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

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Foreign Venture Capitalists Raising Large Funds for China

By Yunan Zhang · Oct 3, 2018 11:36am PDT · 1 comment

Even as China’s domestic investors struggle to raise cash, U.S. venture capitalists and other firms based outside of China are gathering record sums of money to invest in China. Morningside, an early backer of Xiaomi, the smartphone maker listed in Hong Kong, is raising $1 billion. GGV, which backed Alibaba and travel company Qunar.com, is... Even as China’s domestic investors struggle to raise cash, U.S. venture capitalists and...

Apoorva Mehta, founder and CEO of Instacart, at an event last year. Photo by Bloomberg

Instacart Expected to Top $3 Billion in Orders This Year

By Priya Anand · Oct 3, 2018 7:01am PDT

Instacart is on track to surpass $3 billion in grocery orders this year, as the same-day delivery service expands the number of supermarkets it works with, The Information has learned. That figure would represent more than double its business from last year.The previously undisclosed figures show how Instacart has managed to thrive in the wake... Instacart is on track to surpass $3 billion in grocery orders this year, as the same-day delivery...

Announcing The Information’s 2018 Hong Kong Subscriber Event

By Jessica E. Lessin · Oct 2, 2018 5:52pm PDT

The Information's second annual Hong Kong subscriber event is coming Monday, November 12. This don’t-miss event is the annual meeting of The Information community in Asia. This year we are going to be discussing the following themes: How to plot your next business move in Asia amid signs of a slowdown in China and the trade war. Asia... The Information's second annual Hong Kong subscriber event is coming Monday, November 12. ...

Pedro Canahuati, vice president of engineering at Facebook. Photo by Facebook

At Facebook, Breach Puts Security, Privacy Teams in Focus

By Sarah Kuranda · Oct 2, 2018 10:50am PDT

Pedro Canahuati, vice president of engineering at Facebook. Photo by Facebook

At Facebook, Breach Puts Security, Privacy Teams in Focus

By Sarah Kuranda · Oct 2, 2018 10:50am PDT

Last Tuesday, engineers at Facebook were conducting a routine investigation of some unusual activity around one of the social network’s online features, when they discovered the alarming signs of a hacker attack. They flagged it for immediate examination by more senior engineers, including Pedro Canahuati, a vice president of engineering... Last Tuesday, engineers at Facebook were conducting a routine investigation of some unusual...

A Waymo self-driving van in Chandler, Ariz. Photo: Waymo

Waymo Collision Shows Flaws in Self-Driving Car Tests

By Amir Efrati · Oct 2, 2018 7:02am PDT · 8 comments

One morning in June, a self-driving car prototype developed by Alphabet’s Waymo unit drove itself northbound on the freeway not far from the company’s headquarters in Mountain View, Calif. The Waymo vehicle, a white Chrysler Pacifica minivan, traveled on a route that the company uses to test different versions of autonomous vehicle... One morning in June, a self-driving car prototype developed by Alphabet’s Waymo unit drove...

Uxin founder Dai Kun

The Big Interview

Why China’s Electric Car Market Is Falling Short

By Shai Oster · Oct 1, 2018 10:01am PDT · 2 comments

Can China, already the world’s biggest market for electric vehicles, get even bigger? With a mix of quotas and billions of dollars of state and private investment, the government wants one out of every five cars made and sold in China by 2025 to be electric. That would mean annual sales of seven million a year. But the government’s... Can China, already the world’s biggest market for electric vehicles, get even bigger? With...

SoftBank Chairman and CEO Masayoshi Son, at a news conference in Tokyo, in August. Photo: Bloomberg

SoftBank Asserts More Control Over Startups

By Alfred Lee · Oct 1, 2018 7:01am PDT · 3 comments

SoftBank is changing the tech landscape by investing massive amounts of money in startups. Increasingly, that money is coming with more strings attached.As it deploys its nearly $100 billion Vision Fund, the investing giant is negotiating deal terms that can go to great lengths to protect its returns and give it greater control over key... SoftBank is changing the tech landscape by investing massive amounts of money in startups....

