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

Source: The Information

Subscriber Survey

Subscribers Say Voluntary Steps Alone Won’t Stop Sexism in Tech

By Wendy Pollack and Mike Sullivan · Aug 10, 2017 11:42am PDT

Gender bias and harassment are so pervasive in Silicon Valley that voluntary measures wouldn’t sufficiently address the problem, said more than three-fourths of respondents to The Information’s latest subscriber survey. An even larger share of respondents, 83%, said that the technology industry’s culture needs to change to... Gender bias and harassment are so pervasive in Silicon Valley that voluntary measures...

Samsung Chief Strategy Officer Young Sohn. Photo by Bloomberg.

The Big Interview

How Samsung Aims to Catch Up in Car Tech

By Amir Efrati · Aug 10, 2017 7:02am PDT · 1 comment

As Samsung Electronics ramps up a belated move into the self-driving car market, initially it is taking aim at the driver assistance technology arena dominated by Intel’s Mobileye—products like collision avoidance that are already in high-end cars, said Young Sohn, Samsung’s chief strategy officer, in an exclusive interview.... As Samsung Electronics ramps up a belated move into the self-driving car market, initially it is...

Illustration by Josh Brill

Bitcoin Split Highlights Complexities of Cryptocurrency Market

By Jon Victor · Aug 9, 2017 10:10am PDT · 3 comments

Last week, the Bitcoin network split, creating a new currency: Bitcoin Cash. The split was the result of years of heated debate in the Bitcoin community about how to improve the network’s ability to scale. While the developments affect anyone who holds Bitcoin, the issues are often esoteric and difficult for those outside of the community... Last week, the Bitcoin network split, creating a new currency: Bitcoin Cash. The split was the...

Redfin CEO Glenn Kelman. Photo by Bloomberg

Redfin’s Strong Debut Soothes Nerves, for Now, in Real Estate Tech

By Cory Weinberg · Aug 9, 2017 7:01am PDT · 2 comments

Redfin CEO Glenn Kelman. Photo by Bloomberg

Redfin’s Strong Debut Soothes Nerves, for Now, in Real Estate Tech

By Cory Weinberg · Aug 9, 2017 7:01am PDT · 2 comments

While post-IPO stock dives from Snap and Blue Apron have alarmed some private tech companies, startups that help people buy homes are pinning hopes on the positive debut late last month of Redfin. The company, a web-based brokerage, on Tuesday closed up 70% from its initial public offering price. Some investors say it isn’t clear that... While post-IPO stock dives from Snap and Blue Apron have alarmed some private tech companies,...

Earnest co-founder and CEO Louis Beryl. Photo by Bloomberg.

Online Lender Earnest Seeks to Raise $50 Million or Find Buyer

By Serena Saitto · Aug 8, 2017 10:49am PDT · 1 comment

Earnest, the online lending startup, is seeking to raise $50 million in new equity as it simultaneously looks for a buyer, according to people familiar with the situation.The San Francisco-based company hired Barclays as an adviser to pursue the so-called “dual-track” process, the people said. One of the people confirmed a Bloomberg... Earnest, the online lending startup, is seeking to raise $50 million in new equity as it...

Snap's Evan Spiegel, Google's Sundar Pichai and Facebook's Mark Zuckerberg. Photos by Flickr/TechCrunch; Bloomberg.

Snap’s Path Forward

By Tom Dotan · Aug 8, 2017 7:01am PDT · 6 comments

Snap’s second-quarter earnings report on Thursday is shaping up to be a pivotal moment for the young company. Snap stock has plunged in recent weeks as restrictions on early shareholders selling lapsed. The big question this week is whether Snap will show any improvement in its slow user growth or evidence that it is driving... Snap’s second-quarter earnings report on Thursday is shaping up to be a pivotal moment for...

Chart by Mike Sullivan. Source: Moody's.

