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

Bancor business development chief Galia Benartzi. Photo by Flickr/Genady Shkolnik.

The Big Interview

Bancor’s Plans for Local Cryptocurrencies

By Jon Victor · Jul 11, 2017 7:01am PDT · 5 comments

One of the biggest questions surrounding the much-hyped cryptocurrency world is why anyone would use digital currencies instead of cash. The founders of Bancor think the answer lies in small communities, like the residents of an apartment building or neighborhood.That’s based in part on an experience the Bancor team had while working at an... One of the biggest questions surrounding the much-hyped cryptocurrency world is why anyone would...

Advocates of housing development in the Bay Area often run up against zoning laws and local objections to development. Photo: Bloomberg

Tech Leaders Seek Bigger Political Role With Housing Push

By Cory Weinberg · Jul 10, 2017 10:00am PDT · 5 comments

A small group of executives at tech companies like Microsoft, Stripe and Yelp are organizing and funding a new effort to sway policy that would make way for more housing development in California—a political debate that industry leaders have largely avoided until now. Led by Microsoft executive Nat Friedman, Pantheon CEO Zack Rosen and San... A small group of executives at tech companies like Microsoft, Stripe and Yelp are organizing and...

Campus of UCLA, an early investor in Binary Capital. Photo by Flickr/Better than Bacon.

LPs Push for VCs to Disclose More About Partners

By Reed Albergotti · Jul 10, 2017 7:02am PDT · 2 comments

When university endowment funds, charities and other investors consider putting money into a venture capital firm, they typically investigate the firm’s financial performance and how it competes with other firms for good investments. Some make as many as 30 or 40 calls, following up on references provided by the firms.One question that... When university endowment funds, charities and other investors consider putting money into a...

Modest Conversations: Solving The Problems of Modern Cities

By Sam Lessin · Jul 9, 2017 4:08pm PDT

Modest Conversations

Modest Conversations: Solving The Problems of Modern Cities

By Sam Lessin · Jul 9, 2017 4:08pm PDT

Eran Shir of Nexar joins me to discuss autonomy & the problem of the modern city - in particular congestion taxes for ride-sharing, inequality and autonomy. Eran Shir of Nexar joins me to discuss autonomy & the problem of the modern city - in...

Jawbone co-founder Hosain Rahman. Photo by Bloomberg

The Weekly Digest

The Information You Missed This Week

By The Information Staff · Jul 8, 2017 8:00am PDT · 1 comment

Good Morning!So Jawbone is out of business and Fitbit is struggling. Seems people really don’t want to know how few steps they take. Good Morning!So Jawbone is out of business and Fitbit is struggling. Seems people really...

The Information’s 411 — Liquidation and Lobsters

By Cory Weinberg · Jul 7, 2017 2:36pm PDT

Reed talks about why Jawbone went under. Plus, Hannah discusses how VCs are trying to create more accountability in the industry and Amir breaks down how Uber is trying to fill its executive holes. Reed talks about why Jawbone went under. Plus, Hannah discusses how VCs are trying to create more...

BlackRock's headquarters in New York. Photo by Bloomberg.

BlackRock Gets Wiped Out on Jawbone

By Serena Saitto and Alfred Lee · Jul 7, 2017 1:06pm PDT · 1 comment

Funds overseen by BlackRock expect to lose at least 96% of the roughly $300 million loan they made two years ago to Jawbone, which is going out of business, government filings show.The New York-based asset manager marked down the value of the debt it held in Jawbone by nearly 98%, according to a Wednesday filing with the SEC. Slightly offsetting... Funds overseen by BlackRock expect to lose at least 96% of the roughly $300 million loan they...

Tech investor and philanthropist Esther Dyson. Art by Matt Vascellaro.

Esther Dyson Says Health Tech Startups Require Patience, Medical Input

By Hannah Natanson · Jul 7, 2017 7:00am PDT · 8 comments

Tech investor and philanthropist Esther Dyson. Art by Matt Vascellaro.

Q&A

Esther Dyson Says Health Tech Startups Require Patience, Medical Input

By Hannah Natanson · Jul 7, 2017 7:00am PDT · 8 comments

After nearly a decade of investing in health tech and biotech companies, Esther Dyson has one piece of advice for prospective founders: Understand that your company isn’t a tech startup.Ms. Dyson says health tech startups require a drastically different mindset than tech startups. For one thing, technology companies often try to push out... After nearly a decade of investing in health tech and biotech companies, Esther Dyson has one...

Jawbone co-founder Hosain Rahman. Photo by Bloomberg

Jawbone to Be Liquidated as Rahman Moves to Health Startup

By Reed Albergotti · Jul 6, 2017 1:45pm PDT · 5 comments

Jawbone, the consumer electronics firm once valued at $3 billion, is going out of business. The company has begun liquidation proceedings, after years of financial pressures, according to a person close to Jawbone. Jawbone co-founder and CEO Hosain Rahman has founded a new company called Jawbone Health Hub that will make health-related... Jawbone, the consumer electronics firm once valued at $3 billion, is going out of business. The...

Joe Zadeh, Airbnb’s vice president of product. Photo by Flickr/TechCrunch.

Airbnb Restructures to Grow Business Beyond Home Rentals

By Cory Weinberg · Jul 6, 2017 7:01am PDT · 2 comments

As Airbnb has diversified into new businesses like luxury home rentals and travel tours, the company’s organizational structure has begun to show the strain, say current and former employees. Reporting chains seemed muddled while information flowed slowly across product teams. CEO Brian Chesky turned to executives from Apple, Facebook,... As Airbnb has diversified into new businesses like luxury home rentals and travel tours, the...

