josh Brill

Alexa, Is Voice Still the Next Big Thing After Mobile?

By Priya Anand · Jul 2, 2019 7:01am PDT · 8 comments

Illustration by Josh Brill

Alexa, Is Voice Still the Next Big Thing After Mobile?

By Priya Anand · Jul 2, 2019 7:01am PDT · 8 comments

As buzz about Alexa, Amazon’s voice-activated assistant, spread throughout tech in early 2016, Uber pounced on the opportunity to let people summon cars with a simple command: “Alexa, ask Uber to request a ride.” More than three years later, Uber receives orders for only a few hundred rides a day through Alexa, said a... As buzz about Alexa, Amazon’s voice-activated assistant, spread throughout tech in early...

Didi Chuxing president Jean Liu. Photo by Bloomberg

Didi Chuxing in Talks With SoftBank to Raise Money for Autonomous Driving Unit

By Yunan Zhang, Amir Efrati and Juro Osawa · Jul 1, 2019 10:01am PDT · 1 comment

Didi Chuxing, China’s biggest ride-hailing app, is in talks with its largest shareholder SoftBank and other potential investors about raising fresh capital for its autonomous driving business, people familiar with the matter said.The discussions aren’t finalized and may not necessarily result in a deal, the people said. The... Didi Chuxing, China’s biggest ride-hailing app, is in talks with its largest shareholder...

The stars of Netflix's "Triple Frontier" movie at a premiere screening in Madrid. Photo by AP

Netflix Plays New Role: Budget-Conscious

By Jessica Toonkel, Tom Dotan and Beejoli Shah · Jul 1, 2019 7:01am PDT · 1 comment

In early June, Netflix content chief Ted Sarandos met with several dozen of his middle-ranking and senior film and TV executives and delivered a blunt message: Be more careful with money.Mr. Sarandos told the group that spending on film and TV projects, particularly big budget movies, needed to be more cost-effective, according to people... In early June, Netflix content chief Ted Sarandos met with several dozen of his middle-ranking...

My Last Interaction With Jony Ive

By Jessica E. Lessin · Jun 29, 2019 7:46am PDT

It was my first week on the Apple beat at the Wall Street Journal in 2011 and Steve Jobs had recently passed away. Tim Cook was in charge, and I was waiting for him to make a big move to show how he was going to be different from—or similar to—Jobs.Cook announced a few changes here and there—corporate philanthropy stuff and the... It was my first week on the Apple beat at the Wall Street Journal in 2011 and Steve Jobs had...

The Information’s 411 — SoftBank, Hard Questions

By Tom Dotan · Jun 28, 2019 3:18pm PDT

The Information’s 411 — SoftBank, Hard Questions

By Tom Dotan · Jun 28, 2019 3:18pm PDT

Zoe and Cory join to talk about the stories they wrote about SoftBank-backed companies. Zoe discusses the travails at Brandless after SoftBank invested in them last year. Cory explains why WeWork's valuation may not be what it seems. Zoe and Cory join to talk about the stories they wrote about SoftBank-backed companies. Zoe...

Illustration by Mike Sullivan

Regulators Pile On With New Investigations of Tech Companies

By The Information Staff · Jun 28, 2019 12:58pm PDT

Regulators from the U.S. and overseas have ratcheted up the pressure on U.S. technology giants, launching new investigations in recent months of Amazon, Apple, Facebook and Google over anti-competitive behavior, and continuing probes of their data collection and privacy practices.Those four companies together are now the subject of 27... Regulators from the U.S. and overseas have ratcheted up the pressure on U.S. technology giants,...

Miranda Qu, co-founder of Xiaohongshu. Photo by Bloomberg.

E-Commerce Startup Xiaohongshu Seeks to Raise $500 Million

By Yunan Zhang · Jun 28, 2019 10:59am PDT

Xiaohongshu, a Chinese startup that’s a mashup of Instagram and Pinterest, is in talks to raise as much as $500 million at a valuation that could reach $6 billion, said four people familiar with the matter. The talks defy a slowdown in technology funding deals in China. A social media and online retailing startup that lets users post... Xiaohongshu, a Chinese startup that’s a mashup of Instagram and Pinterest, is in talks to...

Facebook's David Marcus. Photo by Bloomberg

Q&A

Facebook’s Marcus Says Libra Association Will Be Independent ‘by Launch’

By Alex Heath · Jun 28, 2019 7:02am PDT

The Information: If we could start with maybe David to start, could you explain why Facebook has hired the handful of people who already worked at the association in key roles? On the Libra website, it says that will be the MD's [managing director’s] job to recruit those positions. I'm just curious how that fits with the goal of... The Information: If we could start with maybe David to start, could you explain why Facebook has...

Facebook's David Marcus. Photo by Bloomberg

Facebook Has ‘Outsized Role’ in Libra Now, Marcus Says, Will Take ‘Backseat’ Later

By Alex Heath · Jun 28, 2019 7:00am PDT · 1 comment

Facebook's David Marcus. Photo by Bloomberg

Facebook Has ‘Outsized Role’ in Libra Now, Marcus Says, Will Take ‘Backseat’ Later

By Alex Heath · Jun 28, 2019 7:00am PDT · 1 comment

Facebook has publicly tried to distance itself from the Libra digital currency it is creating, signing up more than two dozen companies to help run an organization to manage the currency called the Libra Association. But behind the scenes, Facebook has exerted early influence over the makeup of the association by hiring the handful of executives... Facebook has publicly tried to distance itself from the Libra digital currency it is creating,...