Netflix Carries Outsize Debt to Fund Original Content

By Martin Peers · Aug 7, 2017 3:37pm PDT · 5 comments

Netflix is carrying twice as much debt, relative to its reported profits, as other major media companies, according to credit ratings agency Moody’s. The figures highlight the financial risk the streaming service is taking as it spends tons of money to create original films and TV shows.Netflix has been borrowing money because it is... Netflix is carrying twice as much debt, relative to its reported profits, as other major media...

Google Engineering Fellow Geoff Hinton and Amazon's director of machine learning, Alex Smola. Photos by Geoff Hinton and Alex Smola

To Find AI Engineers, Google and Facebook Hire Their Professors

By Kevin McLaughlin · Aug 7, 2017 12:02pm PDT · 5 comments

Google Engineering Fellow Geoff Hinton and Amazon's director of machine learning, Alex Smola. Photos by Geoff Hinton and Alex Smola

To Find AI Engineers, Google and Facebook Hire Their Professors

By Kevin McLaughlin · Aug 7, 2017 12:02pm PDT · 5 comments

For several years, Google, Facebook and Microsoft have been raiding the ranks of academia for artificial intelligence talent. Their idea is not just to grab an expert in the highly specialized field. It’s also to create a pipeline of AI talent coming out of universities—the thinking is that hiring a professor will make it easier to... For several years, Google, Facebook and Microsoft have been raiding the ranks of academia for...

Art by Matt Vascellaro

The Information’s Next Free Agents

By The Information Staff · Aug 7, 2017 7:01am PDT · 3 comments

Our newest installment of Free Agents, a look at prominent tech and media professionals between full-time roles, includes executives who were forced to leave high-profile leadership roles as well as one who stepped away voluntarily to take a work sabbatical and travel. The list features an executive who successfully rebooted a struggling fintech... Our newest installment of Free Agents, a look at prominent tech and media professionals between...

Modest Conversations

On Bitcoin Cash & New Ways Crypto-Projects Move Forward

By Sam Lessin · Aug 6, 2017 2:02pm PDT

Alexia and I discuss the last week in crypto and Bitcoin Cash. What does it look like when there is a pattern for faster innovation without 'consensus' in the cyrpto world? How does it change the power and importance of exchanges? Alexia and I discuss the last week in crypto and Bitcoin Cash. What does it look like when there...

Benchmark partner Bill Gurley (left) and former CEO Travis Kalanick. Photos by Bloomberg.

Kalanick Took Steps to Regain Board Control at Uber

By Amir Efrati and Jessica E. Lessin · Aug 5, 2017 3:20pm PDT · 3 comments

Former Uber CEO Travis Kalanick recently asked some former colleagues, including early employees still at the company, whether they would support him in a potential shareholder battle, according to one person with direct knowledge of the effort and two people briefed about it. The requests were the latest indication that Mr. Kalanick has... Former Uber CEO Travis Kalanick recently asked some former colleagues, including early employees...

Former Uber CEO Travis Kalanick. Photo by Bloomberg.

The Information You Missed This Week

By The Information Staff · Aug 5, 2017 8:02am PDT

Former Uber CEO Travis Kalanick. Photo by Bloomberg.

The Weekly Digest

The Information You Missed This Week

By The Information Staff · Aug 5, 2017 8:02am PDT

Good Morning!Gen. John Kelly is reportedly bringing order to the White House. Perhaps Uber’s board should put him on the shortlist for CEO. Good Morning!Gen. John Kelly is reportedly bringing order to the White House. Perhaps...

The Information’s 411 — Depressing Share Prices

By Tom Dotan · Aug 4, 2017 3:27pm PDT

Alfred and Tom explain how Snap's sinking share price means only a few early employees are seeing big returns on their equity, while the vast majority are not. Then they talk about how online lending startup Prosper's valuation is tumbling with its new round. Alfred and Tom explain how Snap's sinking share price means only a few early employees are...

SoftBank Chairman Masayoshi Son. Photo by Bloomberg.

