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

Four of F7 Ventures' founders. Photo courtesy of F7 Ventures

Seven Ex-Facebook Employees Team Up to Invest in Women-Led Startups

By Sarah Kuranda · Apr 18, 2019 6:25am PDT

Ex-Facebook executives Kelly Graziadei and Sarah Smith were sitting in Ms. Smith’s kitchen last year having a glass of wine and some cheese when the talk turned to startups, and how few women founders there are in Silicon Valley. The two agreed they should try to do something about it, and in the following months they reached out to their... Ex-Facebook executives Kelly Graziadei and Sarah Smith were sitting in Ms. Smith’s kitchen...

Mike Sullivan

Crypto Newsletter

Asia’s New Crypto Trading Platform

By Shai Oster and Jon Victor · Apr 17, 2019 12:40pm PDT

Binance’s CEO might be the most powerful person in crypto. This week, he sent a token’s price plunging when he announced that the exchange would remove Bitcoin SV, in response to the token’s most prominent backer’s repeated (and widely disbelieved) claims that he is Satoshi Nakamoto, bitcoin’s creator. Other... Binance’s CEO might be the most powerful person in crypto. This week, he sent a...

Bipul Sinha, co-founder and CEO of Rubrik. Photo by Bloomberg

As Software IPOs Pick Up, These Firms Could Be Next

By Kevin McLaughlin · Apr 17, 2019 9:31am PDT · 1 comment

There was a time when the leaders of software-as-a-service companies had to move their lips slowly when describing their business models to investors. No longer. After finally getting comfortable with how their businesses work, investors have flocked to the stocks of SaaS companies—which charge customers subscriptions for their... There was a time when the leaders of software-as-a-service companies had to move their lips...

Photo by Bloomberg.

What Lyft and Uber Are Really Worth

By Amir Efrati and Jessica Toonkel · Apr 17, 2019 6:31am PDT · 6 comments

Photo by Bloomberg.

What Lyft and Uber Are Really Worth

By Amir Efrati and Jessica Toonkel · Apr 17, 2019 6:31am PDT · 6 comments

With the 20% plunge from its offering price since its IPO, Lyft joins a large group of big-name tech IPOs that have slumped out of the gate, including Facebook, LinkedIn and Etsy. One of the big questions now is whether Lyft turns out to be like Facebook or Etsy, whose stock recovered and eventually turned into a winner, or like Blue Apron whose... With the 20% plunge from its offering price since its IPO, Lyft joins a large group of big-name...

Apple CEO Tim Cook (left) and Qualcomm CEO Steve Mollenkopf. Photos by Bloomberg

Behind Qualcomm Truce, a Setback for Apple’s Chip Independence

By Nick Wingfield and Aaron Tilley · Apr 16, 2019 3:50pm PDT · 4 comments

A little over a decade ago, Apple shelled out $278 million to acquire a chip startup, PA Semi, providing it with the know-how to create its own chips for the iPhone and putting it on a path towards independence from outside suppliers in the chip business. On Tuesday, though, Apple took a detour on that journey when it settled a long-running... A little over a decade ago, Apple shelled out $278 million to acquire a chip startup, PA Semi,...

Netflix Races to Make More Originals as Studios Pull Back

By Beejoli Shah · Apr 16, 2019 9:54am PDT · 1 comment

Disney’s unveiling of its upcoming streaming service last Thursday was a reminder of why Netflix has put so much effort into developing its own programming in recent years, making it less dependent on competing studios like Disney for content. But Netflix’s financial statements show that the streaming giant has a long way to go to be... Disney’s unveiling of its upcoming streaming service last Thursday was a reminder of why...

Illustration by J. Claeys

Lyft Moves to Restrict Employee Access to Customer Data

By Matt Drange · Apr 16, 2019 6:32am PDT · 1 comment

When employees at Lyft log into their computer to look up information about a Lyft customer or driver nowadays, a warning message flashes on their screen with a reminder that their actions are logged and could be audited. Introducing the warning is just one of a series of changes Lyft has made over the past year to better protect customer... When employees at Lyft log into their computer to look up information about a Lyft customer or...

