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

India’s Oyo, Flush With SoftBank Money, Starts U.S. Expansion

By Cory Weinberg · Feb 5, 2019 10:01am PST · 2 comments

India’s Oyo Hotels and Homes, a $5 billion travel startup backed by SoftBank’s Vision Fund and Sequoia Capital, has started to expand into the U.S., The Information has learned. The company, which is one of India’s largest private tech companies, manages a network of budget hotels in India, Indonesia and China, and faces a... India’s Oyo Hotels and Homes, a $5 billion travel startup backed by SoftBank’s Vision...

Photos by Bloomberg and AP

The Incredible Rise and Fall of China’s Bike Firm Ofo

By Juro Osawa and Yunan Zhang · Feb 5, 2019 6:31am PST · 8 comments

There are bad tech businesses and very bad ones. And then there is Ofo.At the height of its growth in late 2017, the bicycle-rental startup had trucks driving around cities across China, dropping off brand-new yellow bikes continuously throughout the day for customers to use. Each bike cost Ofo nearly $100. They were meant to last two years.... There are bad tech businesses and very bad ones. And then there is Ofo.At the height of its...

Bird scooters on the street. Photo by Bloomberg

Announcing The Information Courses

By Jessica E. Lessin · Feb 4, 2019 11:47am PST

I’m delighted to announce the launch of a new product: The Information Courses. Courses provide an opportunity to digest our articles, data points, conference calls, org charts, and more on a specific topic over a defined period of time. We’ll be getting you up to speed on themes like the ridesharing wars, the... I’m delighted to announce the launch of a new product: The Information Courses. ...

Mark Zuckerberg and Sheryl Sandberg. Photos by Bloomberg

Inside Facebook Decisions on Subscriptions, Content Policing

By Reed Albergotti · Feb 4, 2019 10:55am PST · 9 comments

Mark Zuckerberg and Sheryl Sandberg. Photos by Bloomberg

Inside Facebook Decisions on Subscriptions, Content Policing

By Reed Albergotti · Feb 4, 2019 10:55am PST · 9 comments

What could Facebook have done to avoid the string of blunders that have bedeviled it for the past two years—from privacy scandals to the infestation of disinformation on its service? Had the company’s leadership made different decisions at key moments throughout its 15-year history, Facebook might be in a far better spot... What could Facebook have done to avoid the string of blunders that have bedeviled it for the past...

Art by Sam Lessin

Modest Proposals

How to Introduce a Wealth Tax

By Sam Lessin · Feb 4, 2019 6:30am PST · 17 comments

In the last few weeks there has been an intense string of discussions in Silicon Valley about the future of taxation. The debate has primarily sprung from Elizabeth Warren’s comments about adding a wealth tax, and Alexandria Ocasio-Cortez's comments about a 70% marginal tax rate.There is high engagement around these issues in Silicon... In the last few weeks there has been an intense string of discussions in Silicon Valley about the...

Inside Tech’s Civil War and What It Means

By Jessica E. Lessin · Feb 2, 2019 11:30am PST · 1 comment

Apple’s decision to go to war with Facebook and Google dominated headlines this week. For those who were off the grid, Apple shut down some iOS apps used by employees at those companies to run their businesses. Its reason: TechCrunch revealed the companies were abusing the program by extending it to user research apps. Apple restored the... Apple’s decision to go to war with Facebook and Google dominated headlines this week. For...

The Information’s 411 — MouseFlix

The Information’s 411 — MouseFlix

By Tom Dotan · Feb 1, 2019 2:47pm PST

Priya speaks with Tom about his analysis of Disney's streaming organization. Nick talks about how Microsoft's CEO is steering clear of the squabbles between Apple, Facebook and Google over data privacy. Priya speaks with Tom about his analysis of Disney's streaming organization. Nick talks...

