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

Illustration by Michael Cina

The Information’s Person of 2018: Masayoshi Son

By Shai Oster and Juro Osawa · Dec 20, 2017 7:02am PST · 2 comments

Last year, we chose Snap CEO Evan Spiegel as our person of 2017. We anticipated, correctly, that the public-market debut of Snap would bring much more attention to the young company and its co-founder. This year, we’ve chosen SoftBank founder Masayoshi Son to be the person of 2018—the person we think will have a greater news... Last year, we chose Snap CEO Evan Spiegel as our person of 2017. We anticipated, correctly, that...

Photo: Bloomberg

Google’s Hardware Push Complicates Ties With China

By Yunan Zhang and Shai Oster · Dec 19, 2017 10:02am PST

Google is accelerating hardware production in China, rapidly building a team of engineers to oversee the contractors manufacturing Pixel smartphones, Google Home speakers and other products. The moves are raising the stakes for Google’s strained relationship with the government in Beijing, which welcomes the manufacturing expansion but... Google is accelerating hardware production in China, rapidly building a team of engineers to...

The Capitol building in Washington D.C. Photo by Bloomberg.

Tech’s Winners and Losers Under Tax Changes

By Alfred Lee · Dec 19, 2017 7:02am PST

Contrary to the popular media narrative, the tech companies that are the clearest winners of upcoming tax changes are not the giants like Apple and Microsoft that have stockpiled profits overseas. The tech firms that will benefit the most are companies that make most of their sales in the United States, like Etsy and Grubhub.That’s because... Contrary to the popular media narrative, the tech companies that are the clearest winners of...

Art by Sam Lessin.

Blockchains and the Right to Be Forgotten

By Sam Lessin · Dec 18, 2017 10:01am PST · 6 comments

Art by Sam Lessin.

Modest Proposals

Blockchains and the Right to Be Forgotten

By Sam Lessin · Dec 18, 2017 10:01am PST · 6 comments

In the internet of 2017, when something goes terribly wrong, the service provider hosting the content or code can usually turn it off. But the rise of blockchains means that won’t be the case for much longer.One of the most interesting things about blockchains and the global computer superstructure being constructed on top of them is that... In the internet of 2017, when something goes terribly wrong, the service provider hosting the...

Art by Matt Vascellaro.

Now Available: Veterans of Airbnb, Amazon, Uber

By The Information Staff · Dec 18, 2017 7:01am PST

Our latest installment of Free Agents include two veteran tech CEOs looking for new opportunities, as well as several mid-career executives with experience across the gamut of tech. The list features the former COO of Stitch Fix, a former engineering lead at Airbnb and a former international head at Uber. There’s also a former Quora ad... Our latest installment of Free Agents include two veteran tech CEOs looking for new...

The Weekly Digest

The Information You Missed This Week

By The Information Staff · Dec 16, 2017 8:00am PST

Good Morning!Facebook admits that social media is depressing. Imagine how Snap and Twitter feel. Good Morning!Facebook admits that social media is depressing. Imagine how Snap and Twitter feel.

OfferUp CEO Nick Huzar. Photo by Bloomberg.

Sequoia, SoftBank Passed On OfferUp Investment

By Serena Saitto · Dec 15, 2017 5:38pm PST

Would-be Craigslist competitor OfferUp has been trying to raise about $100 million in financing for at least five months, according to people with direct knowledge of the situation. It’s been tough going, a sign of how quickly tech startups can lose popularity among investors.Prominent tech investors, including Sequoia Capital and... Would-be Craigslist competitor OfferUp has been trying to raise about $100 million in financing...

The Information’s 411 — Nextdoor’s New Money

By Tom Dotan · Dec 15, 2017 4:52pm PST

The Information’s 411 — Nextdoor’s New Money

By Tom Dotan · Dec 15, 2017 4:52pm PST

Cory and Serena talk about Steve Cohen's fintech investments and Nextdoor's latest fundraising. Martin breaks down the Disney acquisition of Fox. Cory and Serena talk about Steve Cohen's fintech investments and Nextdoor's latest...

