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

Foam co-founders Ryan John King, Katya Zavyalova and Kristoffer Josefsson. Photo: Foam

Startup of the Week

This Crypto Company Takes Aim at GPS

By Jon Victor · May 30, 2019 10:01am PDT · 1 comment

Last year, in response to a wave of gamers using software to fake their locations, the company behind the location-based game Pokémon GO decided to lay down the law. For the first time, Niantic published a list of actions that could result in a ban—including faking a GPS location, a tactic some players had been using to gain an... Last year, in response to a wave of gamers using software to fake their locations, the company...

A WeWork co-working space. Photo by Bloomberg

WeWork Finds Keeping Big Customers Can Be Hard

By Cory Weinberg · May 30, 2019 7:01am PDT · 1 comment

WeWork wants to be the office-space provider for big as well as small companies. But it is finding that bigger clients come with bigger expectations.Take Amazon. The e-commerce giant is one of WeWork’s biggest customers, occupying dozens of WeWork spaces around the world. But earlier this year, when it prepared to expand in Nashville,... WeWork wants to be the office-space provider for big as well as small companies. But it is...

Mike Sullivan

Crypto Newsletter

Kik Stakes New Path to Fight Crypto Regulation

By Jon Victor · May 29, 2019 12:00pm PDT

Facebook’s stablecoin will reportedly launch early next year, and Facebook executives are already busy courting regulators in the various countries where they plan to launch the token. The process could take a while—selling officials on the idea of a single global currency issued by a private company probably won’t be easy.... Facebook’s stablecoin will reportedly launch early next year, and Facebook executives are...

Art by Danielle Davis

Studies Don’t Support Elon Musk’s Autopilot Safety Claims

By Matt Drange · May 29, 2019 7:01am PDT · 6 comments

Art by Danielle Davis

Studies Don’t Support Elon Musk’s Autopilot Safety Claims

By Matt Drange · May 29, 2019 7:01am PDT · 6 comments

For years, Tesla CEO Elon Musk has been making bold claims that the “Autopilot” feature that allows Tesla drivers to drive hands-free is safer than traditional driving. In 2016, for instance, he said that “half a million” people would be saved if Autopilot were more widely available. In 2017, Musk tweeted that the latest... For years, Tesla CEO Elon Musk has been making bold claims that the “Autopilot”...

Fitbit CEO James Park. Photo by Bloomberg

The Big Interview

How Fitbit Survived in Apple’s Shadow

By Aaron Tilley · May 28, 2019 10:01am PDT · 3 comments

A few years ago, Fitbit, an early maker of fitness-tracking devices, looked like it might get squashed by the Apple Watch, the iPhone maker’s big push into the wearables category. Now, after years of declining sales, things are finally looking up for Fitbit. It recently returned to revenue growth, with sales rising almost 10% in the first... A few years ago, Fitbit, an early maker of fitness-tracking devices, looked like it might get...

Bill Gurley and Travis Kalanick. Photos by Bloomberg

How Kalanick-Gurley Tensions Shaped Uber of Today

By Amir Efrati · May 28, 2019 7:01am PDT

In the run-up to Uber’s IPO, the company presented a new face to Wall Street. Two relatively new executives, CEO Dara Khosrowshahi and CFO Nelson Chai, appeared at investor meetings around the country. Former CEO Travis Kalanick wasn’t even on the stock exchange podium the day of the offering. But it was the relationship between Mr.... In the run-up to Uber’s IPO, the company presented a new face to Wall Street. Two...

The Mystery of the Vanishing Software Startup

By Jessica E. Lessin · May 25, 2019 10:04am PDT · 4 comments

Lately, tech IPOs and massive late-stage fundraises have grabbed so much attention that they are eclipsing another important part of the startup market: the early stages. But the young tech companies of today are the Ubers of tomorrow. They deserve more coverage and attention.With that in mind, this week I set out to understand how the funding... Lately, tech IPOs and massive late-stage fundraises have grabbed so much attention that they are...