By Jessica E. Lessin · Sep 29, 2018 1:22pm PDT

Come On, Elon

By Jessica E. Lessin · Sep 29, 2018 1:22pm PDT

(Update: Elon Musk has settled with the Securities and Exchange Commission.)I’ve written little about Elon Musk’s troubles in recent weeks, because frankly I couldn’t think of much interesting to say other than “That’s Elon. He thinks the rules don’t apply to him. But he’s wrong, and this will come back... (Update: Elon Musk has settled with the Securities and Exchange Commission.)I’ve written...

The Information’s 411 — Unfriending Facebook

By Priya Anand · Sep 28, 2018 3:42pm PDT

Jessica Toonkel talks about her profile of BuzzFeed CEO Jonah Peretti. Sarah analyzes Facebook's problems. Jessica Toonkel talks about her profile of BuzzFeed CEO Jonah Peretti. Sarah analyzes...

Conservative Views Sometimes Stifled in Tech, Readers Say

By Wendy Pollack and Mike Sullivan · Sep 28, 2018 10:51am PDT · 9 comments

At a time of intense political polarization, it can be difficult to hold unpopular opinions in Silicon Valley, a majority of readers said in response to The Information’s latest survey. But only a minority of survey respondents said they felt pressure to conform to particular points of view at their own workplaces.Seventy percent of survey... At a time of intense political polarization, it can be difficult to hold unpopular opinions in...

The People to Watch as Scooters, Bikes Heat Up

By Cory Weinberg · Sep 28, 2018 7:01am PDT

In 2010, Nick Foley was working in a New York bike shop when he met Ryan Rzepecki, a transportation planner who had recently been driving horse-drawn carriages in Central Park and was looking for help building bikes for his startup, which later became Jump Bikes.Mr. Foley—now the head of product at Jump, which was acquired by Uber earlier... In 2010, Nick Foley was working in a New York bike shop when he met Ryan Rzepecki, a...

Elon Musk. Photo by Bloomberg

What SEC’s Musk Lawsuit Means for Tesla

By Amir Efrati · Sep 27, 2018 6:27pm PDT · 6 comments

Elon Musk. Photo by Bloomberg

What SEC’s Musk Lawsuit Means for Tesla

By Amir Efrati · Sep 27, 2018 6:27pm PDT · 6 comments

The Securities and Exchange Commission wants to make an example of Tesla CEO Elon Musk and show that when a CEO speaks about a big deal, he ought to mean what he says. But the SEC’s real aim may be to send a message to Tesla’s board that it should exert better control over Mr. Musk—or at least impose adult supervision in... The Securities and Exchange Commission wants to make an example of Tesla CEO Elon Musk and show...

Source: Company filings

Amazon a Money-Loser in Retail? Not in the U.S.

By Priya Anand · Sep 27, 2018 7:00am PDT

In its early days, Amazon developed a reputation for shunning profits as it built market share in its retail business. More recently, Amazon critics have painted an image of the retailer as willing to indefinitely bleed red ink to drive rivals out of business. That perception should be retired, judging by the growing profits of its... In its early days, Amazon developed a reputation for shunning profits as it built market share in...

Byedance founder Zhang Yiming. Photo by Bloomberg

SoftBank in Talks to Invest in Bytedance

By Yunan Zhang · Sep 27, 2018 3:53am PDT · 3 comments

SoftBank and Primavera Capital are in talks to invest in Bytedance, the six-year-old startup behind news app Toutiao and other popular Chinese entertainment apps, which is raising money ahead of a possible initial public offering next year.The new round of financing could value Bytedance at as much as $75 billion, according to people familiar... SoftBank and Primavera Capital are in talks to invest in Bytedance, the six-year-old startup...

