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

A pile of 1 bitcoin Casascius coins. Photo by Mike Caldwell via Wikimedia Commons

Crypto Coin Collectors Prize Bitcoin’s Old School Charm

By Sarah Kuranda · Mar 22, 2018 7:00am PDT · 7 comments

During a recent meeting in the lobby of the Hotel Nikko San Francisco, a tech executive unexpectedly leaned forward in a high-backed white chair, fished a single penny-sized coin out of his wallet and dropped it onto the stone table. It was a move meant to impress. This wasn’t loose change or a token—it was a physical bitcoin,... During a recent meeting in the lobby of the Hotel Nikko San Francisco, a tech executive...

Facebook CEO Mark Zuckerberg. Photo by Bloomberg.

What Can Facebook Do Now?

By Tom Dotan · Mar 21, 2018 9:49am PDT · 16 comments

American and European lawmakers and regulators are ratcheting up pressure on Facebook to take action to better safeguard user data. The company changed its policies two years ago to prevent outsiders like Cambridge Analytica from easily gathering data on millions of Facebook users. But Facebook could take action in other areas—although... American and European lawmakers and regulators are ratcheting up pressure on Facebook to take...

Photo by Bloomberg.

Lyft Plans $150 Million Tender Offer as Interest in Stock Rises

By Amir Efrati and Alfred Lee · Mar 21, 2018 7:01am PDT · 3 comments

An unidentified investor is planning to buy around $150 million of shares in Lyft from employees in a tender offer, at just a 3% discount to the valuation put on Lyft in its recent fundraising. That’s a small discount for stock sold by employees in a tender and reflects investors’ intense interest right now in Lyft, which last year... An unidentified investor is planning to buy around $150 million of shares in Lyft from employees...

A DJI Phantom drone being flown in Texas last year. Photo by Bloomberg.

China’s DJI Raising Money at $15 Billion Valuation

By Yunan Zhang and Juro Osawa · Mar 20, 2018 8:31am PDT · 1 comment

A DJI Phantom drone being flown in Texas last year. Photo by Bloomberg.

China’s DJI Raising Money at $15 Billion Valuation

By Yunan Zhang and Juro Osawa · Mar 20, 2018 8:31am PDT · 1 comment

China’s DJI, the world’s largest consumer drone maker, is in talks with investors to raise a new round of funding at a valuation of $15 billion, people familiar with the discussions said.The amount raised will likely range between $500 million and $1 billion, the people said, although the deal hasn’t been finalized. The... China’s DJI, the world’s largest consumer drone maker, is in talks with investors to...

Art by Mike Sullivan.

The Coaches Behind Startup Founders

By Cory Weinberg · Mar 20, 2018 7:01am PDT · 3 comments

Laura Behrens Wu, the 26-year-old co-founder and CEO of the shipping software startup Shippo, got some harsh criticism from an employee who quit about two years ago: She wasn’t an inspirational leader on par with Mark Zuckerberg or Steve Jobs. “I wasn’t living up to the expectation,” Ms. Behrens Wu said. Then she learned... Laura Behrens Wu, the 26-year-old co-founder and CEO of the shipping software startup Shippo, got...

An attendee using the Oculus Rift VR headset at an event last October. Photo by Bloomberg.

A Shakeout Is Underway Among VR Startups

By Matt Pressberg and Tom Dotan · Mar 19, 2018 10:01am PDT · 32 comments

Independent virtual reality studio Future Lighthouse was flying high last year. The Spanish startup created a VR marketing trailer for the TV show Snatch on Sony’s Crackle platform. It did a six-minute, 50-actor promotional piece for spirits brand Beefeater. Then in January, the startup announced it was shutting down.A shakeout is underway... Independent virtual reality studio Future Lighthouse was flying high last year. The Spanish...

Shawn Carolan.

