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

Lyft Kicks Off Biggest Tech IPO Year Since 2014

By Priya Anand · Mar 29, 2019 6:31am PDT · 1 comment

Lyft’s public debut today kicks off what is shaping up to be the biggest year for tech IPOs since Alibaba went public in 2014. But it’s unlikely to surpass that bumper year, the biggest since the dot-com boom of 1999–2000.Tech and internet firms raised a total of $20.1 billion in 55 IPOs last year, according to Dealogic, up... Lyft’s public debut today kicks off what is shaping up to be the biggest year for tech IPOs...

Andreessen Horowitz co-founder and general partner Marc Andreessen. Photo by Bloomberg

Andreessen Horowitz Said to Lead Carta Funding at $1.8 Billion Valuation

By Zoë Bernard · Mar 28, 2019 3:16pm PDT · 1 comment

Carta, a startup that helps investors manage their equity stakes in private companies, is close to having a new set of investors of its own. The company, previously known as eShares, is nearing the completion of a funding round of around $300 million which will value the 7-year-old company at roughly $1.8 billion, according to a person familiar... Carta, a startup that helps investors manage their equity stakes in private companies, is close...

A man rode a Citi Bike, which is now owned by Lyft, near New York City's Grand Central Terminal in early 2015. Photo: AP

Lyft IPO Brings Scrutiny to Bike, Scooter Business

By Cory Weinberg · Mar 28, 2019 10:01am PDT · 2 comments

In early 2018, urban transportation upstarts Uber, Lyft, Jump and Lime all considered the possibility of buying or merging with New York–based Motivate. The potential suitors saw blemishes in the bike-rental firm: outdated technology, persistent losses and a business that relied significantly on sponsors, and not just paying customers,... In early 2018, urban transportation upstarts Uber, Lyft, Jump and Lime all considered the...

Lyft’s Biggest IPO Winners

By Amir Efrati · Mar 28, 2019 6:31am PDT · 3 comments

Lyft’s Biggest IPO Winners

By Amir Efrati · Mar 28, 2019 6:31am PDT · 3 comments

If Lyft completes its initial public offering on Friday, as is expected, it will cap a 12-year journey for the ride-hailing firm’s founders and investors, some of whom had more conviction than others about its ability to survive. Now, those who remained steadfast are about to be rewarded.That group includes former eBay executive Sean... If Lyft completes its initial public offering on Friday, as is expected, it will cap a 12-year...

Mike Sullivan

Crypto Newsletter

Puzzling Exchanges

By Jon Victor · Mar 27, 2019 12:31pm PDT

A report last week suggesting that dozens of cryptocurrency exchanges exaggerate their trading volume was met with a mix of gasps and yawns from people working in the industry. On the one hand, the report, compiled by the crypto startup Bitwise, says that 95% of bitcoin trading volume reported by the exchanges isn’t real—a pretty... A report last week suggesting that dozens of cryptocurrency exchanges exaggerate their trading...

A Casper retail store. Photo by Casper

Inside Casper’s Financials

By Zoë Bernard · Mar 27, 2019 11:57am PDT

The internet mattress maker Casper saw its net revenue jump over 60% during the third quarter of last year, and while the company continued to lose money during the period, it narrowed its losses and projected a small profit before taxes and other items for all of 2019, The Information has learned. The figures were part of a presentation to... The internet mattress maker Casper saw its net revenue jump over 60% during the third quarter of...

The People With Power on Facebook’s Policy and Communications Team

By Ashley Gold · Mar 27, 2019 6:30am PDT · 4 comments

Facebook is facing growing public outcry over how it runs its business, intense political and regulatory scrutiny of its handling of user information, and lawsuits and investigations into data breaches and privacy scandals. It all adds up to the worst crisis for the company since its founding. And there’s no end in sight.Confronted with... Facebook is facing growing public outcry over how it runs its business, intense political and...

