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 courtesy of Magma.

Startup of the Week

Cool Melon, Mung Bean Flavors Power Vaping Startup’s China Push

By Shai Oster · Jun 27, 2019 10:01am PDT

Modern vaping was invented in China, and about 90% of the electronic cigarettes sold in the world are made there. But the country is currently home to only about two million e-cigarette users. That’s a situation former cigarette accessory industry executive Michael Gao wants to turn to his advantage with his vaping startup, Moti... Modern vaping was invented in China, and about 90% of the electronic cigarettes sold in the world...

The People With Power at Spotify

By Jessica Toonkel · Jun 27, 2019 7:01am PDT · 2 comments

For the leaders of Spotify, one of the biggest challenges of running the global leader in streaming music is bridging different worlds—that of media and tech, and also New York and Stockholm, where its biggest offices are located. Adding to the stress is increasing competition from Apple and the pressures of going public, as Spotify did... For the leaders of Spotify, one of the biggest challenges of running the global leader in...

Mike Sullivan

Crypto Newsletter

Blockchain Developers Are Leery of Libra

By Jon Victor · Jun 26, 2019 12:23pm PDT

It has been a while since crypto markets have had a week like this one. By Wednesday afternoon, Bitcoin had topped $13,000, up from around $9,000 as it rides a wave of optimism following Facebook’s Libra cryptocurrency announcement. This week, we take a look at an aspect of the Libra plan that has received less attention: whether... It has been a while since crypto markets have had a week like this one. By Wednesday afternoon,...

A WeWork office in New York City. Photo: Bloomberg

Is WeWork Worth $47 Billion? Not Even Close, Say Some Investors

By Alfred Lee and Cory Weinberg · Jun 26, 2019 11:12am PDT · 7 comments

A WeWork office in New York City. Photo: Bloomberg

Is WeWork Worth $47 Billion? Not Even Close, Say Some Investors

By Alfred Lee and Cory Weinberg · Jun 26, 2019 11:12am PDT · 7 comments

Office space firm WeWork, which could be the next big test of the IPO market, is often called a $47 billion company. But investors lately have signaled they think WeWork is worth only about half of that, as questions mount about whether the tech-fueled real estate startup can sustain its breakneck growth.WeWork’s stock on the secondary... Office space firm WeWork, which could be the next big test of the IPO market, is often called a...

Brandless co-founder and former CEO Tina Sharkey. Photo by Bloomberg

Inside the Turmoil at SoftBank-Backed Brandless

By Zoë Bernard · Jun 26, 2019 7:01am PDT · 3 comments

Last March, when Tina Sharkey stepped down as CEO of Brandless—a maker of inexpensive foods and household items bearing generic labels like “Avocado Oil” and “Dog Shampoo and Conditioner”—she explained the move by saying she wanted to “wear fewer hats” at the company and focus instead on being its... Last March, when Tina Sharkey stepped down as CEO of Brandless—a maker of inexpensive foods...

Next Test for Tech IPOs: Lockup Expirations

By Ross Matican · Jun 25, 2019 10:16am PDT · 1 comment

Starting in September, a flood of shares in the newest public tech companies will hit the market as employees and pre-IPO investors—those who invested when the companies were private—are allowed to sell. That is likely to intensify volatility in tech share prices, putting pressure on weakly performing stocks like Uber and Lyft and... Starting in September, a flood of shares in the newest public tech companies will hit the market...

ByteDance CEO Zhang Yiming. Photo by Bloomberg

How ByteDance Founder Is Building a Global Tech Giant From China

By Juro Osawa and Yunan Zhang · Jun 25, 2019 7:01am PDT · 1 comment

In the fall of 2014, a little-known Chinese entrepreneur named Zhang Yiming toured Silicon Valley, visiting the offices of Facebook, Tesla and Airbnb. One thing that struck Mr. Zhang, whose startup in Beijing was beginning to gain traction, was China’s growing influence. He met some Facebook and Twitter employees who loved Xiaomi phones,... In the fall of 2014, a little-known Chinese entrepreneur named Zhang Yiming toured Silicon...

On the Market: Veterans of Facebook, HBO and Coinbase

By The Information Staff · Jun 24, 2019 7:01am PDT

On the Market: Veterans of Facebook, HBO and Coinbase

By The Information Staff · Jun 24, 2019 7:01am PDT

Prominent figures have left their jobs in tech, media and entertainment in recent months. Tensions in the upper ranks of such companies as Coinbase and Facebook led to some of the departures, while AT&T’s takeover of Time Warner prompted some other executive changes.The Information’s latest batch of Free Agents—industry... Prominent figures have left their jobs in tech, media and entertainment in recent months....

Stewart Butterfield and the Changing of the SaaS Guard

By Jessica E. Lessin · Jun 23, 2019 9:21pm PDT

Slack’s listing got a lot of attention for its unusual structure. No underwriters, as is standard in a traditional initial public offering. No weeks on the road pitching the company to investors in hotel meeting rooms. Just let the shares float and see what happens. (As an aside, it seems like the banks were quite involved behind the... Slack’s listing got a lot of attention for its unusual structure. No underwriters, as is...

The Information’s 411 — Facebook’s Libra Horoscope

By Priya Anand · Jun 21, 2019 3:45pm PDT · 1 comment

Jon unpacks Facebook's Libra cryptocurrency plans and the sour reactions from lawmakers. Tom and Alex highlight the power players who are turning around the ship at Snap. Jon unpacks Facebook's Libra cryptocurrency plans and the sour reactions from lawmakers. Tom...

