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

Hillhouse Chairman Zhang Lei. Photo by Bloomberg

Tencent to Invest $500 Million in Hillhouse China Drugstores

By Wayne Ma · Oct 8, 2019 3:21pm PDT

Chinese internet giant Tencent is planning to invest about $500 million in Hillhouse Capital Group’s Chinese drugstore business, in a deal that values the unit at around $2.5 billion, a person familiar with the matter said.The potential investment would be another sign of how Tencent, which operates the ubiquitous WeChat social messaging... Chinese internet giant Tencent is planning to invest about $500 million in Hillhouse Capital...

A WeWork location in London. Photo: Bloomberg

WeWork Plans to Shed One-Third of Technology Employees

By Cory Weinberg · Oct 8, 2019 2:32pm PDT · 1 comment

WeWork expects to shed about 500 of the roughly 1,500 software engineers, product managers and data scientists employed in the company’s technology division, a person familiar with the matter said, as a result of layoffs and selling businesses. The job cuts could further dilute WeWork’s identity as a tech company in the real estate... WeWork expects to shed about 500 of the roughly 1,500 software engineers, product managers and...

Zillow CEO Rich Barton. Photo by Zillow

The Big Interview

To Reinvent Zillow, Barton Draws Inspiration From Netflix and Amazon

By Nick Wingfield · Oct 8, 2019 7:01am PDT · 6 comments

Zillow CEO Rich Barton has been around the internet long enough that he can recognize a disruptive technology on the verge of upending a market. At Netflix, where Barton has been a board member since 2002, he was present when the company got into video streaming after anticipating the demise of its DVD rental business. Several years later,... Zillow CEO Rich Barton has been around the internet long enough that he can recognize a...

Postmates CEO Bastian Lehmann at the TechCrunch Disrupt conference on Friday. Photo by Bloomberg

Can the CEO of Postmates Deliver for Investors?

By Priya Anand · Oct 7, 2019 7:01am PDT

Postmates CEO Bastian Lehmann at the TechCrunch Disrupt conference on Friday. Photo by Bloomberg

Can the CEO of Postmates Deliver for Investors?

By Priya Anand · Oct 7, 2019 7:01am PDT

Judging by the response to recent stock offerings from consumer tech companies, Postmates will likely face a skeptical reception for its planned IPO. While the on-demand meal delivery service has earned a passionate following in places like Los Angeles, the company is unprofitable at a moment when public investors have soured on money-losing... Judging by the response to recent stock offerings from consumer tech companies, Postmates will...

Inside the VC-Banker Crossfire Over Direct Listings

By Jessica E. Lessin · Oct 5, 2019 7:47am PDT · 2 comments

If you bumped into a venture capitalist this week, he or she probably brought up the super-secret confab Benchmark partner Bill Gurley held this week to proselytize the benefits of direct listings. Investors, directors and lawyers gathered at San Francisco’s Palace Hotel, and, despite the presentation screens going out on... If you bumped into a venture capitalist this week, he or she probably brought up the super-secret...

The Information’s 411 — Leaks and Geeks

By Tom Dotan · Oct 4, 2019 3:23pm PDT

Alex joins to talk about the new names atop Facebook's organization. Also, we go into its latest attempt to take on Snapchat and the now-infamous leak of Mark Zuckerberg's internal Q & A session. Alex joins to talk about the new names atop Facebook's organization. Also, we go into its...

Tubi CEO Farhad Massoudi. Photo courtesy of Tubi TV.

Video Streaming Service Tubi TV Looks to Raise $150 Million

By Tom Dotan and Jessica Toonkel · Oct 4, 2019 1:39pm PDT · 1 comment

Tubi TV, a free ad-supported video streaming service that shows old movies and TV shows, is in talks to raise around $150 million in a new round of funding, according to two people familiar with the plans. If successful, it would be by far the largest round raised by the service and would signal the interest investors have in the ad-supported... Tubi TV, a free ad-supported video streaming service that shows old movies and TV shows, is in...

