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

Indiana governor Eric Holcomb with SF Motors founder John Zhang touring Seres' Indiana factory in May of last year. Photo by AP

Inside the Chinese Tesla Challenger’s Failed U.S. Plans

By Juro Osawa · Jul 15, 2019 7:01am PDT

The past year has been a time of intense activity for some employees at the Santa Clara headquarters of Seres, a Chinese-owned, Silicon Valley–based electric car maker once described in U.S. media as a Tesla challenger. One worker built a Lego Star Trek spaceship at his desk. Others played pool, foosball and UNO for hours. Some watched... The past year has been a time of intense activity for some employees at the Santa Clara...

What’s At Stake for Silicon Valley in the Trade Battle With China

By Jessica E. Lessin · Jul 13, 2019 7:47am PDT

This week our Asia team stayed up late to lead a subscriber conference call on the future relationship between Chinese and U.S. tech. Foreign correspondents must join new parents as among the most sleep-deprived sets of humans. (Shout out to those on our team who are both!)It was a great call, and I learned a lot from our team, which includes... This week our Asia team stayed up late to lead a subscriber conference call on the future...

The Information’s 411 — Behind Barr

By Tom Dotan · Jul 12, 2019 1:44pm PDT

Chris Stern joins to talk about AG Bill Barr and how his time in the private sector informs how he'll handle investigations of tech companies. Cory dives into the massive winter losses at Bird and why the company thinks it's turned a corner. Chris Stern joins to talk about AG Bill Barr and how his time in the private sector informs how...

Tech IPOs Scoring Higher Valuations in 2019 Than 2018

By Alfred Lee and Ross Matican · Jul 12, 2019 7:02am PDT · 2 comments

Tech IPOs Scoring Higher Valuations in 2019 Than 2018

By Alfred Lee and Ross Matican · Jul 12, 2019 7:02am PDT · 2 comments

This year’s spate of tech IPOs has produced some misses, like Uber and Lyft, and some big hits like Zoom Video. But what was the overall pattern in the first half of the year?Despite the increased number of offerings, the average returns of IPOs so far this year mirror the impressive gains seen in the first half of 2018. And measured as a... This year’s spate of tech IPOs has produced some misses, like Uber and Lyft, and some big...

Kaiyo founder Alpay Koralturk.

Startup of the Week

Kaiyo Seeks to Ease the Hassle of Buying Used Furniture

By Zoë Bernard · Jul 11, 2019 10:02am PDT · 1 comment

Kaiyo, a 5-year-old online furniture consignment shop formerly known as Furnishare, was founded to help urban dwellers moving from one set of tight quarters to another solve a common problem: where to buy or sell unwanted furniture easily and on short notice.Kaiyo does this by offering free pickup of used furniture, which it takes to a... Kaiyo, a 5-year-old online furniture consignment shop formerly known as Furnishare, was founded...

A Bird electric scooter. Photo by Bloomberg.

Hit by Big Loss, Bird Seeks $300M in New Funds

By Cory Weinberg and Amir Efrati · Jul 11, 2019 7:00am PDT · 26 comments

The wintertime was bleak for Bird. In this year’s first quarter, the electric scooter operator lost nearly $100 million while revenue shrank sharply to only about $15 million, people familiar with the matter said. In the spring, it told people it was down to about $100 million in cash, even after raising more than $700 million over a year... The wintertime was bleak for Bird. In this year’s first quarter, the electric scooter...

Martin Schroeter. Photo courtesy of IBM

IBM Sales Chief Says Red Hat Poised for Growth

By Kevin McLaughlin · Jul 10, 2019 1:03pm PDT

Open source software provider Red Hat saw its revenue growth slow significantly in fiscal 2019 as sales of its subscription software faltered. But the top sales executive at IBM, which completed a $34 billion acquisition of Red Hat on Tuesday, says being part of IBM will help get Red Hat back on track.In an exclusive interview with The... Open source software provider Red Hat saw its revenue growth slow significantly in fiscal 2019 as...

Mike Sullivan

Lawmakers to Grill Facebook on Libra Plans

By Jon Victor and Ashley Gold · Jul 10, 2019 12:18pm PDT

Mike Sullivan

Crypto Newsletter

Lawmakers to Grill Facebook on Libra Plans

By Jon Victor and Ashley Gold · Jul 10, 2019 12:18pm PDT

Get ready for another deluge of Libra headlines. The head of Facebook’s crypto project, David Marcus, is set to testify before Congress twice next week, in hearings that are shaping up to be contentious.Some House lawmakers already have asked Facebook to halt all work on Libra until after the hearings, but the company not surprisingly... Get ready for another deluge of Libra headlines. The head of Facebook’s crypto project,...

An attendee at a Facebook conference using the Oculus Quest virtual reality headset. Photo by Bloomberg

Next on Facebook’s Shopping List: Acquisitions to Beef Up Gaming

By Alex Heath · Jul 10, 2019 7:00am PDT · 2 comments

Facebook is looking to buy game studios and ink exclusive deals for virtual reality versions of well-known games to bolster its Oculus VR headset business, according to two people familiar with the matter. As part of the new effort, in which CEO Mark Zuckerberg is personally involved, Facebook has already signed deals for exclusive VR... Facebook is looking to buy game studios and ink exclusive deals for virtual reality versions of...

Attorney General William Barr. Photo by Bloomberg

For Attorney General Barr, a Thorny History With Silicon Valley

By Christopher Stern · Jul 9, 2019 10:00am PDT · 1 comment

William Barr spent most of the 24 years between his first and second stints as U.S. attorney general working for Verizon as general counsel and serving on the board of Time Warner, two companies that over that period were among Silicon Valley’s biggest policy opponents. Now Mr. Barr holds the fate of Google and Apple in his hands, as the... William Barr spent most of the 24 years between his first and second stints as U.S. attorney...

