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

The trading floor of the New York Stock Exchange in New York. Photo by Bloomberg.

How VCs Actually Cash In on an IPO

By Jessica E. Lessin and Mike Sullivan · May 10, 2019 7:02am PDT

Today, Uber is going public at a valuation of $82 billion, making a number of investors and early Uber employees very, very rich (or much, much richer). Benchmark will make $7.6 billion, based on the IPO price of $45; Google Ventures will make $3 billion. (Here’s a more complete list of some of the winners.)But how the general partners who... Today, Uber is going public at a valuation of $82 billion, making a number of investors and early...

A Huawei store. Photo by Bloomberg.

Huawei Targets Database Market in Challenge to Oracle

By Juro Osawa · May 10, 2019 2:49am PDT · 2 comments

China’s Huawei Technologies is about to make its biggest-ever attempt to expand into an area of enterprise software currently dominated by Western giants like Oracle, Microsoft and SAP. Huawei is planning to unveil its new cloud database product at an event scheduled for May 15 in Beijing, people familiar with the matter said. A Huawei... China’s Huawei Technologies is about to make its biggest-ever attempt to expand into an...

A Nuro self-driving delivery robot prototype in suburban Phoenix. Credit: Nuro

Uber Talks to SoftBank-Backed Nuro About Autonomous Food Delivery

By Amir Efrati · May 9, 2019 12:39pm PDT

Uber has had discussions with SoftBank-backed self-driving vehicle developer Nuro about using Nuro vehicles to help automate Uber’s hot food delivery service Uber Eats, according to a confidential document reviewed by The Information. Such a deal could someday help Uber reduce losses on Uber Eats, a critical issue for investors as the... Uber has had discussions with SoftBank-backed self-driving vehicle developer Nuro about using...

Andela co-founders, l.-r., Brice Nkengsa, Iyinoluwa Aboyeji, Ian Carnevale, Christina Sass, Jeremy Johnson, Nadayar Enegesi. Photo: Andela

Andela Taps Africa’s Software Talent

By Jessica Toonkel · May 9, 2019 11:11am PDT · 2 comments

Andela co-founders, l.-r., Brice Nkengsa, Iyinoluwa Aboyeji, Ian Carnevale, Christina Sass, Jeremy Johnson, Nadayar Enegesi. Photo: Andela

Startup of the Week

Andela Taps Africa’s Software Talent

By Jessica Toonkel · May 9, 2019 11:11am PDT · 2 comments

The shortage of engineering and software development talent in the U.S. has been a growing challenge for employers ranging from startups to multinational corporations. While there are a number of development shops throughout the world these employers can outsource to, finding full-time talent that is easy to manage remotely, particularly with... The shortage of engineering and software development talent in the U.S. has been a growing...

Intercom CEO Eoghan McCabe. Illustration by Mike Sullivan

Harassment Allegations Against Intercom CEO Sparked Departures

By Zoë Bernard · May 9, 2019 6:31am PDT · 1 comment

Eight years ago, a group of Irish entrepreneurs led by an ambitious leader, Eoghan McCabe, relocated their software startup, Intercom, from Dublin to San Francisco, aiming to make a splash on tech’s biggest stage. They succeeded, raising more than $240 million in funding from pedigreed venture capital firms and joining an elite class of... Eight years ago, a group of Irish entrepreneurs led by an ambitious leader, Eoghan McCabe,...

Mike Sullivan

Crypto Newsletter

Consensus Attendance Drop-Off Creates Hurdles for CoinDesk

By Jon Victor · May 8, 2019 12:01pm PDT

As the crypto industry’s movers and shakers head to New York for the annual Consensus conference next week, I sat down with Kevin Worth, CEO of CoinDesk, the crypto news and data provider that organizes Consensus, to talk about how the weaker crypto market is weighing on the conference and on CoinDesk’s overall business. While down... As the crypto industry’s movers and shakers head to New York for the annual Consensus...