Artie Minson, left, and Sebastian Gunningham. Photos courtesy of WeWork.

Inside WeWork’s Apologetic All-Hands

By Cory Weinberg · Oct 4, 2019 9:59am PDT

Artie Minson, left, and Sebastian Gunningham. Photos courtesy of WeWork.

Inside WeWork’s Apologetic All-Hands

By Cory Weinberg · Oct 4, 2019 9:59am PDT

WeWork co-CEO Artie Minson apologized to employees Thursday for the controversies that have roiled the company in recent weeks and for the layoffs ahead. He said he knows what it is like to lose a job in a corporate restructuring. “Actually, in a very public way—cover of the Wall Street Journal way,” he said, an apparent... WeWork co-CEO Artie Minson apologized to employees Thursday for the controversies that have...

Travis Kalanick in San Francisco in 2018. Photo by Bloomberg.

Travis Kalanick Looks to China for CloudKitchens Expansion

By Juro Osawa · Oct 4, 2019 7:01am PDT

Travis Kalanick is trying again in China. The former Uber CEO’s latest startup, kitchen-rental firm CloudKitchens, has quietly acquired six Chinese startups this year as he looks to expand the business into a global leader.Earlier this year, Kalanick bought a Shanghai-based startup called Jike Alliance, one of the leading players in... Travis Kalanick is trying again in China. The former Uber CEO’s latest startup,...

Former CEO of WeWork, Adam Neumann. Photo by Reuters.

‘The Crew Was Not Tipped’: The Fallout From WeWork’s Excesses

By Cory Weinberg and Jessica E. Lessin · Oct 3, 2019 10:03am PDT · 1 comment

Even though it was an early flight, Adam Neumann’s airplane was stocked with champagne and Don Julio 42 tequila. Neumann, along with his personal assistant, a WeWork real estate executive, a pair of architects and a rabbi who was close to Neumann were flying to Mexico City in June 2015. It was a year before the company opened its first... Even though it was an early flight, Adam Neumann’s airplane was stocked with champagne and...

The People With Power at Facebook

By Alex Heath · Oct 3, 2019 7:00am PDT

Facebook’s burgeoning hardware group, its digital currency team and the executives leading Instagram are among the highlights of this updated org chart for the company, which identifies roughly 180 of the most senior people at Facebook. The chart—which is based on Facebook’s internal org chart and supplemented by additional... Facebook’s burgeoning hardware group, its digital currency team and the executives leading...

Turnaround at Snap, Twitter Could Pose Challenge for Facebook Antitrust Case

By Tom Dotan · Oct 2, 2019 10:36am PDT · 1 comment

Turnaround at Snap, Twitter Could Pose Challenge for Facebook Antitrust Case

By Tom Dotan · Oct 2, 2019 10:36am PDT · 1 comment

Sen. Elizabeth Warren’s claim on Tuesday that Facebook has “bulldozed competition” reflects a view that is driving an antitrust investigation into the social network giant. It’s a little ironic, then, that two of Facebook’s highest-profile rivals, Snap and Twitter, have lately been doing better than they have in a... Sen. Elizabeth Warren’s claim on Tuesday that Facebook has “bulldozed...

Blockchain CEO Peter Smith. Photo: Bloomberg

Executive Departures Roil Crypto Firm Blockchain

By Jon Victor · Oct 2, 2019 7:02am PDT · 1 comment

Five years ago, the cryptocurrency startup Blockchain was seen as a rising star within the burgeoning field. Equipped with a conspicuous name and a practical-sounding plan to help consumers store crypto assets, it attracted $70 million in venture capital over several years from prominent funders.But behind the scenes, the London-based startup... Five years ago, the cryptocurrency startup Blockchain was seen as a rising star within the...