A PAX Labs vaporizer. Photo by Bloomberg

PAX Labs in Talks to Raise Around $400 Million

By Zoë Bernard · Apr 15, 2019 1:33pm PDT

A PAX Labs vaporizer. Photo by Bloomberg

PAX Labs in Talks to Raise Around $400 Million

By Zoë Bernard · Apr 15, 2019 1:33pm PDT

PAX Labs, the maker of a popular line of devices for vaping cannabis, is close to raising over $400 million in a financing round that values the company at around $1.3 billion, according to two people familiar with the deal. Initially, the San Francisco-based company had sought to raise $150 million in capital, according to a presentation for... PAX Labs, the maker of a popular line of devices for vaping cannabis, is close to raising over...

ConsenSys CEO Joseph Lubin in 2017. Photo: AP

ConsenSys Seeks $200 Million From Investors After Bumpy Year

By Jon Victor · Apr 15, 2019 11:59am PDT

The cryptocurrency company ConsenSys is trying to raise $200 million from outside investors, according to several people with knowledge of the plans, as the startup looks to chart a new course just months after a widely publicized restructuring that included layoffs of around 13% of its staff.The pitch might be an uphill battle for the company,... The cryptocurrency company ConsenSys is trying to raise $200 million from outside investors,...

Snowflake's executive leaders (from left) Thierry Cruanes, co-founder and architect; Bob Muglia, CEO; Benoit Dageville, co-founder and CTO; Marcin Zukowski, co-founder. Photo by Snowflake

The Big Interview

Snowflake Aims to Beat Amazon at Its Own Game

By Kevin McLaughlin · Apr 15, 2019 6:32am PDT

Amazon Web Services has a knack for entering new businesses that its customers happen to be in, but one AWS customer—database startup Snowflake—has given the internet retailer’s cloud unit a taste of its own medicine. Snowflake launched its first product on the cloud computing service in 2015, putting it in direct... Amazon Web Services has a knack for entering new businesses that its customers happen to be in,...

The Information’s 411 — Eye of the Iger

By Tom Dotan · Apr 13, 2019 8:07am PDT

Priya talks about Amazon's head of HR and how she manages the company's corporate culture. Beejoli and Tom discuss Disney's big day as it previewed its streaming service for investors. Priya talks about Amazon's head of HR and how she manages the company's corporate...

SoftBank CEO Masayoshi Son in front of a map showing ride-hailing firms partly owned by SoftBank. Photo by Bloomberg

What Uber Must Do To Make Money

By Amir Efrati · Apr 13, 2019 7:46am PDT · 1 comment

SoftBank CEO Masayoshi Son in front of a map showing ride-hailing firms partly owned by SoftBank. Photo by Bloomberg

What Uber Must Do To Make Money

By Amir Efrati · Apr 13, 2019 7:46am PDT · 1 comment

After a scandal-plagued 2017, the perception of Uber has improved over the past year or so, at least among investors, employees and the media. So this week, with the release of its IPO prospectus, Uber could have been ready to take a victory lap. It was expected to show an improving financial picture, demonstrating that the company’s... After a scandal-plagued 2017, the perception of Uber has improved over the past year or so, at...

Disney CEO Bob Iger. Photo by Bloomberg

Disney’s Costly Streaming Plans Win Approval From Wall Street

By Martin Peers and Tom Dotan · Apr 12, 2019 11:25am PDT

Old media’s Wall Street curse may finally be lifting.Friday’s 10% surge in Walt Disney stock suggests that investors are finally willing to treat entertainment companies—or at least Disney—the same as tech companies: that is, accepting short-term losses in exchange for long-term growth. Disney stock is rising despite the... Old media’s Wall Street curse may finally be lifting.Friday’s 10% surge in Walt...

FTC Chairman Joe Simons spoke during a Senate hearing in May 2018. Photo: Bloomberg

Tech Crackdown Collides With Old Rules

By Ashley Gold · Apr 12, 2019 6:30am PDT · 3 comments

In Washington, the calls to rein in large technology platforms are louder than ever—and coming from all sides. Fueled by a consumer backlash, Republicans, usually loath to regulate private companies, are complaining about the size and privacy practices of Google and Facebook. Democrats are pointing to the influence of “Big... In Washington, the calls to rein in large technology platforms are louder than ever—and...

