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

Uber CFO Nelson Chai. Photo by Uber.

Uber’s CFO in Spotlight Ahead of IPO

By Amir Efrati · May 8, 2019 7:00am PDT

In the past couple of months, in the run up to Uber's IPO this week, Uber employees on occasion have asked CFO Nelson Chai during internal meetings whether they should sell their shares once they’re able to, when lock-up restrictions lapse six months after the company goes public. Rather than exhort employees to hold onto their stock,... In the past couple of months, in the run up to Uber's IPO this week, Uber employees on...

Q&A

After Strategy Reboot, JPMorgan Going Deeper in Cloud

By Kevin McLaughlin · May 7, 2019 11:27am PDT

Lori Beer, global chief information officer at JPMorgan Chase, says the bank has learned a lot during its transition to using services from outside cloud computing providers such as Amazon Web Services. Armed with this knowledge, Ms. Beer said in a recent interview, JPMorgan will soon give the green light to storing “highly... Lori Beer, global chief information officer at JPMorgan Chase, says the bank has learned a lot...

Netflix's top European lobbyist, Dean Garfield. Photo by Bloomberg

How Netflix Scaled Back U.S. Lobbying to Focus on Europe

By Beejoli Shah and Christopher Stern · May 7, 2019 7:01am PDT

In the past 18 months, Netflix lobbyists have met at least 11 times with EU commissioners and high level staffers on issues ranging from copyright, privacy rules and other digital regulations, public records show. During the same period, in contrast, Netflix’s U.S. lobbyists didn’t once visit the Federal Communications Commission.... In the past 18 months, Netflix lobbyists have met at least 11 times with EU commissioners and...

Art by Sam Lessin

Remote Work and the Politics of Decentralization

By Sam Lessin · May 6, 2019 10:01am PDT · 6 comments

Art by Sam Lessin

Modest Proposals

Remote Work and the Politics of Decentralization

By Sam Lessin · May 6, 2019 10:01am PDT · 6 comments

One of the major themes playing out for both startups and large technology companies is a move away from centralized teams and toward embracing decentralization and remote work.To date, technology has been a centralizing force for people, prompting them to cluster around cities and corporate headquarters. There is, however, a strong argument... One of the major themes playing out for both startups and large technology companies is a move...

Twitter's revenue head Matthew Derella. Photo by Twitter.

The Big Interview

How Twitter Turned Its Ad Business Around

By Tom Dotan · May 6, 2019 7:01am PDT · 1 comment

The digital ad market saw some surprising shifts in the first quarter, most notably Google’s sudden slowdown in growth. But the biggest surprise was Twitter, the company left for dead by Wall Street just 18 months ago, which posted much stronger advertising revenue. That lifted its stock 10% to its highest point since last June.Twitter is... The digital ad market saw some surprising shifts in the first quarter, most notably...

Why the Startup Bubble Could Be About to Burst

By Jessica E. Lessin · May 4, 2019 7:06am PDT · 3 comments

If there has been one way to get laughed out of a room in Silicon Valley these past few years, it is to draw comparisons between the present day and the frothy late 90s.Do so, and you are likely to get a lecture on all the reasons why the current tech “boom” in no way resembles the tech “bubble” that burst nearly two... If there has been one way to get laughed out of a room in Silicon Valley these past few years, it...

The Information’s 411 — Ubermenschen

By Tom Dotan · May 3, 2019 2:59pm PDT

Amir talks about the investors and firms who made the most money from Uber. Aaron discusses what 5G technology means for Apple. Amir talks about the investors and firms who made the most money from Uber. Aaron discusses what...

Uber CEO Dara Khosrowshahi. Photo by Bloomberg

Uber Makes Big Promises in IPO ‘Road Show’

By Amir Efrati · May 3, 2019 10:31am PDT · 3 comments

Uber CEO Dara Khosrowshahi. Photo by Bloomberg

Uber Makes Big Promises in IPO ‘Road Show’

By Amir Efrati · May 3, 2019 10:31am PDT · 3 comments

Uber CEO Dara Khosrowshahi and CFO Nelson Chai have told investors attending the company’s IPO road show presentations that they expect the company to one day earn a profit margin of 25%, before the impact of interest, taxes, depreciation and amortization after “competitive pressures” subside, according to two people attending... Uber CEO Dara Khosrowshahi and CFO Nelson Chai have told investors attending the company’s...

Google’s New Plan to Challenge Amazon for Shoppers

By Priya Anand · May 3, 2019 7:00am PDT · 3 comments

Google has struggled for years to build an online shopping business that can seriously compete with Amazon. Now, as Google’s prized advertising business faces a growing threat from Amazon, the search giant is planning new steps to bolster its shopping presence. Google is testing a new feature on its YouTube video service that displays... Google has struggled for years to build an online shopping business that can seriously compete...

Kevin Reilly, chief creative officer for WarnerMedia's new streaming service. Photo by AP

WarnerMedia Taps Lionsgate and Fox Execs for Streaming Service

By Beejoli Shah and Jessica Toonkel · May 2, 2019 1:32pm PDT

AT&T’s WarnerMedia is ramping up hiring and programming efforts for its upcoming streaming service, as it prepares to go head to head with Netflix, Amazon and Disney. To help develop new shows for the service, WarnerMedia has hired Jennifer O’Connell, the former executive vice president of alternative programming at Lionsgate,... AT&T’s WarnerMedia is ramping up hiring and programming efforts for its upcoming...