Mike Sullivan

Crypto Newsletter

Trouble for Riot; Bitmain IPO

By Jon Victor · Sep 26, 2018 12:43pm PDT

This newsletter may have to pivot to marijuana soon, if recent reports about weed stocks being the new crypto are to be believed. I, for one, think decentralized money will end up capturing more value than the marijuana industry, but at least pot won’t be questioned for its underlying utility.Other than marijuana stocks, this week’s... This newsletter may have to pivot to marijuana soon, if recent reports about weed stocks being...

Lyft co-founder and president John Zimmer earlier this year. Photo by Bloomberg

Lyft Shows Financial Improvement Ahead of IPO Filing

By Amir Efrati · Sep 26, 2018 10:26am PDT

Lyft co-founder and president John Zimmer earlier this year. Photo by Bloomberg

Lyft Shows Financial Improvement Ahead of IPO Filing

By Amir Efrati · Sep 26, 2018 10:26am PDT

Lyft appears to be getting better at controlling its costs.The ride-hailing firm more than doubled revenue to $909 million in the first half of 2018 compared with a year earlier, according to a person with knowledge of the figures. But tighter control of expenses such as promotions for riders and technical infrastructure and networking meant the... Lyft appears to be getting better at controlling its costs.The ride-hailing firm more than...

Laugh Out Loud, the comedy network launched by Kevin Hart, above, and Lionsgate, has fared better than some other subscription streaming services. Photo: AP

Inside the Hit-or-Miss World of Video Streaming

By Jessica Toonkel · Sep 26, 2018 7:01am PDT · 4 comments

Between late 2015 and the summer of 2017, movie studio Lionsgate launched four niche subscription streaming services, one each targeting film buffs, comic fanatics, Spanish language movie fans and fans of comedian Kevin Hart. Today, the subscription service Comic-Con HQ has closed, and Lionsgate is weighing whether to close the film buff... Between late 2015 and the summer of 2017, movie studio Lionsgate launched four niche subscription...

Adam Mosseri. Photo by Karen Obrist

Facebook Likely to Name Mosseri to Lead Instagram

By Sarah Kuranda · Sep 25, 2018 10:14am PDT · 3 comments

Facebook most likely will name Adam Mosseri as the new leader of Instagram, following the announcement on Monday night that the photo-sharing service’s two founders are leaving the company, according to people familiar with the matter. The departure of the two founders, Instagram CEO Kevin Systrom and CTO Mike Krieger, was the culmination... Facebook most likely will name Adam Mosseri as the new leader of Instagram, following the...

IBM's David Kenny talking with Box CEO Aaron Levie at a Box conference in August. Photo by Bloomberg

IBM Shakes Up Its Public Cloud Leadership

By Kevin McLaughlin · Sep 25, 2018 7:00am PDT

One of IBM’s top cloud executives quietly departed the company a few weeks ago, amid a broader shakeup of the tech giant’s cloud management team. The changes follow IBM losing market share in the public cloud, where it had hoped to expand.IBM was overtaken by Alibaba in the first quarter for the fourth spot in the global market,... One of IBM’s top cloud executives quietly departed the company a few weeks ago, amid a...

Airbnb CEO Brian Chesky in 2017. Photo: Bloomberg

Airbnb’s Engineering Chief to Depart

By Cory Weinberg · Sep 24, 2018 11:24am PDT · 1 comment

Airbnb CEO Brian Chesky in 2017. Photo: Bloomberg

Airbnb’s Engineering Chief to Depart

By Cory Weinberg · Sep 24, 2018 11:24am PDT · 1 comment

Airbnb has another top job to fill: engineering leader. Mike Curtis, the company’s vice president of engineering for more than five years, will step down this year, he told the company earlier this month. The company will search for a chief technology officer as his replacement, an Airbnb spokesman said.His departure adds to the number of... Airbnb has another top job to fill: engineering leader. Mike Curtis, the company’s vice...