Apple's HomePod. Photo by Bloomberg

Apple’s Siri Leader is Out

By Aaron Tilley and Kevin McLaughlin · Feb 1, 2019 2:21pm PST · 2 comments

Apple's HomePod. Photo by Bloomberg

Apple’s Siri Leader is Out

By Aaron Tilley and Kevin McLaughlin · Feb 1, 2019 2:21pm PST · 2 comments

The Apple executive responsible for overseeing Siri for the past seven years recently left that role, said five people with knowledge of the change.Bill Stasior, who was recruited from Amazon in 2012 to lead Siri after two of the technology’s creators left Apple, is no longer heading the voice assistant group, though he remains at Apple,... The Apple executive responsible for overseeing Siri for the past seven years recently left that...

Postmates CFO Kristin Schaefer.

Q&A

Postmates CFO on Why 2019 Is a Good Time for an IPO

By Priya Anand · Feb 1, 2019 6:31am PST · 1 comment

Postmates Chief Financial Officer Kristin Schaefer says the prepared food and grocery delivery service has found a “secret weapon”—a loyal base of subscribers to its unlimited delivery plan who can help it weather tough competition from rivals that include Uber, DoorDash, Grubhub and Amazon. The quickly growing group of... Postmates Chief Financial Officer Kristin Schaefer says the prepared food and grocery delivery...

These Tech Firms Destroyed Value the Fastest

By Alfred Lee · Jan 31, 2019 12:17pm PST · 3 comments

Much has been made of Snap’s huge drop in value. But when it comes to public tech companies that lost value the fastest, Snap pales in comparison with a company some may have forgotten about—Groupon.The online deals firm lost $10.4 billion in market capitalization, or 81%, in its first year on the public markets—and is worth... Much has been made of Snap’s huge drop in value. But when it comes to public tech companies...

Microsoft CEO Satya Nadella this month at the World Economic Forum in Davos, Switzerland. Photo by Bloomberg

Microsoft’s Nadella Talks Tech Backlash, Competitors

By Nick Wingfield · Jan 31, 2019 6:31am PST · 2 comments

REDMOND, Wash.—Demolition is afoot at Microsoft headquarters. On a recent morning visit, excavators ripped apart a complex of office buildings constructed in the 1980s, part of an effort to modernize the heart of the company’s 500-acre campus over the next three years. The work was a fitting symbol for a company that began rebuilding... REDMOND, Wash.—Demolition is afoot at Microsoft headquarters. On a recent morning visit,...

Mike Sullivan

Crypto-Friendly Congress?

By Jon Victor · Jan 30, 2019 12:01pm PST

Mike Sullivan

Crypto Newsletter

Crypto-Friendly Congress?

By Jon Victor · Jan 30, 2019 12:01pm PST

Here is a question on my mind this week: Where is all the institutional interest in crypto that we heard so much about in 2018? On Monday, news emerged that Jamie Selway, who was leading Blockchain’s Wall Street push, left the company after seeing low demand. And at Coinbase, the person hired to oversee the company’s institutional... Here is a question on my mind this week: Where is all the institutional interest in crypto that...

Online Shopping Offers a Bright Spot as China’s Economy Slows

By Wayne Ma · Jan 30, 2019 9:01am PST

China’s economy is expanding at its slowest pace in almost three decades, but online shopping is still growing at the country’s biggest e-commerce companies, driven by customers in smaller cities and a general shift to more buying on the internet, official and third-party data show.The data—collected from e-commerce sites... China’s economy is expanding at its slowest pace in almost three decades, but online...

Scooters belonging to Mexico's Grin. Photo: Carlos Felipe Pardo/Flickr

Latin American Scooter Startups Merge, Raise $150 Million

By Cory Weinberg · Jan 30, 2019 7:01am PST · 1 comment

Mexico City’s Grin and Sao Paulo’s Yellow, which each took in tens of millions of dollars from Silicon Valley investors to run scooter rental businesses last fall, have merged and raised $150 million in fresh capital, according to executives at both firms. The merger is the latest sign of consolidation in the electric scooter... Mexico City’s Grin and Sao Paulo’s Yellow, which each took in tens of millions of...