Scoop co-founders Robert (l.) and Jonathan Sadow

Startup of the Week

Scoop Wants to Change How People Commute

By Cory Weinberg · May 2, 2019 10:02am PDT · 5 comments

Investors have plowed tens of billions of dollars into ride-hailing and scooter services that mostly cater to people taking trips shorter than 10 miles. Yet the frenzy hasn’t changed the way most Americans get to work: driving in cars, alone, for longer stretches.Scoop, founded in San Francisco in 2015, hopes to change that, by growing its... Investors have plowed tens of billions of dollars into ride-hailing and scooter services that...

Illustration by Mike Sullivan

Former CBS News Chief Rhodes Says Shift to Streaming News Is Coming

By Jessica Toonkel · May 2, 2019 7:02am PDT

Illustration by Mike Sullivan

Q&A

Former CBS News Chief Rhodes Says Shift to Streaming News Is Coming

By Jessica Toonkel · May 2, 2019 7:02am PDT

Netflix, Amazon and other new streaming services have expanded into most every programming genre on television, with the notable exception of news. Former CBS News President David Rhodes explains that by saying news is “unloved” by new video entrants because it is “risky and it’s expensive as well as accident... Netflix, Amazon and other new streaming services have expanded into most every programming genre...

Mike Sullivan

Crypto Newsletter

Bitfinex Explores New Token Sale After Tether Trouble

By Jon Victor · May 1, 2019 12:25pm PDT

What do you do if you don’t have enough cash in reserve to back up the tokens you issued? If you are Bitfinex, your answer might be: Create a new token to sell. The exchange is on the defensive this week after the New York attorney general accused it of covering up $850 million in lost funds. Bitfinex is weighing a fundraising that, if... What do you do if you don’t have enough cash in reserve to back up the tokens you issued?...

Why Zoom’s IPO Success Signals Trouble for Uber

By Martin Peers · May 1, 2019 7:01am PDT · 7 comments

How is Zoom like Google?Both companies stand out from recent large tech IPOs in being financially self-sustaining without raising gobs of venture capital money. And that is very likely one of the reasons why Zoom stock has nearly doubled since its IPO earlier this month. It also highlights the challenge for Lyft and Uber, both of which raised... How is Zoom like Google?Both companies stand out from recent large tech IPOs in being financially...

Tech, Media Job Cuts Rise Again in March

By The Information Staff · Apr 30, 2019 1:22pm PDT · 2 comments

Technology companies announced plans to lay off more than 5,200 workers in March, as reorganizations and shutdowns hit the industry, news reports and state filings showed. The media industry was not far behind, announcing plans for more than 3,300 layoffs in the month, mostly due to ongoing cutbacks at Disney in the aftermath of its acquisition... Technology companies announced plans to lay off more than 5,200 workers in March, as...

Shutterstock.com

These Blockchains Want to Overtake Ethereum

By Jon Victor · Apr 30, 2019 10:01am PDT · 1 comment

Shutterstock.com

These Blockchains Want to Overtake Ethereum

By Jon Victor · Apr 30, 2019 10:01am PDT · 1 comment

It was the height of the crypto craze in December 2017, and a new cryptocurrency-based game was having its moment. Within about a week of launching, people spent more than $3 million buying digital cats on an Ethereum-based app called CryptoKitties.But other Ethereum users weren’t having as much fun. The game’s popularity pushed the... It was the height of the crypto craze in December 2017, and a new cryptocurrency-based game was...

Uber’s Biggest IPO Winners

By Amir Efrati · Apr 30, 2019 7:01am PDT · 5 comments

In the decade since its founding, Uber has raised $14 billion in equity funding, one of the biggest sums in private tech history. And Uber's investors are likely to see equally history-making returns from its IPO.Uber is expected to go public next week at a valuation of more than $80 billion. The biggest winners include some investors well... In the decade since its founding, Uber has raised $14 billion in equity funding, one of the...

A WeWork co-working office building in Tokyo. Photo by Bloomberg.

What We Know About WeWork’s Financials

By Cory Weinberg · Apr 29, 2019 4:52pm PDT · 1 comment

WeWork’s announcement Monday that it had filed to go public took many employees by surprise. WeWork confidentially submitted the filing to the Securities and Exchange Commission in December, it said, and on Monday updated the document, which it drafted mostly with an internal team and without an investment bank, according to a person... WeWork’s announcement Monday that it had filed to go public took many employees by...

Inside an iPhone. Photo by Bloomberg

Apple Executive Responsible for 5G Efforts Departs

By Aaron Tilley and Wayne Ma · Apr 29, 2019 12:32pm PDT · 1 comment

A longtime Apple hardware engineering leader who oversaw a key wireless component inside its devices has left the company, The Information has learned. The executive, Rubén Caballero, was until recently in charge of working with suppliers to integrate the modems that connect iPhones wirelessly to the internet. That part of Apple’s... A longtime Apple hardware engineering leader who oversaw a key wireless component inside its...

The People With Power at Tencent

By Juro Osawa and Wayne Ma · Apr 29, 2019 7:00am PDT · 2 comments

The People With Power at Tencent

By Juro Osawa and Wayne Ma · Apr 29, 2019 7:00am PDT · 2 comments

Pony Ma is well known as the co-founder and chief executive of Chinese tech giant Tencent, which operates the ubiquitous app WeChat. The bookish Mr. Ma, whose passion outside of work is astronomy, has long been the public face of Tencent. But the key executive in Tencent’s daily operations is as much President Martin Lau as Mr. Ma. All of... Pony Ma is well known as the co-founder and chief executive of Chinese tech giant Tencent, which...