Uber CEO Dara Khosrowshahi. Photo by Bloomberg

Uber’s IPO Filing Shows Sharp Growth Slowdown for Ride Hailing

By Amir Efrati and Martin Peers · Apr 11, 2019 4:12pm PDT · 2 comments

Uber made public its IPO filing on Thursday, showing that its ride-hailing and food delivery businesses were profitable after most expenses for the first three quarters of last year. But the filing also showed the revenue growth of Uber’s ride-hailing business slowed sharply last year, which is likely to raise questions among investors... Uber made public its IPO filing on Thursday, showing that its ride-hailing and food delivery...

Pinterest’s IPO Winners

By Zoë Bernard and Martin Peers · Apr 11, 2019 6:30am PDT

Pinterest’s IPO Winners

By Zoë Bernard and Martin Peers · Apr 11, 2019 6:30am PDT

Pinterest’s forthcoming IPO is shaping up to be one most characterized by lowered expectations. The firm, which operates an image-based search and recommendation site, has set a preliminary selling price 26% below where it last raised money. Its revenue and user numbers—$756 million last year and 250 million monthly active... Pinterest’s forthcoming IPO is shaping up to be one most characterized by lowered...

Mike Sullivan

Crypto Newsletter

No Rush to No-Action Letters

By Jon Victor · Apr 10, 2019 12:16pm PDT

The past week has been big for regulation: Crypto lawyers have been hard at work trying to determine whether the SEC’s “plain English” guidance on ICOs clarifies things or just muddies them further. And in Washington, D.C., Rep. Warren Davidson, R-Ohio, reintroduced a bill that seeks to exempt tokens from securities laws.... The past week has been big for regulation: Crypto lawyers have been hard at work trying to...

How Lyft Trading Volumes Compare to Google and Twitter IPOs

By Amir Efrati · Apr 10, 2019 11:30am PDT · 3 comments

The inquest into how Lyft stock was pressured by short-sellers immediately after its IPO is far from over. But it is clear that trading volumes in Lyft in the first week after it went public were far higher than in the IPOs of Alibaba, Google, Facebook, Snap or Twitter, suggesting the Lyft aftermath is an historical anomaly.That’s... The inquest into how Lyft stock was pressured by short-sellers immediately after its IPO is far...

Amazon's Beth Galetti, center. Photo by Amazon

Amazon’s Talent Scout Has Tech’s Toughest HR Job

By Priya Anand · Apr 10, 2019 6:30am PDT · 1 comment

Last month, Amazon’s top human resources executive, Beth Galetti, told a group of employees at a company all-hands meeting how seriously she takes Amazon’s leadership principles, a collection of 14 company proverbs with titles like “bias for action” and “have backbone; disagree and commit.” Ms. Galetti told... Last month, Amazon’s top human resources executive, Beth Galetti, told a group of employees...

Customers in Beijing used JDPay electronic payment apps on their smartphones last year to pay at a 7FRESH grocery store operated by JD.com. Photo: AP

Deep Cuts Planned at China’s JD.com

By Juro Osawa and Yunan Zhang · Apr 9, 2019 8:32am PDT · 2 comments

Customers in Beijing used JDPay electronic payment apps on their smartphones last year to pay at a 7FRESH grocery store operated by JD.com. Photo: AP

Deep Cuts Planned at China’s JD.com

By Juro Osawa and Yunan Zhang · Apr 9, 2019 8:32am PDT · 2 comments

Chinese online retail giant JD.com is working on a substantial round of layoffs that could slash the workforce of some teams by half, according to people briefed on the matter. In total, JD.com could cut up to 8% of its 150,000-plus workforce, or more than 12,000 jobs, according to investors in the Nasdaq-listed company. While it isn’t... Chinese online retail giant JD.com is working on a substantial round of layoffs that could slash...