Q&A

For a Key Uber Investor, Lessons in Corporate Governance

By Serena Saitto · Mar 19, 2018 7:01am PDT · 9 comments

Shawn Carolan, who co-led Menlo Ventures’ investment in Uber, says his firm made $1 billion selling almost half of its stake in Uber to SoftBank. That eye-popping return, which Menlo hadn’t previously confirmed, on an original investment of $26 million in 2011, marks the firm’s largest redistribution of capital to its limited... Shawn Carolan, who co-led Menlo Ventures’ investment in Uber, says his firm made $1 billion...

The Information You Missed This Week

By The Information Staff · Mar 17, 2018 8:02am PDT · 2 comments

The Weekly Digest

The Information You Missed This Week

By The Information Staff · Mar 17, 2018 8:02am PDT · 2 comments

Good morning!Alexa, Siri and Google Assistant walk into a bar. The bartender says, “What'll it be?” Alexa laughs. Google reminds the bartender of which drink he was searching for. And Siri says it’s 52 degrees out. Good morning!Alexa, Siri and Google Assistant walk into a bar. The bartender says,...

The Information’s 411 — Why Does Siri Suck?

By Tom Dotan · Mar 16, 2018 11:24am PDT · 1 comment

Aaron talks about the ballad of Siri within Apple and why it fell so far behind Google and Amazon. Amir talks about why self driving car technology is a long way away from being able to navigate cities. Aaron talks about the ballad of Siri within Apple and why it fell so far behind Google and...

A Chrysler Pacifica hybrid outfitted with Waymo's self-driving technology, in Tempe, Arizona. Photo by AP

Conference Call Transcript

What We Still Get Wrong About Self-Driving Cars

By Amir Efrati · Mar 16, 2018 10:02am PDT

There’s a lot of hype surrounding autonomous vehicles and when they’ll be ready for the real world. In many ways, the technology is further away from prime time than most people realize, especially in urban areas. On Tuesday, two industry veterans—Anne Widera, a former Google manager who also previously worked at... There’s a lot of hype surrounding autonomous vehicles and when they’ll be ready for...

Subscriptions Are Taking Over News. What’s Next?

By Jessica E. Lessin · Mar 16, 2018 7:02am PDT · 3 comments

In case you haven’t noticed, digital paywalls are in vogue in the news industry. Wired, Business Insider and Bloomberg launched new ones recently. Jonah Peretti of BuzzFeed said “a partial paywall may make sense” for them. I’m going to spare you all what I think about this as Jessica the CEO of The Information.... In case you haven’t noticed, digital paywalls are in vogue in the news industry. Wired,...

Richard Liu. Art by Mike Sullivan

For Xiaomi’s Earliest Backer, IPO Could Mark End of Era

By Shai Oster and Yunan Zhang · Mar 15, 2018 10:33am PDT

Richard Liu. Art by Mike Sullivan

The Big Interview

For Xiaomi’s Earliest Backer, IPO Could Mark End of Era

By Shai Oster and Yunan Zhang · Mar 15, 2018 10:33am PDT

Chinese venture capitalist Liu Qin has made a lot of bets in his life. None is likely to pay off better than his investment in Xiaomi, the Chinese smartphone maker that is preparing for one of the most anticipated tech IPOs of this year. Mr. Liu is the co-founder of Morningside Venture Capital, the earliest backer and now largest institutional... Chinese venture capitalist Liu Qin has made a lot of bets in his life. None is likely to pay off...

FireEye CEO Kevin Mandia, against FireEye's stock since January, 2014. Art by Mike Sullivan. Photo by Bloomberg

Tech Industry Watches FireEye’s Turnaround Effort

By Sarah Kuranda · Mar 15, 2018 7:00am PDT

FireEye has helped respond to some of the biggest security breaches of the past few years, including at Equifax and Sony. But for the past 18 months, CEO Kevin Mandia has been fighting a different threat, one facing FireEye itself. His progress is likely being watched by rival security firms and big tech companies like Cisco.One of the hottest... FireEye has helped respond to some of the biggest security breaches of the past few years,...