Big Challenge for Disney and Apple Video Services: Churn

By Beejoli Shah and Martin Peers · Mar 26, 2019 6:31am PDT · 5 comments

Big Challenge for Disney and Apple Video Services: Churn

By Beejoli Shah and Martin Peers · Mar 26, 2019 6:31am PDT · 5 comments

One of the key metrics behind successful subscription services is also one of the most secret numbers: the cancellation rate. New data reveals that number can be as high as 23% a month, a vivid illustration of the challenges for companies planning to offer new video services, which range from Disney to Apple to AT&T’s WarnerMedia.... One of the key metrics behind successful subscription services is also one of the most secret...

New U.S. Attorney David Anderson is sworn in in January. Photo: San Francisco U.S. Attorney’s Office

New U.S. Attorney Eyes Tougher Enforcement in Silicon Valley

By Matt Drange · Mar 25, 2019 11:47am PDT

The message to a roomful of corporate attorneys representing a who’s who of tech companies was clear: The once-sleepy U.S. Attorney’s office in San Francisco has awoken. New U.S. Attorney David Anderson, who recently took over the office responsible for federal criminal prosecutions in the Bay Area, outlined his plan to ramp up the... The message to a roomful of corporate attorneys representing a who’s who of tech companies...

Photo illustration by Mike Sullivan

Apple’s Antitrust Risk: Spotify Puts Focus on Conduct

By Aaron Tilley and Ashley Gold · Mar 25, 2019 6:31am PDT · 2 comments

Earlier this month, Spotify complained to European competition authorities about Apple’s treatment of the music service. The complaint is part of a longer trail of grievances in the tech industry over Apple’s conduct. In 2014, Apple removed Fitbit’s wearable fitness trackers from its retail stores after the company decided not... Earlier this month, Spotify complained to European competition authorities about Apple’s...

Mike Trout during spring training on Friday. Photo by AP

Take Me Out to the Tech IPO

By Cory Weinberg · Mar 23, 2019 7:46am PDT · 1 comment

Major League Baseball’s season is getting started, so baseball is on my mind—including the parallels between baseball and tech. For instance, Mike Trout of the Los Angeles Angels last week signed the biggest contract in North American professional sports, worth $430 million over 12 years. Lyft, Uber and Pinterest are about to go... Major League Baseball’s season is getting started, so baseball is on my...

The Information’s 411 —All We Hear Is Media Gaga

By Tom Dotan · Mar 22, 2019 5:16pm PDT

The Information’s 411 —All We Hear Is Media Gaga

By Tom Dotan · Mar 22, 2019 5:16pm PDT

Jessica Toonkel and Beejoli Shah discuss all the goings on in media, including Apple's upcoming TV release, the turmoil at WarnerMedia and the outcome of Disney's acquisition of 21st Century Fox's entertainment assets. Jessica Toonkel and Beejoli Shah discuss all the goings on in media, including Apple's...

Pinterest CEO Ben Silbermann. Photo by Bloomberg

Pinterest’s IPO Filing Shows Steady Revenue Growth

By Tom Dotan, Martin Peers and Priya Anand · Mar 22, 2019 3:15pm PDT

Pinterest’s revenue has grown by about 60% in each of the past two years, hitting nearly $756 million in 2018, while its net loss has been steadily shrinking, the online scrapbook firm revealed in IPO paperwork it filed on Friday.The revenue growth rate, from its four-year-old advertising business, suggests Pinterest isn’t likely to... Pinterest’s revenue has grown by about 60% in each of the past two years, hitting nearly...

A Waymo self-driving test vehicle in the Phoenix area. Photo: Waymo.

With Waymo Robotaxis, Customer Satisfaction Is Far From Guaranteed

By Amir Efrati · Mar 22, 2019 6:31am PDT

“Car tried to turn left into oncoming traffic, driver had to avoid collision,” wrote a customer of Waymo, the unit of Alphabet, in early March after taking a ride in one of the company’s experimental self-driving taxis in suburban Phoenix. The customer was referring to the human backup driver who sits behind the wheel and is... “Car tried to turn left into oncoming traffic, driver had to avoid collision,” wrote...