Hulu CEO Randy Freer. Photo by Bloomberg

Hulu Tells TV Studios: Give Disney a Stake in Shows

By Beejoli Shah and Jessica Toonkel · Jun 21, 2019 11:27am PDT

In a sign of how Hulu’s programming decisions have shifted since Disney took control of the streaming service, Hulu executives have begun telling outside studios that Disney will likely have partial ownership in most shows Hulu buys, according to multiple studio executives and Hollywood agents. In recent weeks, Hulu executives have told... In a sign of how Hulu’s programming decisions have shifted since Disney took control of the...

Stock Comp Key to Amazon’s Low Tax Rate

By Martin Peers · Jun 21, 2019 7:01am PDT · 1 comment

Stock Comp Key to Amazon’s Low Tax Rate

By Martin Peers · Jun 21, 2019 7:01am PDT · 1 comment

Joe Biden joined a chorus of Amazon critics last week attacking the e-commerce giant for not paying enough in federal taxes. But Amazon’s effective tax rate is only a couple of percentage points below that of some other big tech companies. And they all benefit from the same thing: the tax deduction they get from paying employees heavily in... Joe Biden joined a chorus of Amazon critics last week attacking the e-commerce giant for not...

Jyve co-founders James Kairos, Sam Purtill, Cammy Bergren and Brad Oberwager. Photo: Jyve

Startup of the Week

Jyve Enlists Gig Workers to Restock Grocery Shelves

By Priya Anand · Jun 20, 2019 10:02am PDT · 1 comment

Startups looking to capitalize on the growing popularity of gig work are gaining increasing attention from investors. Among them is Jyve, which is focused on the retail sector where it connects workers to stores and brands needing people for tasks such as restocking shelves and setting up displays inside grocery stores. What sets Jyve apart from... Startups looking to capitalize on the growing popularity of gig work are gaining increasing...

Question for Slack: When Will Investors Cash In on Gains?

By Alfred Lee · Jun 20, 2019 6:00am PDT

The biggest venture capital shareholders in messaging firm Slack stand to make billions of dollars when the company goes public on Thursday. One of the big questions surrounding the listing is how fast the VCs, who as a group own a majority of the stock, will want to lock in those gains by selling their shares.Unlike a conventional initial... The biggest venture capital shareholders in messaging firm Slack stand to make billions of...

Mike Sullivan

Crypto Newsletter

What We Still Don’t Know About Libra

By Jon Victor · Jun 19, 2019 12:42pm PDT

Facebook’s big announcement yesterday about its new Libra cryptocurrency answered some questions we all had about the project. It also triggered many new ones.On The Information’s conference call following Facebook’s big reveal, a lot of subscribers focused in on a potentially fundamental conflict: whether the interests of... Facebook’s big announcement yesterday about its new Libra cryptocurrency answered some...

Salesforce Chief Product Officer Bret Taylor. Photo by Salesforce

Salesforce’s Bret Taylor Talks Tableau and the ‘New Normal’ Among Businesses

By Kevin McLaughlin · Jun 19, 2019 7:02am PDT

Salesforce Chief Product Officer Bret Taylor. Photo by Salesforce

The Big Interview

Salesforce’s Bret Taylor Talks Tableau and the ‘New Normal’ Among Businesses

By Kevin McLaughlin · Jun 19, 2019 7:02am PDT

Throughout his career, Bret Taylor helped create some of the most widely used services on the internet, including Google Maps and Facebook’s “like” button.Now, as president and chief product officer at Salesforce, he is helping the company move beyond its roots in cloud-based customer management software into tools that... Throughout his career, Bret Taylor helped create some of the most widely used services on the...

An Uber self-driving car. Photo by AP

Uber Eyes Acquisition of Mighty AI for Self-Driving Car Effort

By Amir Efrati and Nick Wingfield · Jun 18, 2019 2:04pm PDT

Uber has held recent talks to buy Seattle-based Mighty AI, a startup that helps autonomous vehicle developers train their computer vision algorithms to better identify objects on the road, said three people briefed on the discussions.The potential deal is another sign of a looming shakeout in the self-driving car field, where companies have... Uber has held recent talks to buy Seattle-based Mighty AI, a startup that helps autonomous...

A broken Lime scooter in Washington, D.C., last year. Photo: AP

Scooter Breakdowns Weigh on Lime

By Cory Weinberg · Jun 18, 2019 10:02am PDT · 1 comment

At the CES trade show in Las Vegas in January, Lime showed off a new model of its electric scooter with thicker tires, color display screens between the handlebars and stronger aluminum to help the vehicles last longer. But months later, the custom-designed scooter, called Gen 3, is having problems of its own. The screens frequently crack or... At the CES trade show in Las Vegas in January, Lime showed off a new model of its electric...

Facebook CEO Mark Zuckerberg in Paris in May. Photo by Bloomberg

Eight Takeaways From Facebook’s Libra Cryptocurrency

By Jon Victor and Alex Heath · Jun 18, 2019 5:00am PDT · 9 comments

Inside Facebook, a group has spent the past year developing a cryptocurrency that could have far-reaching implications for the company’s business and the broader digital payments industry if successful. Now the group is finally going public with the details of its plans. Facebook unveiled the plans early Tuesday when it published an... Inside Facebook, a group has spent the past year developing a cryptocurrency that could have...

Photo: Chris Noble

What to Watch For When Slack Goes Public

By Alfred Lee · Jun 17, 2019 10:01am PDT

Photo: Chris Noble

What to Watch For When Slack Goes Public

By Alfred Lee · Jun 17, 2019 10:01am PDT

Slack is set to be Silicon Valley’s next big debut on the stock market, with plans to go public on Thursday. The start of public trading, through a rare direct listing in which no new shares are sold, will test investors’ confidence in the messaging firm’s growth potential. Already, there are signs that the company will be... Slack is set to be Silicon Valley’s next big debut on the stock market, with plans to go...