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

Photo by Bloomberg

China’s ByteDance in Talks to Sell Its Overseas News App

By Juro Osawa, Shai Oster and Carleton English · Sep 25, 2019 11:14pm PDT

China’s ByteDance, whose TikTok video app has taken the U.S. by storm, is trying to sell its overseas news and entertainment app, called TopBuzz, people familiar with the matter said.ByteDance is in talks with a handful of potential buyers, including U.S.-based media companies, the people said. It remains unclear whether the discussions,... China’s ByteDance, whose TikTok video app has taken the U.S. by storm, is trying to sell...

Photo by Bloomberg

WeWork Puts Three Businesses Up for Sale

By Cory Weinberg · Sep 25, 2019 1:26pm PDT

WeWork will try to sell three companies it had acquired in the last few years that handle office cleaning services, group meetups and marketing services, according to two people familiar with the matter. It is a sign that the co-working space provider’s new management is moving aggressively to cut costs and raise cash.News of the proposed... WeWork will try to sell three companies it had acquired in the last few years that handle office...

WeWork's former CEO Adam Neumann and his wife Rebekah. Photo by AP

Neumann’s Downfall Upends WeWork’s Tight Leadership Circle

By Cory Weinberg · Sep 25, 2019 1:03pm PDT

Adam Neumann ran WeWork as something of a family-and-friends affair. Of the 20 or so executives who reported to him, half a dozen were either family members or close friends, including his wife Rebekah. With his departure on Tuesday as CEO, the future of many of those close associates is now in doubt.Already his wife, who only recently was... Adam Neumann ran WeWork as something of a family-and-friends affair. Of the 20 or so executives...

Illustration by Danielle Davis

The Forbes ‘30 Under 30’ Hustle

By Zoë Bernard · Sep 25, 2019 7:00am PDT · 2 comments

Illustration by Danielle Davis

The Forbes ‘30 Under 30’ Hustle

By Zoë Bernard · Sep 25, 2019 7:00am PDT · 2 comments

Han Jin was in a panic. It was 2017 and the 29-year-old tech entrepreneur was saying goodbye to the final months of his third decade—and with them his dream of ever being selected for the Forbes 30 Under 30 list. In the days before online nominations for the list closed, Jin and the co-founders of his company—a virtual... Han Jin was in a panic. It was 2017 and the 29-year-old tech entrepreneur was saying goodbye to...

A WeWork location in Tokyo. Photo: Bloomberg

WeWork, Bankers Have Discussed Laying Off One-Third of Workforce

By Cory Weinberg · Sep 24, 2019 9:34am PDT · 5 comments

As WeWork investors jousted over Adam Neumann’s future at the company he built, a parallel debate by WeWork executives and bankers has centered on just how deeply WeWork should cut costs to save its business.In recent days, a group of executives from WeWork’s parent company and bankers have been discussing ways to reduce costs,... As WeWork investors jousted over Adam Neumann’s future at the company he built, a parallel...

Art by Sam Lessin

Modest Proposals

The Home Camera Wars

By Sam Lessin · Sep 24, 2019 7:01am PDT · 2 comments

Facebook’s announcement of their latest line of Portal screens last week is just the latest in a rapid-fire series of home-related releases from the major technology platforms recently. The race for control of the home—not just the living room—is very much on. As the home wars shape up, five key realities are becoming... Facebook’s announcement of their latest line of Portal screens last week is just the latest...

Why WeWork Needs Cash Fast

By Cory Weinberg · Sep 23, 2019 12:04pm PDT · 1 comment

As WeWork’s board wrestles with the company’s future, the options on the table are shrinking. The cash that WeWork’s parent company We Co. has to spend freely would dwindle from about $1.9 billion to $400 million by next March if it doesn’t raise new outside funds and keeps spending at a similar pace, according to an... As WeWork’s board wrestles with the company’s future, the options on the table are...

Photo by Shutterstock

CloudKitchens’ Key Employees

By Amir Efrati · Sep 23, 2019 7:02am PDT

Photo by Shutterstock

CloudKitchens’ Key Employees

By Amir Efrati · Sep 23, 2019 7:02am PDT

Here's a recent list of 45 key employees at City Storage Systems, also known as CloudKitchens. Here's a recent list of 45 key employees at City Storage Systems, also known as...

Inside Travis Kalanick’s ‘Bigger Than Uber’ Next Act

By Amir Efrati · Sep 23, 2019 7:00am PDT · 1 comment

Uber co-founder Travis Kalanick’s newest startup is known as CloudKitchens. But a better name might be WeWork for Food. Operating through a small startup he bought last year, and supported by hundreds of millions of dollars in loan facilities arranged with Goldman Sachs and other banks, Kalanick in the past 18 months has snapped up or... Uber co-founder Travis Kalanick’s newest startup is known as CloudKitchens. But a better...

WeWork CEO Adam Neumann. Photo by Bloomberg

WeWork Board to Meet Monday on Neumann’s Removal

By Cory Weinberg · Sep 22, 2019 2:32pm PDT · 4 comments

Directors of WeWork’s parent, We Co., are scheduled to meet Monday morning to discuss the potential removal of Adam Neumann as CEO, people familiar with the matter said. Board members brought forward the meeting from its earlier scheduled time of midweek, one of the people said, a sign that the board feels a sense of urgency to resolve the... Directors of WeWork’s parent, We Co., are scheduled to meet Monday morning to discuss the...