Smartphone app Didi Chuxing. Photo by Imaginechina via AP Images.

Didi Chuxing Mulls Layoffs

By Yunan Zhang · Jan 30, 2019 3:37am PST · 4 comments

Ride-hailing giant Didi Chuxing is considering layoffs as it grapples with tighter regulations that limit its supply of drivers and cars, joining other Chinese tech companies whittling costs amidst the slowest economic growth in three decades.While plans haven’t been finalized and the figures may still change before a decision is made,... Ride-hailing giant Didi Chuxing is considering layoffs as it grapples with tighter regulations...

Stripe co-founders Patrick Collison and John Collison. Photo by Bloomberg.

Stripe Raises $100 Million at $22.5 Billion Valuation

By Alfred Lee and Amir Efrati · Jan 29, 2019 4:13pm PST · 1 comment

Stripe co-founders Patrick Collison and John Collison. Photo by Bloomberg.

Stripe Raises $100 Million at $22.5 Billion Valuation

By Alfred Lee and Amir Efrati · Jan 29, 2019 4:13pm PST · 1 comment

Payments startup Stripe has raised an additional $100 million from Tiger Global Management, boosting the firm’s valuation to $22.5 billion, according to a person close to the company.The fundraising is a follow-on round to a $245 million round led by Tiger Global last year, which valued Stripe at $20 billion. The money will be used for... Payments startup Stripe has raised an additional $100 million from Tiger Global Management,...

Facebook CEO Mark Zuckerberg testifies before Congress last April. Photo by Bloomberg.

Facebook Hiring Tech Industry Critics to Staff DC Privacy Policy Team

By Ashley Gold · Jan 29, 2019 1:41pm PST

Facebook, facing an onslaught of privacy-related controversies and a growing push for regulation, has in the last month hired three high-profile tech industry critics and commentators to beef up its privacy policy team in Washington, D.C.A Facebook spokesman said the hires, who come from Access Now, a digital consumer rights group, privacy and... Facebook, facing an onslaught of privacy-related controversies and a growing push for regulation,...

Scooters Grapple With Safety After Dark

By Cory Weinberg · Jan 29, 2019 10:00am PST

Last spring, after Dallas officials raised concerns with scooter-rental firms that riding scooters at night could be dangerous, officials thought they had won a promise from Lime that it would remove scooters from the streets every evening. Now, officials say Lime, one of the two scooter companies operating in the city at the time, hasn’t... Last spring, after Dallas officials raised concerns with scooter-rental firms that riding...

VIPKid founder Cindy Mi. Photo by Bloomberg

China’s Online Tutor Startup VIPKid Is Seeking $500 Million at $6 Billion Valuation

By Yunan Zhang · Jan 29, 2019 7:46am PST

China’s online English tutor VIPKid is seeking to raise between $400 million to $500 million at a pre-money valuation of $6 billion, according to people familiar with the matter.If successful, the financing would nearly double the education startup’s value from $3.5 billion just a year ago, after it said it raised about $500 million.... China’s online English tutor VIPKid is seeking to raise between $400 million to $500...

Source: Apple filings

At Apple, a Spotlight on Services as iPhone Slows

By Nick Wingfield and Aaron Tilley · Jan 29, 2019 6:32am PST

Source: Apple filings

At Apple, a Spotlight on Services as iPhone Slows

By Nick Wingfield and Aaron Tilley · Jan 29, 2019 6:32am PST

While Apple is discouraging investors from thinking about its stalled iPhones sales, there is another business it is eager for them to pay attention to: services.When the company reports financial results later today, it will for the first time disclose the gross profit margins for Apple services—a broad category that includes AppleCare... While Apple is discouraging investors from thinking about its stalled iPhones sales, there is...