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

Ripple CEO Brad Garlinghouse with The Information's Subscriber Summit on Thursday.

Subscriber Summit

Ripple CEO Blasts Libra, Boasts of Warchest

By Alex Heath · Oct 17, 2019 6:13pm PDT

Ripple CEO Brad Garlinghouse blasted Facebook’s proposed Libra digital currency, suggesting that the initiative would have been met with less pushback had it been led by another company, such as PayPal. “I think that the way they approached it demonstrated, frankly, [from] my point of view, arrogance in how they rolled it... Ripple CEO Brad Garlinghouse blasted Facebook’s proposed Libra digital currency, suggesting...

Instacart CEO Apoorva Mehta with The Information's Jessica Lessin at The Information's Subscriber Summit on Thursday. Photo by Angie Silvy

Subscriber Summit

Instacart Expanded Ad Team FiveFold In Recent Months, Mehta Says

By Priya Anand · Oct 17, 2019 5:36pm PDT

Instacart has grown its advertising sales team fivefold in the last six months, the grocery delivery company’s CEO revealed on Thursday, as part of an effort to build a significant advertising business.Advertising “is a big and growing portion of our revenue,” said Instacart CEO Apoorva Mehta in an on-stage interview at The... Instacart has grown its advertising sales team fivefold in the last six months, the grocery...

Affirm CEO Max Levchin. Photo by Angie Silvy

Subscriber Summit

Affirm’s Levchin Opposes Tech Breakup

By Nick Bastone · Oct 17, 2019 5:19pm PDT

Max Levchin, a serial entrepreneur and chief executive of the payment lending company Affirm, added his voice to the chorus of Silicon Valley leaders warning that a breakup of big tech companies by regulators will weaken the U.S. on the global stage, handing an advantage to Chinese competitors.In a wide-ranging discussion at The... Max Levchin, a serial entrepreneur and chief executive of the payment lending company Affirm,...

Lauren Cummings, Will Connolly and Scott Stanford appear on a panel at The Information’s Subscriber Summit. Photo by Angie Silvy.

Options for Going Public Broadening, Bankers Say

By Martin Peers · Oct 17, 2019 2:50pm PDT

Lauren Cummings, Will Connolly and Scott Stanford appear on a panel at The Information’s Subscriber Summit. Photo by Angie Silvy.

Subscriber Summit

Options for Going Public Broadening, Bankers Say

By Martin Peers · Oct 17, 2019 2:50pm PDT

Despite a heated debate among investors and bankers about the best way for companies to go public—via a traditional IPO or the newer direct listing—investment bankers say there is unlikely to be one single answer. Some companies are better suited to IPOs, and others to direct listings, while in the future some might benefit from a... Despite a heated debate among investors and bankers about the best way for companies to go...

The Information founder Jessica Lessin interviews CZI’s Priscilla Chan. Photo: Angie Silvy

Subscriber Summit

CZI’s Priscilla Chan Talks About Lessons Learned

By Tom Dotan · Oct 17, 2019 12:33pm PDT

Four years after starting the Chan Zuckerberg Initiative, co-founder Priscilla Chan said she had learned a number of lessons, including the need to “work with anyone” on sensitive political issues such as immigration in order to accomplish the organization’s goals.As the broader tech backlash brought more scrutiny to Facebook... Four years after starting the Chan Zuckerberg Initiative, co-founder Priscilla Chan said she had...

Fidji Simo, the head of Facebook's flagship app. Photo by Angie Silvy

Subscriber Summit

Facebook Exec Says Regulatory Scrutiny Makes Acquisitions ‘Really Hard’

By Alex Heath · Oct 17, 2019 12:07pm PDT · 1 comment

One of Facebook’s top executives, Fidji Simo, downplayed recent defections from the group it formed to run its controversial Libra digital currency, while also acknowledging that growing regulatory scrutiny of Facebook has made it harder to acquire other companies.Simo, one of CEO Mark Zuckerberg’s direct reports who oversees... One of Facebook’s top executives, Fidji Simo, downplayed recent defections from the group...