Kate Mitchell, co-chair of the NVCA diversity task force. Photo by Bloomberg.

VCs Draft Code of Conduct to Battle Sexual Harassment

By Hannah Natanson · Jul 5, 2017 10:01am PDT · 12 comments

A group of roughly 30 venture capitalists are drafting a “code of conduct” for members of the industry that will set clear standards for unacceptable behavior—such as sexual harassment of founders—and will outline penalties for violators.The proposed code will demand that venture capital firms establish... A group of roughly 30 venture capitalists are drafting a “code of conduct” for...

Uber co-founder Garrett Camp. Photo by Bloomberg.

Conflicts Simmer on Uber’s Board

By Amir Efrati · Jul 5, 2017 7:01am PDT

Uber co-founder Garrett Camp. Photo by Bloomberg.

Conflicts Simmer on Uber’s Board

By Amir Efrati · Jul 5, 2017 7:01am PDT

Uber’s board of directors has never been more important. Eight of the company’s top 13 executives have departed, including CEO Travis Kalanick. That puts the onus on the board to steer the ship. But to do that, directors will have to overcome differences in agendas and loyalties. And they will have to get to know each other. Three of... Uber’s board of directors has never been more important. Eight of the company’s top...

Art by Sam Lessin

Modest Proposals

Seven Key Questions in the Cryptocurrency World

By Sam Lessin · Jul 3, 2017 7:01am PDT · 18 comments

If you look at the list of the 10 largest online crowdfunding campaigns in history, eight of them raised money through the Ethereum platform. Far more shockingly, of those eight largest raises, seven have occurred in the last 45 days.There are many debates to be had about the cryptocurrency ecosystem: its viability, importance and future. But, I... If you look at the list of the 10 largest online crowdfunding campaigns in history, eight of them...

Modest Conversations

Modest Conversations: What You Know vs. Who You Know

By Sam Lessin · Jul 1, 2017 1:00pm PDT

Auren Hoffman of SafeGraph and LiveRamp joins me to discuss whether it is better to know things or know people.. and how technology is changing the dynamic. Auren Hoffman of SafeGraph and LiveRamp joins me to discuss whether it is better to know things...

A sign for Blue Apron at the New York Stock Exchange on the company's IPO day. Photo by Bloomberg.

The Weekly Digest

The Information You Missed This Week

By The Information Staff · Jul 1, 2017 8:02am PDT

Happy Fourth!Turns out Blue Apron's stock has something in common with its product: both go bad after a few hours. Happy Fourth!Turns out Blue Apron's stock has something in common with its product: both go...

The Information’s 411 — Going on the Record

By Tom Dotan · Jun 30, 2017 4:32pm PDT

The Information’s 411 — Going on the Record

By Tom Dotan · Jun 30, 2017 4:32pm PDT

Jessica and Reed discuss how the Justin Caldbeck story changed the discussion of sexual harassment in Silicon Valley. Jessica and Reed discuss how the Justin Caldbeck story changed the discussion of sexual...

Art by Matt Vascellaro

What I Learned From Justin Caldbeck

By Jessica E. Lessin · Jun 30, 2017 7:01am PDT · 18 comments

Binary Capital, the venture capital firm co-founded by Justin Caldbeck, is unraveling.It’s all happened within a week of Reed Albergotti publishing a story in The Information in which six women said they had been treated inappropriately by Mr. Caldbeck, including being groped or being pressured to sleep with him. The story came four... Binary Capital, the venture capital firm co-founded by Justin Caldbeck, is unraveling.It’s...

Jason Mudrick, founder of Mudrick Capital Management, a director and part owner of Dex Media. Photo by Bloomberg.

Dex Media to Combine With YP

By Amir Efrati · Jun 29, 2017 5:29pm PDT · 4 comments

Dex Media and YP, two giants of the phone book era that have moved into local-business marketing online, are finalizing a deal to combine, according to a person with knowledge of the deal. The combination would position the company to better compete with a slew of companies selling digital marketing tools to small businesses, such as Web.com,... Dex Media and YP, two giants of the phone book era that have moved into local-business marketing...

Alibaba Executive Chairman Jack Ma. Photo by Bloomberg.

Alibaba Plans Echo-Like Device for China

By Juro Osawa · Jun 29, 2017 10:00am PDT · 1 comment

Alibaba, China’s biggest e-commerce and cloud-computing company, plans to unveil a Chinese voice-controlled speaker similar to Amazon’s Echo as early as next week, people familiar with the matter said. Alibaba’s new product could create more competition for Apple in China if the U.S. company releases its HomePod there.While... Alibaba, China’s biggest e-commerce and cloud-computing company, plans to unveil a Chinese...

Snap stock signs on the New York Stock Exchange at the time of its IPO in early March. Photo by Bloomberg.

Why Snap Stock May Have Further to Fall

By Martin Peers · Jun 29, 2017 7:00am PDT · 4 comments

Snap stock signs on the New York Stock Exchange at the time of its IPO in early March. Photo by Bloomberg.

Why Snap Stock May Have Further to Fall

By Martin Peers · Jun 29, 2017 7:00am PDT · 4 comments

Since Snap went public in early March, good news for the stock has proved as ephemeral as messages on the Snapchat app. The occasional positive development has given the stock a lift for a day or two, until it sinks back down.And it’s likely to sink even further in coming weeks. Most of the early shareholders in Snap will be freed from... Since Snap went public in early March, good news for the stock has proved as ephemeral as...