Music streaming apps shown on an iPhone. Photo: AP

Spotify Stays Ahead of Apple, but Profits Remain Elusive

By Alfred Lee · Mar 14, 2018 10:14am PDT · 1 comment

As Spotify pitches its coming public listing to investors, there are signs the music streaming service is holding its own against Apple Music. But Spotify still is wrestling with how to improve its weak margins and work toward profitability.Apple Music’s sales growth is decelerating in the U.S., according to a sales analytics firm.... As Spotify pitches its coming public listing to investors, there are signs the music streaming...

Apple CEO Tim Cook at an event in 2012. Photo by AP.

The Seven-Year Itch: How Apple’s Marriage to Siri Turned Sour

By Aaron Tilley and Kevin McLaughlin · Mar 14, 2018 7:02am PDT · 5 comments

Apple’s 2011 “Let’s talk iPhone” event at its Cupertino headquarters was a pivotal moment for the company. It was the first big showcase for new CEO Tim Cook as he tried to fill the shoes of the legendary but ailing Steve Jobs. Yet the event threatened to disappoint because the company’s new iPhone, the 4s, was... Apple’s 2011 “Let’s talk iPhone” event at its Cupertino headquarters was...

Join The Information as Our Growth Marketing Analyst

By The Information Staff · Mar 13, 2018 12:48pm PDT

Jobs@TheInformation

Join The Information as Our Growth Marketing Analyst

By The Information Staff · Mar 13, 2018 12:48pm PDT

The Information is a San Francisco-based subscription publication known for original, in-depth reporting about the technology industry. We’re the go-to daily read for the most important people in technology and business and are building a one-of-a-kind community of subscribers. Over 20% of our subscriber community is a founder or CEO,... The Information is a San Francisco-based subscription publication known for original, in-depth...

A Roku streaming device and remote control. Photo by AP

Despite High Stock Price, Roku Is No Netflix

By Tom Dotan · Mar 13, 2018 10:52am PDT · 4 comments

Of all the tech companies that went public last year, Roku may have been the biggest surprise hit. Having made itself almost as synonymous with fast-growing streaming video as Netflix, Roku’s stock soared as high as $50 from an IPO price of $14. Even after a recent sell-off, sparked by slowing sales in the fourth quarter, Roku’s... Of all the tech companies that went public last year, Roku may have been the biggest surprise...

Illustration by Javier Garcia

Inside Cruise’s Bumpy Ride: The Limits of Self-Driving Cars

By Amir Efrati · Mar 13, 2018 7:02am PDT · 8 comments

When General Motors paid $581 million for self-driving car startup Cruise in 2016, it was one of the biggest bets by a company in the nascent business. Two years later, Cruise is a case study of the perils and the promise of self-driving car technology. Despite some advances, Cruise’s vehicles being tested in San Francisco are still... When General Motors paid $581 million for self-driving car startup Cruise in 2016, it was one of...

Salesforce's Richard Socher. Photo: Bloomberg

Q&A

The Scientist Behind Salesforce’s AI Push

By Kevin McLaughlin · Mar 12, 2018 10:00am PDT · 1 comment

Artificial intelligence scientist Richard Socher might seem like an odd fit for Salesforce, a juggernaut in sales and marketing software for businesses. But in nearly two years at Salesforce, Mr. Socher has helped develop new AI-powered software that helps its customers identify promising sales leads and monitor their brands on social media. His... Artificial intelligence scientist Richard Socher might seem like an odd fit for Salesforce, a...

The Toutiao app icon. Photo: Imaginechina via AP

How a Little-Known Startup Became a Tech Behemoth

By Juro Osawa and Yunan Zhang · Mar 12, 2018 7:02am PDT

The Toutiao app icon. Photo: Imaginechina via AP

How a Little-Known Startup Became a Tech Behemoth

By Juro Osawa and Yunan Zhang · Mar 12, 2018 7:02am PDT

In less than a year, the startup behind China’s most popular newsfeed Toutiao has transformed itself into a $30 billion empire of more than a dozen media and entertainment apps. Its breakneck expansion and skyrocketing valuation are prompting questions about whether it is on course to become the next Alibaba or Tencent, or if the rapid... In less than a year, the startup behind China’s most popular newsfeed Toutiao has...