As Tech Firms Delayed Going Public, Pre-IPO Bonus Shrank

By Martin Peers · May 8, 2019 10:00am PDT · 3 comments

Some of Uber’s earliest investors could make more than 300,000% on their initial investment when the firm completes its closely watched IPO at the end of the week. But not everyone who owns Uber shares before the offering will do quite so well. In fact, the average price paid by investors who bought stock from the company before the... Some of Uber’s earliest investors could make more than 300,000% on their initial investment...

Uber CFO Nelson Chai. Photo by Uber.

Uber’s CFO in Spotlight Ahead of IPO

By Amir Efrati · May 8, 2019 7:00am PDT

Uber CFO Nelson Chai. Photo by Uber.

Uber’s CFO in Spotlight Ahead of IPO

By Amir Efrati · May 8, 2019 7:00am PDT

In the past couple of months, in the run up to Uber's IPO this week, Uber employees on occasion have asked CFO Nelson Chai during internal meetings whether they should sell their shares once they’re able to, when lock-up restrictions lapse six months after the company goes public. Rather than exhort employees to hold onto their stock,... In the past couple of months, in the run up to Uber's IPO this week, Uber employees on...

Q&A

After Strategy Reboot, JPMorgan Going Deeper in Cloud

By Kevin McLaughlin · May 7, 2019 11:27am PDT

Lori Beer, global chief information officer at JPMorgan Chase, says the bank has learned a lot during its transition to using services from outside cloud computing providers such as Amazon Web Services. Armed with this knowledge, Ms. Beer said in a recent interview, JPMorgan will soon give the green light to storing “highly... Lori Beer, global chief information officer at JPMorgan Chase, says the bank has learned a lot...

Netflix's top European lobbyist, Dean Garfield. Photo by Bloomberg

How Netflix Scaled Back U.S. Lobbying to Focus on Europe

By Beejoli Shah and Christopher Stern · May 7, 2019 7:01am PDT

In the past 18 months, Netflix lobbyists have met at least 11 times with EU commissioners and high level staffers on issues ranging from copyright, privacy rules and other digital regulations, public records show. During the same period, in contrast, Netflix’s U.S. lobbyists didn’t once visit the Federal Communications Commission.... In the past 18 months, Netflix lobbyists have met at least 11 times with EU commissioners and...

Art by Sam Lessin

Modest Proposals

Remote Work and the Politics of Decentralization

By Sam Lessin · May 6, 2019 10:01am PDT · 6 comments

One of the major themes playing out for both startups and large technology companies is a move away from centralized teams and toward embracing decentralization and remote work.To date, technology has been a centralizing force for people, prompting them to cluster around cities and corporate headquarters. There is, however, a strong argument... One of the major themes playing out for both startups and large technology companies is a move...

Twitter's revenue head Matthew Derella. Photo by Twitter.

How Twitter Turned Its Ad Business Around

By Tom Dotan · May 6, 2019 7:01am PDT · 1 comment

Twitter's revenue head Matthew Derella. Photo by Twitter.

The Big Interview

How Twitter Turned Its Ad Business Around

By Tom Dotan · May 6, 2019 7:01am PDT · 1 comment

The digital ad market saw some surprising shifts in the first quarter, most notably Google’s sudden slowdown in growth. But the biggest surprise was Twitter, the company left for dead by Wall Street just 18 months ago, which posted much stronger advertising revenue. That lifted its stock 10% to its highest point since last June.Twitter is... The digital ad market saw some surprising shifts in the first quarter, most notably...

Why the Startup Bubble Could Be About to Burst

By Jessica E. Lessin · May 4, 2019 7:06am PDT · 3 comments

If there has been one way to get laughed out of a room in Silicon Valley these past few years, it is to draw comparisons between the present day and the frothy late 90s.Do so, and you are likely to get a lecture on all the reasons why the current tech “boom” in no way resembles the tech “bubble” that burst nearly two... If there has been one way to get laughed out of a room in Silicon Valley these past few years, it...