The Information’s 411 — Real Estate Pwned

By Tom Dotan · May 24, 2019 3:38pm PDT

The Information’s 411 — Real Estate Pwned

By Tom Dotan · May 24, 2019 3:38pm PDT

Cory talks to VC and real estate policy expert Kim-Mai Cutler about tech and its influence on the Bay Area's real estate problems. Juro discusses Huawei's options as it faces harsh restrictions by the US government. Cory talks to VC and real estate policy expert Kim-Mai Cutler about tech and its influence on...

Robinhood Financial CEO Baiju Bhatt at a conference last year. Photo by Bloomberg

Robinhood Nears Funding at Valuation Over $7 Billion

By Zoë Bernard · May 24, 2019 11:46am PDT

Robinhood Markets, a financial services firm that has won a following among millennials by offering free stock trades, is nearing the close of a funding round from existing investors at a valuation of between $7 billion and $8 billion, according to a person with direct knowledge of its plans. That near term effort could be a prelude to a much... Robinhood Markets, a financial services firm that has won a following among millennials by...

Rising Fees, Falling Audiences Highlight Pay TV Dilemma

By Jessica Toonkel · May 24, 2019 7:01am PDT · 5 comments

Cable channels have long been the cash machine for the entertainment industry thanks to a quirk in their business model. Cable and satellite TV firms pay channels fees for each subscriber who has the channels available in their service package, regardless of whether anyone watches the channels. AT&T, owner of DirecTV, is trying to change... Cable channels have long been the cash machine for the entertainment industry thanks to a quirk...

Endeavor CEO Ari Emanuel. Photo by Bloomberg

Endeavor’s IPO Filing Shows Heavy Debt and Losses

By Beejoli Shah, Martin Peers and Alfred Lee · May 23, 2019 1:03pm PDT · 1 comment

Endeavor, the talent agency turned entertainment conglomerate, filed to go public on Thursday, pulling back the curtain on a company that has taken on heavy debts in recent years to diversify into a variety of sports and content businesses.The IPO filing revealed that Endeavor’s revenue rose 20% to $3.6 billion last year, while its... Endeavor, the talent agency turned entertainment conglomerate, filed to go public on Thursday,...

Human Ventures CEO Heather Hartnett. Photo courtesy of Human Ventures.

Backed by Prominent New Yorkers, Human Ventures Tries Different VC Playbook

By Jessica E. Lessin · May 23, 2019 10:01am PDT

Human Ventures CEO Heather Hartnett. Photo courtesy of Human Ventures.

Startup of the Week

Backed by Prominent New Yorkers, Human Ventures Tries Different VC Playbook

By Jessica E. Lessin · May 23, 2019 10:01am PDT

Early-stage venture capital can be a bloodbath. New funds are created by the month, all fighting for deals. But in this crowded landscape, Human Ventures in New York is an investor to watch. The nearly 4-year-old fund and startup studio, founded by investor Heather Hartnett and entrepreneur and media executive Joe Marchese, has attracted a... Early-stage venture capital can be a bloodbath. New funds are created by the month, all fighting...

A Walmart store in Shanghai. Photo by Bloomberg

Walmart Taps China’s Startups for Innovation

By Wayne Ma · May 23, 2019 7:01am PDT

Last year, a Chinese startup that makes ultra-thin blankets to keep shipments of food and drink cold got a big break: Walmart decided to use the blankets in its 30 e-commerce depots in China. The startup got the lucrative deal through a special Walmart program, known as Omega 8, which recruits Chinese tech firms to develop technology for the... Last year, a Chinese startup that makes ultra-thin blankets to keep shipments of food and drink...