Airbnb CEO Brian Chesky. Photo: Bloomberg

Airbnb’s Q1 Loss More Than Doubled

By Cory Weinberg · Oct 17, 2019 7:02am PDT · 1 comment

Airbnb’s operating loss more than doubled in the first quarter to $306 million from the year-earlier period, previously undisclosed financial data shows, a result in part of a sharply increased investment in marketing. While that spending could bring in a lot of new business, prospective investors could be unnerved if subsequent quarters... Airbnb’s operating loss more than doubled in the first quarter to $306 million from the...

Where Amazon Trails: Digital Payments

By Priya Anand · Oct 16, 2019 12:03pm PDT

Where Amazon Trails: Digital Payments

By Priya Anand · Oct 16, 2019 12:03pm PDT

Amazon grew into the most powerful online retailer in part by making it effortless for shoppers to buy things with one click. An Amazon effort to become the payment system for other retailers has mostly bombed, though, despite modest improvements in its market position in recent years, new data shows.The good news for Amazon Pay—as the... Amazon grew into the most powerful online retailer in part by making it effortless for shoppers...

Illustration by Danielle Davis

Startups to Watch

The Young Firms Rethinking Social Media

By Alex Heath · Oct 16, 2019 7:01am PDT · 7 comments

The world of social media is dominated by companies like Facebook, Snapchat and Twitter, but that hasn’t stopped a new breed of startups from trying to carve out markets where they think the sector’s giants have fallen short.These emerging social media firms, four of which we profile below in our latest installment of Startups to... The world of social media is dominated by companies like Facebook, Snapchat and Twitter, but that...

A technician working for Dish Network, which has begun offering marketing and customer support to other TV providers. Photo by Bloomberg

As Cord-Cutting Speeds Up, Cable Operators Start to Surrender

By Jessica Toonkel · Oct 15, 2019 2:36pm PDT · 2 comments

Braintree Electric Lighting Department, an electric utility in Braintree, Massachusetts, has been selling broadband and television services to its 16,500 customers for roughly two decades. But over the past few years it has been losing a couple of dozen TV customers per month as people opt to watch their favorite TV shows and movies online.... Braintree Electric Lighting Department, an electric utility in Braintree, Massachusetts, has been...

Export of Sensitive U.S. Technology Slows Under Trump

By Matt Drange and Mike Sullivan · Oct 15, 2019 7:00am PDT

The Trump administration has made it harder for U.S. tech companies to export sensitive U.S. technologies, such as encryption software, semiconductors and drones. Export license approvals have dropped and rejections have risen in recent years, data obtained by The Information shows, and lawyers advising companies seeking export licenses say... The Trump administration has made it harder for U.S. tech companies to export sensitive U.S....

Illustration by Mike Sullivan. Bill Gates photo by Bloomberg

Bill Gates Mellows—a Bit—at Microsoft

By Kevin McLaughlin · Oct 14, 2019 7:02am PDT · 2 comments

Illustration by Mike Sullivan. Bill Gates photo by Bloomberg

Bill Gates Mellows—a Bit—at Microsoft

By Kevin McLaughlin · Oct 14, 2019 7:02am PDT · 2 comments

For more than a decade, the public image of Bill Gates has been that of a globe-trotting philanthropist, using his fortune to fight poverty, disease and climate change. A recent three-part Netflix documentary on Gates shows him applying his acumen to invent better toilets for the developing world and extract carbon from the atmosphere. What... For more than a decade, the public image of Bill Gates has been that of a globe-trotting...

Facebook's David Marcus during a House Financial Services Committee hearing in July. Photo: Bloomberg

Facebook Struggles to Respond to Regulators, Lawmakers on Libra

By Christopher Stern · Oct 13, 2019 4:48pm PDT · 2 comments

The companies recruited by Facebook to oversee its cryptocurrency are slated to meet in Geneva on Monday amid mounting questions about the project. Five high-profile corporate partners in Libra dropped out on Friday, the latest blow to the initiative that has faced skepticism from the start from authorities around the world. Adding to the... The companies recruited by Facebook to oversee its cryptocurrency are slated to meet in Geneva on...