The Information’s 411 — Ubermenschen

By Tom Dotan · May 3, 2019 2:59pm PDT

Amir talks about the investors and firms who made the most money from Uber. Aaron discusses what 5G technology means for Apple. Amir talks about the investors and firms who made the most money from Uber. Aaron discusses what...

Uber CEO Dara Khosrowshahi. Photo by Bloomberg

Uber Makes Big Promises in IPO ‘Road Show’

By Amir Efrati · May 3, 2019 10:31am PDT · 3 comments

Uber CEO Dara Khosrowshahi and CFO Nelson Chai have told investors attending the company’s IPO road show presentations that they expect the company to one day earn a profit margin of 25%, before the impact of interest, taxes, depreciation and amortization after “competitive pressures” subside, according to two people attending... Uber CEO Dara Khosrowshahi and CFO Nelson Chai have told investors attending the company’s...

Google’s New Plan to Challenge Amazon for Shoppers

By Priya Anand · May 3, 2019 7:00am PDT · 3 comments

Google’s New Plan to Challenge Amazon for Shoppers

By Priya Anand · May 3, 2019 7:00am PDT · 3 comments

Google has struggled for years to build an online shopping business that can seriously compete with Amazon. Now, as Google’s prized advertising business faces a growing threat from Amazon, the search giant is planning new steps to bolster its shopping presence. Google is testing a new feature on its YouTube video service that displays... Google has struggled for years to build an online shopping business that can seriously compete...

Kevin Reilly, chief creative officer for WarnerMedia's new streaming service. Photo by AP

WarnerMedia Taps Lionsgate and Fox Execs for Streaming Service

By Beejoli Shah and Jessica Toonkel · May 2, 2019 1:32pm PDT

AT&T’s WarnerMedia is ramping up hiring and programming efforts for its upcoming streaming service, as it prepares to go head to head with Netflix, Amazon and Disney. To help develop new shows for the service, WarnerMedia has hired Jennifer O’Connell, the former executive vice president of alternative programming at Lionsgate,... AT&T’s WarnerMedia is ramping up hiring and programming efforts for its upcoming...

Scoop co-founders Robert (l.) and Jonathan Sadow

Startup of the Week

Scoop Wants to Change How People Commute

By Cory Weinberg · May 2, 2019 10:02am PDT · 5 comments

Investors have plowed tens of billions of dollars into ride-hailing and scooter services that mostly cater to people taking trips shorter than 10 miles. Yet the frenzy hasn’t changed the way most Americans get to work: driving in cars, alone, for longer stretches.Scoop, founded in San Francisco in 2015, hopes to change that, by growing its... Investors have plowed tens of billions of dollars into ride-hailing and scooter services that...

Illustration by Mike Sullivan

Q&A

Former CBS News Chief Rhodes Says Shift to Streaming News Is Coming

By Jessica Toonkel · May 2, 2019 7:02am PDT

Netflix, Amazon and other new streaming services have expanded into most every programming genre on television, with the notable exception of news. Former CBS News President David Rhodes explains that by saying news is “unloved” by new video entrants because it is “risky and it’s expensive as well as accident... Netflix, Amazon and other new streaming services have expanded into most every programming genre...

Mike Sullivan

Bitfinex Explores New Token Sale After Tether Trouble

By Jon Victor · May 1, 2019 12:25pm PDT

Mike Sullivan

Crypto Newsletter

Bitfinex Explores New Token Sale After Tether Trouble

By Jon Victor · May 1, 2019 12:25pm PDT

What do you do if you don’t have enough cash in reserve to back up the tokens you issued? If you are Bitfinex, your answer might be: Create a new token to sell. The exchange is on the defensive this week after the New York attorney general accused it of covering up $850 million in lost funds. Bitfinex is weighing a fundraising that, if... What do you do if you don’t have enough cash in reserve to back up the tokens you issued?...