Snap CEO Evan Spiegel and People VP Jason Halbert. Art by Mike Sullivan

Employee Complaints About Snap Personnel Chief Led to Outside Inquiry

By Tom Dotan · Dec 15, 2017 2:43pm PST · 1 comment

There might not be a more unique, or controversial, human resources chief than Snap’s Jason Halbert, a decorated ex-military officer who served two tours in Afghanistan.Mr. Halbert, who came to Snap with no experience in corporate human resources but is close to CEO Evan Spiegel, is infamous for regaling the staff with military stories... There might not be a more unique, or controversial, human resources chief than Snap’s Jason...

Image by CryptoKitties.

What a Cryptocurrency Game Says About Ethereum’s Potential

By Amanda Gutterman · Dec 15, 2017 7:02am PST · 1 comment

Did the blockchain revolution just start with a cat meme?Millions of dollars worth of ether, the cryptocurrency of the Ethereum blockchain, have poured into CryptoKitties, a game by Axiom Zen that enables users to trade digital cartoon cats. Did the blockchain revolution just start with a cat meme?Millions of dollars worth of ether, the...

SoftBank CEO Masayoshi Son. Photo: Bloomberg

New Hurdle for SoftBank’s Uber Investment: Regulatory Review

By Juro Osawa, Shai Oster and Serena Saitto · Dec 14, 2017 10:52am PST · 1 comment

SoftBank founder Masayoshi Son’s global buying spree is running into a potentially significant roadblock: the U.S. government.The fate of Mr. Son’s most ambitious moves, including the financing of his $100 billion Vision Fund and SoftBank’s proposed investment in Uber, hinges in part on the approval of the Committee on Foreign... SoftBank founder Masayoshi Son’s global buying spree is running into a potentially...

Rupert Murdoch with his son Lachlan at the Allen & Co conference in Sun Valley in July. Photo by Bloomberg.

What the Disney-Fox Deal Means for Digital Media

By Martin Peers · Dec 14, 2017 9:35am PST · 13 comments

Rupert Murdoch with his son Lachlan at the Allen & Co conference in Sun Valley in July. Photo by Bloomberg.

What the Disney-Fox Deal Means for Digital Media

By Martin Peers · Dec 14, 2017 9:35am PST · 13 comments

Walt Disney is spending $52.4 billion to buy most of 21st Century Fox in hopes of competing more effectively with Netflix, Amazon.com and Apple in digital entertainment. The deal will send ripples through Hollywood and Silicon Valley. Here is our analysis of the potential ramifications. Walt Disney is spending $52.4 billion to buy most of 21st Century Fox in hopes of competing more...

Art by Josh Brill.

The AI Chip Startups Looking to Take On Nvidia

By Aaron Tilley · Dec 14, 2017 7:01am PST · 2 comments

A wave of startups developing artificial intelligence chips are poised to stir up the market long dominated by Nvidia Corp. The new companies, which are entering an industry hungry for more computing power and technical specialization, together have attracted hundreds of millions of dollars in funding.The Information looked at a dozen emerging... A wave of startups developing artificial intelligence chips are poised to stir up the market long...

A Lyft car. Photo by Bloomberg.

Lyft Rejiggers Leadership Team as It Tackles Driver Costs

By Amir Efrati · Dec 13, 2017 9:33am PST · 1 comment

The manager of Lyft’s growth group, Ran Makavy, has been promoted to also oversee engineering, product, and design at the ride-hailing firm, said two people briefed about the change. Mr. Makavy, a former Facebook manager who joined in early 2016, is now one of the most powerful executives at the company aside from its co-founders. (See... The manager of Lyft’s growth group, Ran Makavy, has been promoted to also oversee...