Inside SoftBank’s Big CEO-Fest

By Jessica E. Lessin · Sep 21, 2019 9:12am PDT · 1 comment

These days, SoftBank founder Masayoshi Son can’t escape WeWork. He can’t escape the headlines revealing his desire for the company to put the brakes on its troubled IPO. He can’t even escape his own friends doubting the value of his nearly $9 billion investment in the company.So it isn’t a surprise that the topic hung... These days, SoftBank founder Masayoshi Son can’t escape WeWork. He can’t escape the...

The Information’s 411 — We not Working

By Priya Anand · Sep 20, 2019 4:20pm PDT

The Information’s 411 — We not Working

By Priya Anand · Sep 20, 2019 4:20pm PDT

Zoe discusses recent returns at venture firm Andreessen Horowitz. Cory outlines the drama at WeWork and challenges with its business model. Zoe discusses recent returns at venture firm Andreessen Horowitz. Cory outlines the drama at...

The Information’s 411 — Shaun King Admits Mistakes During Media Company Launch

By The Information · Sep 20, 2019 8:57am PDT

Jessica Lessin, editor-in-chief of The Information, interviewed Shaun King, activist and founder of The North Star, at our media business bootcamp last week. Jessica Lessin, editor-in-chief of The Information, interviewed Shaun King, activist and founder...

Illustration by Shutterstock

Cloud Providers Bet on New Encryption Technology to Woo Customers

By Kevin McLaughlin · Sep 20, 2019 7:01am PDT

For years, research scientists have tinkered with a new form of encryption that could improve the security of data. Now the technology is getting a boost from some of the biggest cloud computing providers, who see it as a way of getting more business from corporate customers with highly-sensitive data, such as banking and health records. ... For years, research scientists have tinkered with a new form of encryption that could improve the...

Stripe co-founders Patrick Collison, left, and John Collison. Photo: Bloomberg

Stripe Plans to Move Out of San Francisco

By Cory Weinberg · Sep 19, 2019 3:33pm PDT

Stripe, one of the most successful companies to grow up in San Francisco in the past decade, is planning to leave tech’s epicenter. Executives at the payments firm have told employees and others close to the company that it likely will jettison its San Francisco headquarters for an office just south of the city, in South San... Stripe, one of the most successful companies to grow up in San Francisco in the past decade, is...

Facebook's Ime Archibong. Photo by Bloomberg

Facebook’s App Factory Aims for Teens With Two New Apps

By Alex Heath · Sep 19, 2019 10:08am PDT

Facebook's Ime Archibong. Photo by Bloomberg

Facebook’s App Factory Aims for Teens With Two New Apps

By Alex Heath · Sep 19, 2019 10:08am PDT

A new subsidiary of Facebook has quietly released two teen-oriented apps and tapped a veteran executive to lead the group behind them, The Information has learned.Ime Archibong, a high-profile executive at the company who previously led Facebook’s relationships with outside developers, recently changed roles to become head of New Product... A new subsidiary of Facebook has quietly released two teen-oriented apps and tapped a veteran...

A driver in Bengaluru, India, who accepts Paytm. Photo by Bloomberg.

Chinese VC Money Pours Into India

By Yunan Zhang and Shai Oster · Sep 19, 2019 7:00am PDT

For the last two years, Chinese venture capitalist Geng Yixuan traveled to India every month or two to meet local startups. Geng’s firm, Shunwei Capital, is backed by Lei Jun, the founder of Xiaomi, the most popular smartphone brand in India, which gave Geng a solid entree to Indian entrepreneurs. This year, Shunwei recruited its first... For the last two years, Chinese venture capitalist Geng Yixuan traveled to India every month or...

As NBCUniversal Preps Streaming Service, Cable Firms Push Back

By Jessica Toonkel and Beejoli Shah · Sep 18, 2019 10:28am PDT · 1 comment

NBCUniversal’s planned entry into the streaming video market may prove costlier than it expected.When the Comcast-owned entertainment company in January unveiled plans to launch its own streaming service, it planned to differentiate the offering from rivals like Netflix and Disney+ by making the ad-supported service free to all cable and... NBCUniversal’s planned entry into the streaming video market may prove costlier than it...

A WeWork location in Tokyo. Photo: Bloomberg

Behind WeWork’s Struggles, a Missed Opportunity

By Cory Weinberg · Sep 18, 2019 7:01am PDT · 14 comments

When WeWork CEO Adam Neumann pitched private investors five years ago, he pointed to a near future where WeWork would spend less on upfront costs for the majority of its buildings. The plan included coaxing more money from landlords to pay for construction expenses, in exchange for giving the building owners a share of the profits. But the... When WeWork CEO Adam Neumann pitched private investors five years ago, he pointed to a near...

Snap CEO Evan Spiegel. Photo by Bloomberg

Snap Courts Publishers for News Tab

By Alex Heath and Jessica Toonkel · Sep 17, 2019 12:57pm PDT · 1 comment

Snap CEO Evan Spiegel. Photo by Bloomberg

Snap Courts Publishers for News Tab

By Alex Heath and Jessica Toonkel · Sep 17, 2019 12:57pm PDT · 1 comment

Snap is in early talks with media companies about powering a dedicated news section inside the Snapchat app, according to six people familiar with the talks.The planned news section represents a do-over of sorts for its efforts to present real-time, breaking news from a handful of trusted news partners. While news from those partners is... Snap is in early talks with media companies about powering a dedicated news section inside the...