At $45 Billion Price, SoftBank Talks Enflame Uber Tensions

By Jessica E. Lessin, Serena Saitto and Amir Efrati · Aug 4, 2017 1:10pm PDT · 2 comments

Three weeks ago, Benchmark partners Matt Cohler and Peter Fenton flew into Sun Valley, Idaho for a private meeting with Masayoshi Son of SoftBank, according to three people told about it. On the outskirts of the annual Allen & Co. media confab, the group tried to hammer out a deal for SoftBank to buy shares in Uber from existing investors... Three weeks ago, Benchmark partners Matt Cohler and Peter Fenton flew into Sun Valley, Idaho for...

Huawei's consumer electronics division chief Richard Yu at CES this January. Photo by Bloomberg.

Huawei Expected to Gain U.S. Foothold With AT&T

By Juro Osawa · Aug 4, 2017 7:01am PDT · 2 comments

AT&T has tentatively agreed to sell Huawei’s upcoming flagship smartphone in the U.S. in the first half of next year, people familiar with the matter said, allowing the Chinese company to battle Apple and Samsung in the U.S. for the first time.Huawei is the third-biggest smartphone maker in the world by market share and has lately... AT&T has tentatively agreed to sell Huawei’s upcoming flagship smartphone in the U.S....

Source: SEC filings

Online Lender Prosper Sees Valuation Plummet 70%

By Tom Dotan and Alfred Lee · Aug 3, 2017 2:36pm PDT · 1 comment

Source: SEC filings

Online Lender Prosper Sees Valuation Plummet 70%

By Tom Dotan and Alfred Lee · Aug 3, 2017 2:36pm PDT · 1 comment

Prosper, the second-largest online lending startup, is close to raising a new round of financing that will see its valuation cut by 70%, according to two people familiar with the matter. It is the latest sign of how the online lending industry has struggled after its rapid initial growth.The new financing round for around $50 million will value... Prosper, the second-largest online lending startup, is close to raising a new round of financing...

Google's cloud chief Diane Greene. Photo by Bloomberg.

Cisco, Google Team Up on ‘Goodzilla’ Cloud Project

By Kevin McLaughlin and Amir Efrati · Aug 3, 2017 7:01am PDT · 4 comments

Cisco Systems and Google are working together to let companies that buy Cisco’s servers run online applications both in their private data centers and in Google’s public cloud, according to two people with knowledge of the plan. The joint effort is aimed at giving each company something it had been craving: for Cisco, access to more... Cisco Systems and Google are working together to let companies that buy Cisco’s servers run...

Sand Hill Road, where Greylock is based. Photo by Bloomberg.

Greylock COO Tom Frangione Left Firm After ‘Lapse of Judgment’

By Serena Saitto · Aug 2, 2017 3:19pm PDT · 15 comments

Greylock Partners COO Tom Frangione stepped down at the firm’s request last month, after Greylock “learned of some behavior which would represent a significant lapse of judgment,” a Greylock spokeswoman said.According to a person familiar with the situation, Mr. Frangione had an inappropriate relationship with an... Greylock Partners COO Tom Frangione stepped down at the firm’s request last month, after...

Art by Mike Sullivan

The China Startup Report

By Shen Xinmei and Shai Oster · Aug 2, 2017 10:01am PDT · 2 comments

Welcome to the China Startup Report, a snapshot of the biggest venture capital and private equity-backed tech fundings in the world’s largest internet market. For all the investment money going into tech companies in China—some $40 billion and counting this quarter, including IPOs and acquisitions—information about funding... Welcome to the China Startup Report, a snapshot of the biggest venture capital and private...

Art by Mike Sullivan

Heidi Roizen on Taking Risks and Having a ‘Thick Skin’ as a Woman in VC

By Serena Saitto · Aug 2, 2017 7:01am PDT · 4 comments

Art by Mike Sullivan

Q&A

Heidi Roizen on Taking Risks and Having a ‘Thick Skin’ as a Woman in VC

By Serena Saitto · Aug 2, 2017 7:01am PDT · 4 comments

As one of the few women in the venture capital world both when she entered the field and to this day, DFJ operating partner Heidi Roizen has written about sexism and lewd behavior she has encountered during her career. While she advocates walking away from any business deal where someone behaves inappropriately, she doesn’t necessarily... As one of the few women in the venture capital world both when she entered the field and to this...