Mike Sullivan

Crypto Newsletter

Bonds on the Blockchain

By Jon Victor · May 22, 2019 12:02pm PDT

It seems that bitcoin’s run-up has some staying power, with its price holding steady this week at about $8,000. But that doesn’t mean all crypto companies are fully back on their feet. Circle confirmed Tuesday that it was laying off about 10% of its staff, citing new market conditions and an unfavorable regulatory environment for... It seems that bitcoin’s run-up has some staying power, with its price holding steady this...

Illustration by Mike Sullivan.

Tech’s Low-Profile Unicorn Sells Juul Pods, Beer to College Students

By Cory Weinberg and Alfred Lee · May 22, 2019 10:01am PDT · 2 comments

Amid the cutthroat food-delivery wars, one hot startup has tried to stay under the radar to avoid alerting its rivals to its business model. But the word is getting out.GoPuff, a Philadelphia-based company that promises to deliver late-night beer, snacks and Juul pods to college students “when the party must go on,” appears to have... Amid the cutthroat food-delivery wars, one hot startup has tried to stay under the radar to avoid...

What Uber Tells Us About a Postmates IPO

By Priya Anand · May 22, 2019 7:01am PDT · 1 comment

What Uber Tells Us About a Postmates IPO

By Priya Anand · May 22, 2019 7:01am PDT · 1 comment

Should Uber’s rocky initial public offering spoil the appetite of investors for Postmates, the meal delivery business expected to go public in the coming months? Uber, of course, is primarily a ride-hailing business, but the company’s Uber Eats meal delivery unit is its fastest growing segment, accounting for 13% of total revenue... Should Uber’s rocky initial public offering spoil the appetite of investors for Postmates,...

Huawei's consumer electronics chief Richard Yu. Photo by Bloomberg

Huawei Consumer Electronics Chief Braces for ‘Tough Time’

By Juro Osawa · May 21, 2019 9:02am PDT

When President Donald Trump decided to block Huawei’s access to U.S. technology last week, the Chinese company already had been developing its own chips and stockpiling parts from American suppliers to prepare for the worst. That clearly wasn’t enough. Huawei was broadsided by Google’s decision over the weekend to restrict its... When President Donald Trump decided to block Huawei’s access to U.S. technology last week,...

Illustration by Mike Sullivan

Hulu, Spotify Competing for Bigger Share of Political Ad Spending

By Christopher Stern and Jessica Toonkel · May 21, 2019 7:01am PDT

As the 2020 election cycle shifts into high gear, streaming video and audio companies such as Hulu and Spotify are looking to capture a bigger part of the expanding digital political advertising market, which Facebook and Google dominate.Hoping to cash in on Americans’ growing appetite for news and entertainment delivered via streaming... As the 2020 election cycle shifts into high gear, streaming video and audio companies such as...

A collection of Google hardware devices. Photo by Bloomberg

Former Apple Chip Engineers Leave Google

By Aaron Tilley · May 20, 2019 10:02am PDT · 1 comment

A few years ago, Google began hiring Apple engineers responsible for developing a mobile chip that helped give iPhones and other devices a technical edge. But recently, some of those same engineers have left Google’s chip team, in a potential setback to its ambitions to build key ingredients in its own devices. Three chip... A few years ago, Google began hiring Apple engineers responsible for developing a mobile chip...

HashiCorp CEO Dave McJannet. Photo by HashiCorp

Cisco Held Preliminary Acquisition Talks With Cloud Startup HashiCorp

By Kevin McLaughlin · May 20, 2019 7:02am PDT

HashiCorp CEO Dave McJannet. Photo by HashiCorp

Cisco Held Preliminary Acquisition Talks With Cloud Startup HashiCorp

By Kevin McLaughlin · May 20, 2019 7:02am PDT

Cisco Systems held preliminary discussions recently with HashiCorp about an acquisition of the startup whose software manages applications running across multiple cloud providers, according to three people with direct knowledge of the talks. The talks, which took place over a month ago, don’t appear to have advanced very far though, with... Cisco Systems held preliminary discussions recently with HashiCorp about an acquisition of the...