Rubrik CEO Bipul Sinha, left, and Rubrik adviser and former Cisco CEO John Chambers. Photo by Bloomberg

Big Tech Firm Eyed Rubrik As Possible Acquisition

By Kevin McLaughlin and Zoë Bernard · Oct 1, 2019 2:24pm PDT · 1 comment

Rubrik, a startup backed by Silicon Valley luminaries that makes software for managing and recovering data, has had an approach from at least one large technology company about selling itself, according to one person with direct knowledge of the matter. The two companies held preliminary discussions that were underway sometime around... Rubrik, a startup backed by Silicon Valley luminaries that makes software for managing and...

A WeWork office in New York. Photo by Bloomberg

WeWork Puts Two More Businesses Up for Sale

By Cory Weinberg · Oct 1, 2019 1:33pm PDT · 1 comment

WeWork is putting two more recently acquired companies up for sale as it looks to raise cash, according to two people familiar with the matter. The latest on the block: Teem, which provides conference room scheduling software, and SpaceIQ, which makes workplace management software. WeWork bought Teem last fall for $94 million in cash, while... WeWork is putting two more recently acquired companies up for sale as it looks to raise cash,...

A Didi branch office in China. Photo by AP

Uber’s Stock Drop Weighs on Didi Chuxing’s Valuation

By Yunan Zhang, Shai Oster and Juro Osawa · Oct 1, 2019 7:01am PDT

A Didi branch office in China. Photo by AP

Uber’s Stock Drop Weighs on Didi Chuxing’s Valuation

By Yunan Zhang, Shai Oster and Juro Osawa · Oct 1, 2019 7:01am PDT

Uber’s disappointing IPO and WeWork’s recent implosion are casting a shadow over another of SoftBank’s big bets: Chinese ride-hailing giant Didi Chuxing.Some of Didi’s existing shareholders are looking to sell their stakes on the secondary market at much lower prices than the company’s most recent $57 billion... Uber’s disappointing IPO and WeWork’s recent implosion are casting a shadow over...

Subscriber Summit

Our 2019 Subscriber Summit Roundtables

By The Information Staff · Sep 30, 2019 5:11pm PDT · 1 comment

We’re excited to see everyone on October 17 at our signature event, The Information’s Fifth Annual Subscriber Summit. An important part of the Summit are our topical breakout lunch sessions. At this year’s event, we’ll be curating the lunch tables, based on who we think you’ll enjoy meeting. You’ll receive... We’re excited to see everyone on October 17 at our signature event, The Information’s...

The Secret Weapon in the Streaming Wars

By Beejoli Shah · Sep 30, 2019 7:00am PDT · 5 comments

If the success of a streaming service were to be purely determined by its cache of popular old TV shows, Disney would be hard to beat. Its recent purchase of Fox’s TV studio means it owns more of the most popular TV shows from the past couple of decades than anyone else, according to an analysis by The Information. But almost as strong... If the success of a streaming service were to be purely determined by its cache of popular old TV...

Three Lessons From WeWork

By Jessica E. Lessin · Sep 28, 2019 7:47am PDT · 2 comments

The very rapid fall of WeWork founder Adam Neumann who, just a week ago, was on top of a company that investors once valued as high as $47 billion has been notable but not surprising to anyone who has been following the story. That’s because WeWork’s rise represented all that is right (and, more importantly) wrong with the... The very rapid fall of WeWork founder Adam Neumann who, just a week ago, was on top of a company...

The Information’s 411 — Thirsty Under Thirty

By Tom Dotan · Sep 27, 2019 3:27pm PDT

The Information’s 411 — Thirsty Under Thirty

By Tom Dotan · Sep 27, 2019 3:27pm PDT

Zoë gives a behind the scenes look at how and why people lobby to be on Forbes' 30-Under-30 list. Cory gives the rundown on WeWork's crazy week. Zoë gives a behind the scenes look at how and why people lobby to be on Forbes'...