Apple CEO Tim Cook, left, and Chief Design Officer Jonathan Ive in 2018. Photo by Bloomberg

Before Departure, Apple’s Jony Ive Faded From View

By Aaron Tilley and Wayne Ma · Jun 27, 2019 9:01pm PDT · 2 comments

In recent years, one of Apple’s most important executives, its design chief Jonathan Ive, has spent much of his time working from an unusual location 50 miles north of Apple’s Silicon Valley headquarters. Inside a brick carriage house sandwiched between the gilded mansions of San Francisco’s Pacific Heights neighborhood,... In recent years, one of Apple’s most important executives, its design chief Jonathan Ive,...

Photo courtesy of Magma.

Startup of the Week

Cool Melon, Mung Bean Flavors Power Vaping Startup’s China Push

By Shai Oster · Jun 27, 2019 10:01am PDT

Modern vaping was invented in China, and about 90% of the electronic cigarettes sold in the world are made there. But the country is currently home to only about two million e-cigarette users. That’s a situation former cigarette accessory industry executive Michael Gao wants to turn to his advantage with his vaping startup, Moti... Modern vaping was invented in China, and about 90% of the electronic cigarettes sold in the world...

The People With Power at Spotify

By Jessica Toonkel · Jun 27, 2019 7:01am PDT · 2 comments

For the leaders of Spotify, one of the biggest challenges of running the global leader in streaming music is bridging different worlds—that of media and tech, and also New York and Stockholm, where its biggest offices are located. Adding to the stress is increasing competition from Apple and the pressures of going public, as Spotify did... For the leaders of Spotify, one of the biggest challenges of running the global leader in...

Mike Sullivan

Blockchain Developers Are Leery of Libra

By Jon Victor · Jun 26, 2019 12:23pm PDT

Mike Sullivan

Crypto Newsletter

Blockchain Developers Are Leery of Libra

By Jon Victor · Jun 26, 2019 12:23pm PDT

It has been a while since crypto markets have had a week like this one. By Wednesday afternoon, Bitcoin had topped $13,000, up from around $9,000 as it rides a wave of optimism following Facebook’s Libra cryptocurrency announcement. This week, we take a look at an aspect of the Libra plan that has received less attention: whether... It has been a while since crypto markets have had a week like this one. By Wednesday afternoon,...

A WeWork office in New York City. Photo: Bloomberg

Is WeWork Worth $47 Billion? Not Even Close, Say Some Investors

By Alfred Lee and Cory Weinberg · Jun 26, 2019 11:12am PDT · 7 comments

Office space firm WeWork, which could be the next big test of the IPO market, is often called a $47 billion company. But investors lately have signaled they think WeWork is worth only about half of that, as questions mount about whether the tech-fueled real estate startup can sustain its breakneck growth.WeWork’s stock on the secondary... Office space firm WeWork, which could be the next big test of the IPO market, is often called a...

Brandless co-founder and former CEO Tina Sharkey. Photo by Bloomberg

Inside the Turmoil at SoftBank-Backed Brandless

By Zoë Bernard · Jun 26, 2019 7:01am PDT · 3 comments

Last March, when Tina Sharkey stepped down as CEO of Brandless—a maker of inexpensive foods and household items bearing generic labels like “Avocado Oil” and “Dog Shampoo and Conditioner”—she explained the move by saying she wanted to “wear fewer hats” at the company and focus instead on being its... Last March, when Tina Sharkey stepped down as CEO of Brandless—a maker of inexpensive foods...

Next Test for Tech IPOs: Lockup Expirations

By Ross Matican · Jun 25, 2019 10:16am PDT · 1 comment

Starting in September, a flood of shares in the newest public tech companies will hit the market as employees and pre-IPO investors—those who invested when the companies were private—are allowed to sell. That is likely to intensify volatility in tech share prices, putting pressure on weakly performing stocks like Uber and Lyft and... Starting in September, a flood of shares in the newest public tech companies will hit the market...

ByteDance CEO Zhang Yiming. Photo by Bloomberg

How ByteDance Founder Is Building a Global Tech Giant From China

By Juro Osawa and Yunan Zhang · Jun 25, 2019 7:01am PDT · 1 comment

ByteDance CEO Zhang Yiming. Photo by Bloomberg

How ByteDance Founder Is Building a Global Tech Giant From China

By Juro Osawa and Yunan Zhang · Jun 25, 2019 7:01am PDT · 1 comment

In the fall of 2014, a little-known Chinese entrepreneur named Zhang Yiming toured Silicon Valley, visiting the offices of Facebook, Tesla and Airbnb. One thing that struck Mr. Zhang, whose startup in Beijing was beginning to gain traction, was China’s growing influence. He met some Facebook and Twitter employees who loved Xiaomi phones,... In the fall of 2014, a little-known Chinese entrepreneur named Zhang Yiming toured Silicon...