What VCs Can and Can’t Learn From 2016

By Jessica E. Lessin · Oct 12, 2019 7:46am PDT

It was the end of 2015, and the U.S. stock market was in a rough place. A big selloff in China dragged down stocks globally. Falling oil prices and concerns about the solvency of Greece added to investors’ fears. The pain was felt all the way over in Silicon Valley, where startups who needed to fundraise quickly found investors... It was the end of 2015, and the U.S. stock market was in a rough place. A big selloff in China...

The Information’s 411 — God-Zillow

By Tom Dotan · Oct 11, 2019 3:51pm PDT

Nick recaps his conversation with Rich Barton and explains why the Zillow CEO is embracing ecommerce despite the heavy investments. He also discusses whether Microsoft's commitment to the surface has paid off. And why Apple's reliance on China may heavily influence its reaction to the protests in Hong Kong. Nick recaps his conversation with Rich Barton and explains why the Zillow CEO is embracing...

Vice CEO Nancy Dubuc. Photo by Bloomberg

The New Norm for Digital Media Valuations

By Tom Dotan · Oct 11, 2019 7:00am PDT · 3 comments

Vice CEO Nancy Dubuc. Photo by Bloomberg

The New Norm for Digital Media Valuations

By Tom Dotan · Oct 11, 2019 7:00am PDT · 3 comments

The consolidation of the digital media industry is well and truly underway, with Refinery29, New York Media and PopSugar each being swallowed up in the past few weeks. Those deals have highlighted how much valuations have come down from the highs of recent years—with implications for the companies that remain.Potentially most affected is... The consolidation of the digital media industry is well and truly underway, with Refinery29, New...

A Klook tour guide on a Klook-hosted walking tour in Hong Kong last year. Photo by Bloomberg

The Big Interview

SoftBank-Backed Tourism App Klook Eyes Expansion in Europe

By Shai Oster and Juro Osawa · Oct 10, 2019 11:09am PDT

Japan is a popular travel destination, but planning visits to lesser-known sights can be hard for foreigners. Online booking isn’t always available on local websites, and information in English can be limited. That’s where Klook, a fast-growing global tourism app, comes in. Its offerings in Japan include tickets for everything from... Japan is a popular travel destination, but planning visits to lesser-known sights can be hard for...

A Reality Check for Microsoft’s Surface Business

By Nick Wingfield · Oct 10, 2019 7:01am PDT · 3 comments

Last week, Microsoft held what has become an annual event for the company, a fall showcase for its latest Surface devices. The widespread praise that greeted the new products was a pinch-yourself moment for those of us old enough to remember when Microsoft didn’t make computers and was often blasted for its bad design taste. But... Last week, Microsoft held what has become an annual event for the company, a fall showcase for...

Facebook CEO Mark Zuckerberg. Photo: Bloomberg

Facebook Finds Few Allies in Encryption Fight

By Ashley Gold · Oct 9, 2019 7:01am PDT · 1 comment

When U.S. Attorney General William Barr urged Facebook CEO Mark Zuckerberg last week to hold off on a plan to bolster encryption of its messaging services, the social networking giant fought back, saying it strongly opposes creating a loophole that would allow government access to users’ communications.Elsewhere in the tech industry, the... When U.S. Attorney General William Barr urged Facebook CEO Mark Zuckerberg last week to hold off...

Photo by Bloomberg

Head of Airbnb’s ‘Experiences’ Division to Step Down

By Cory Weinberg · Oct 8, 2019 4:44pm PDT · 1 comment

Photo by Bloomberg

Head of Airbnb’s ‘Experiences’ Division to Step Down

By Cory Weinberg · Oct 8, 2019 4:44pm PDT · 1 comment

One of Airbnb’s earliest employees plans to leave his position atop the company’s “Experiences” division that sells travel tours and other activities, putting a spotlight on a division seen as key for Airbnb’s hopes of diversifying into a broader group of travel services than just accommodation, people familiar with... One of Airbnb’s earliest employees plans to leave his position atop the company’s...