Elon Musk. Photo by Bloomberg

Frustrated Musk Shakes Up Autopilot Team

By Amir Efrati · Jul 9, 2019 7:00am PDT · 4 comments

Several key Tesla engineering managers working on its Autopilot semi-automated driving feature left the company after CEO Elon Musk told some employees he was unhappy with the progress in developing fully automated driving capabilities, according to one current and one former Tesla employee who have been involved in the effort. He is also upset... Several key Tesla engineering managers working on its Autopilot semi-automated driving feature...

The People With Power at WeWork

By Cory Weinberg · Jul 8, 2019 10:01am PDT · 2 comments

The People With Power at WeWork

By Cory Weinberg · Jul 8, 2019 10:01am PDT · 2 comments

WeWork CEO Adam Neumann has said in interviews that his “superpower” is change. Whether his deputies share his comfort with change is another question, as roles atop the company are often in flux, creating uncertainty about who aside from Mr. Neumann holds power at WeWork. Reporting lines at the company shift often. People close to... WeWork CEO Adam Neumann has said in interviews that his “superpower” is change....

Illustration by Danielle Davis

At Sun Valley, Plenty of Sellers but Few Buyers

By Jessica Toonkel · Jul 8, 2019 7:01am PDT · 3 comments

Media and tech moguls gather at Sun Valley in Idaho this week for the annual Allen & Co. conference after one of the biggest years for deals in media in decades. Now the question is which company will be swallowed up next.Among the most likely targets are smaller film and TV studios: MGM, Lionsgate and possibly Sony Pictures and cable... Media and tech moguls gather at Sun Valley in Idaho this week for the annual Allen & Co....

Watching Tim Cook at Sun Valley

By Jessica E. Lessin · Jul 6, 2019 7:46am PDT

The stakes are high for many CEOs at Sun Valley this year, which begins this Tuesday. Silicon Valley needs to make nice with its enemies, with looming antitrust investigations that could break apart several businesses. The large media conglomerates, which have long agitated for such scrutiny of tech, are themselves still trying to rearrange the... The stakes are high for many CEOs at Sun Valley this year, which begins this Tuesday. Silicon...

Prof. Margaret O'Mara. Photo by Jim Garner

Q&A

New Book Highlights Silicon Valley’s Military Roots

By Nick Wingfield · Jul 5, 2019 7:01am PDT · 4 comments

Over the past year, workers at Google, Microsoft and Amazon have demanded that their employers stop supplying technology to the U.S. military and other government agencies. But a new book from the historian Margaret O’Mara shows how the tech industry might not exist without the patronage of big government—and particularly the defense... Over the past year, workers at Google, Microsoft and Amazon have demanded that their employers...

The Information’s 411 — Alexa, What’s the Holdup?

By Priya Anand · Jul 3, 2019 3:52pm PDT · 1 comment

The Information’s 411 — Alexa, What’s the Holdup?

By Priya Anand · Jul 3, 2019 3:52pm PDT · 1 comment

Jessica Toonkel explains how Netflix is trying to be smarter about its spending. Priya discusses how Alexa, once hailed as the next big platform after mobile, doesn't seem to be getting there. Jessica Toonkel explains how Netflix is trying to be smarter about its spending. Priya discusses...

Mike Sullivan

Crypto Newsletter

What Gemini’s Expansion Means

By Jon Victor · Jul 3, 2019 12:18pm PDT · 1 comment

It turns out last week’s rally was short-lived, with bitcoin pulling back after reaching as high as $13,500. People in the industry I’ve spoken with are still mindful of last year’s plunge, and say they would rather see the market gain steam more gradually. “Once a new base is formed, prices are likely to move... It turns out last week’s rally was short-lived, with bitcoin pulling back after reaching as...

AWS CEO Andy Jassy. Photo by Bloomberg

Open Source Battle Over AWS Intensifies

By Kevin McLaughlin · Jul 3, 2019 7:01am PDT · 7 comments

It’s a burning question in the open source community: Is Amazon Web Services friend or foe? New data provides a clue.AWS incorporates open source software in its services, which some say helps increase overall usage but others say undermines the small firms that developed the software and are trying to make a business out of it. It’s... It’s a burning question in the open source community: Is Amazon Web Services friend or foe?...

David Stern. Photo by Bloomberg

Q&A

Former NBA Head David Stern on How Sports Betting Can Save TV Rights

By Tom Dotan · Jul 2, 2019 11:33am PDT

As sports betting gradually becomes legal across the country, there may be one unexepected beneficiary: the league’s TV rights, argues former NBA Commissioner David Stern.He expects the ratings for games to go up as people who have bets riding on the results tune in—even if they’re not necessarily fans of the teams.... As sports betting gradually becomes legal across the country, there may be one unexepected...

Illustration by Josh Brill

Alexa, Is Voice Still the Next Big Thing After Mobile?

By Priya Anand · Jul 2, 2019 7:01am PDT · 8 comments

Illustration by Josh Brill

Alexa, Is Voice Still the Next Big Thing After Mobile?

By Priya Anand · Jul 2, 2019 7:01am PDT · 8 comments

As buzz about Alexa, Amazon’s voice-activated assistant, spread throughout tech in early 2016, Uber pounced on the opportunity to let people summon cars with a simple command: “Alexa, ask Uber to request a ride.” More than three years later, Uber receives orders for only a few hundred rides a day through Alexa, said a... As buzz about Alexa, Amazon’s voice-activated assistant, spread throughout tech in early...