Netflix's headquarters in Los Gatos, Calif. Photo by Bloomberg.

Netflix’s Next Hit: Cybersecurity

By Sarah Kuranda · Dec 13, 2017 7:01am PST

Forget “Stranger Things.” In the enterprise technology world, Netflix is becoming known for its cybersecurity software. The video-streaming service is one of a number of companies, including Aetna, Etsy and Yelp, that are developing their own security products in response to specific threats to their business.It’s a sign that... Forget “Stranger Things.” In the enterprise technology world, Netflix is becoming...

Knotel CEO Amol Sarva. Photo by Bloomberg.

Co-Working Startups Eye New Growth Driver: Accounting Change

By Cory Weinberg and Alfred Lee · Dec 12, 2017 10:02am PST · 2 comments

Knotel CEO Amol Sarva. Photo by Bloomberg.

Co-Working Startups Eye New Growth Driver: Accounting Change

By Cory Weinberg and Alfred Lee · Dec 12, 2017 10:02am PST · 2 comments

Co-working firms like WeWork have historically relied on sleek office designs and amenities like beers on tap to bring in new business. Now, they are turning to an arcane accounting change as a way to rent space to more big companies.A new accounting rule due to go into effect by 2019 will force public companies to disclose office leases on... Co-working firms like WeWork have historically relied on sleek office designs and amenities like...

Data as of Dec. 11; Source: Yahoo Finance

Move Over, Amazon. Smaller Tech Stocks Surge

By Alfred Lee and Mike Sullivan · Dec 12, 2017 7:02am PST · 2 comments

The run-up of so-called FAANG stocks—Facebook, Apple, Amazon, Netflix and Alphabet—has grabbed headlines this year. But at least 10 high-profile consumer tech companies, including Paypal, Grubhub and Match Group, have outperformed the five tech superpowers. Some of the biggest consumer gainers are Square, which has rebounded from its... The run-up of so-called FAANG stocks—Facebook, Apple, Amazon, Netflix and...

Nextdoor CEO CEO Nirav Tolia. Photo by Bloomberg.

Nextdoor Raised $75 Million in New Round

By Serena Saitto and Alfred Lee · Dec 11, 2017 12:08pm PST

Nextdoor, the social media platform for city neighborhoods, has raised $75 million at a valuation above the $1.1 billion level it reached in its last fundraising round in 2015, according to two people close to the situation.The precise valuation couldn’t be learned. But in August, the company authorized $75 million in new Series G shares... Nextdoor, the social media platform for city neighborhoods, has raised $75 million at a valuation...

Hedge fund billionaire Steve Cohen. Photo by Bloomberg.

Behind Hedge Fund Billionaire Steve Cohen’s Fintech Investments

By Serena Saitto · Dec 11, 2017 10:00am PST · 1 comment

Since Steve Cohen quietly launched Point72 Ventures last year, he has invested a small fraction of his $13 billion fortune in 13 early-stage fintech startups. But it’s not VC returns the hedge fund billionaire is most interested in, according to three people who have worked with his VC partners.Mr. Cohen made the investments to get a... Since Steve Cohen quietly launched Point72 Ventures last year, he has invested a small fraction...

Illustration by Scotty Reifsnyder

As Listing Growth Slows, Airbnb Faces New Test

By Cory Weinberg · Dec 11, 2017 7:00am PST · 1 comment

Illustration by Scotty Reifsnyder

As Listing Growth Slows, Airbnb Faces New Test

By Cory Weinberg · Dec 11, 2017 7:00am PST · 1 comment

At a gathering of Airbnb hosts two weeks ago, CEO Brian Chesky fielded a question he gets frequently: Why is the company allowing professional real estate investors and commercial property managers to list on the site? In response, he said the company needed to be “more inclusive of who belongs on Airbnb,” but emphasized the company... At a gathering of Airbnb hosts two weeks ago, CEO Brian Chesky fielded a question he gets...