Apple's software and services chief Eddy Cue, whose team will oversee the video service. Photo by Bloomberg

Apple May Offer Cut-Priced Bundles With Video Offering

By Jessica Toonkel and Tom Dotan · Mar 21, 2019 9:22am PDT · 3 comments

When Apple finally unveils its TV service on Monday, it is expected to feature a slate of original shows and the ability to subscribe separately to some other streaming channels, all run through a central video app. But what may differentiate Apple’s service is that it could offer people bundles of on-demand streaming services for one... When Apple finally unveils its TV service on Monday, it is expected to feature a slate of...

Surprise Fans of TV Advertising? Smaller Tech Firms

By Nick Wingfield · Mar 21, 2019 6:32am PDT · 3 comments

Surprise Fans of TV Advertising? Smaller Tech Firms

By Nick Wingfield · Mar 21, 2019 6:32am PDT · 3 comments

As television advertising loses ground to digital ads, technology companies should be in the vanguard of businesses bailing from the medium. For many, the opposite is true, and it isn’t just Apple, Microsoft and other giants that are pouring more money into commercials. An array of smaller technology companies—from the online travel... As television advertising loses ground to digital ads, technology companies should be in the...

Mike Sullivan

Crypto Newsletter

Surging, or Stalling?

By Jon Victor · Mar 20, 2019 1:02pm PDT · 1 comment

You could be forgiven if, after this week, you are confused about where interest in crypto stands among the large institutions that many hoped would embrace it. This week alone, Citibank said it had scrapped plans for developing its own cryptocurrency, CBOE stopped issuing new bitcoin futures, and Bakkt, the NYSE’s crypto venture, drew... You could be forgiven if, after this week, you are confused about where interest in crypto stands...

VMware CEO Pat Gelsinger, left, and Amazon Web Services CEO Andy Jassy. Photos by Bloomberg

Amazon’s Pact With VMware Shows Signs of Paying Off

By Kevin McLaughlin and Amir Efrati · Mar 20, 2019 6:31am PDT

When VMware and Amazon Web Services, the internet retailer’s cloud unit, formed a partnership in 2016, some in the tech industry were skeptical that the agreement between the two rivals would amount to much. Now it looks like the result of that pact—a joint service that lets VMware’s corporate customers move computing... When VMware and Amazon Web Services, the internet retailer’s cloud unit, formed a...

Roku CEO Anthony Wood. Photo by AP

Why Roku Acquisition Could Make Sense for Disney or Walmart

By Tom Dotan · Mar 19, 2019 12:41pm PDT · 3 comments

A few years ago, when Roku was still a private company with uncertain prospects, it would occasionally get acquisition offers from bigger companies. CEO Anthony Wood was never interested. Even when the streaming device maker was worth around $1 billion, he argued that one day he expected it to be worth 10 times that much, according to a person... A few years ago, when Roku was still a private company with uncertain prospects, it would...

A Blade helicopter over New York Harbor. Image: Blade

‘Flying Over Traffic’: Short-Hop Services Multiply

By Cory Weinberg · Mar 19, 2019 6:31am PDT · 2 comments

A Blade helicopter over New York Harbor. Image: Blade

‘Flying Over Traffic’: Short-Hop Services Multiply

By Cory Weinberg · Mar 19, 2019 6:31am PDT · 2 comments

Tired of bad traffic and have money to spare? A growing cadre of venture capital–backed startups are launching services to ferry people on short-distance trips by small planes and helicopters. Companies including Blade, Skyryse and BlackBird believe there is a growing market for short hops by air in places like the Bay Area, Los Angeles... Tired of bad traffic and have money to spare? A growing cadre of venture capital–backed...