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

Tilt CEO James Beshara. Photo by Bloomberg.

Airbnb In Talks To Buy Payments Company Tilt

By Cory Weinberg · Jan 24, 2017 8:31am PST · 2 comments

Airbnb is nearing a deal to buy Venmo-competitor Tilt, said two people briefed on the discussion, for a price said to be between $10 million and $20 million. The deal would be a stunning comedown for a company that has raised a total of $62 million in equity, at a reported valuation most recently of $400 million.But Airbnb is buying Tilt for its... Airbnb is nearing a deal to buy Venmo-competitor Tilt, said two people briefed on the discussion,...

Magic Leap CEO Rony Abovitz. Photo by Bloomberg.

Magic Leap Stock Takes a Tumble

By Alfred Lee and Reed Albergotti · Jan 24, 2017 7:01am PST

Investors have slashed the price they’re willing to pay for Magic Leap stock in the secondary market by about 20% in recent weeks, say stockbrokers, a turnabout for one of last year’s most coveted private tech stocks.The stock slump follows a critical report in The Information in early December that called into question the mixed... Investors have slashed the price they’re willing to pay for Magic Leap stock in the...

LeEco co-founder Jia Yueting. Photo by Bloomberg.

LeEco Loses High Profile Marketing Exec

By Amir Efrati · Jan 23, 2017 3:32pm PST

Todd Pendleton, a high-profile former Samsung marketing executive who joined Chinese consumer electronics firm LeEco in the first quarter of last year, has quit the company, The Information has learned.Mr. Pendleton was the highest-profile hire made by LeEco as part of an aggressive recruiting push in the San Francisco Bay Area last year. The... Todd Pendleton, a high-profile former Samsung marketing executive who joined Chinese consumer...

Forward CEO Adrian Aoun. Photo by AP.

Google’s Health Tech Diaspora

By Fred Vogelstein · Jan 23, 2017 7:02am PST · 1 comment

Forward CEO Adrian Aoun. Photo by AP.

Google’s Health Tech Diaspora

By Fred Vogelstein · Jan 23, 2017 7:02am PST · 1 comment

Alphabet has invested more than $750 million figuring out why humans get sick and how to deliver treatments better and cheaper. But the company’s biggest influence on health care may come through the Googlers who no longer work there.Over the past five years, former Alphabet and Google employees have sprinkled themselves across the health... Alphabet has invested more than $750 million figuring out why humans get sick and how to deliver...

The Weekly Digest

The Information You Missed This Week

By The Information Staff · Jan 21, 2017 8:01am PST

Good Morning!Trump now has his finger on the most important button in the Oval Office: the one marked "Tweet. Good Morning!Trump now has his finger on the most important button in the Oval Office: the one...

The Information’s 411 — Full Stack Travel

By Tom Dotan · Jan 20, 2017 11:10am PST

Cory and Tom talk about Airbnb's organizational structure and what's really behind Mark Zuckerberg's Facebook PR push. Cory and Tom talk about Airbnb's organizational structure and what's really behind Mark...

Photo by Flickr/Hobbies on a Budget.

The Information’s Books of the Year

By Jessica E. Lessin · Jan 20, 2017 7:01am PST · 5 comments

Besides a book or two on surfing and a few novels, I haven’t read many books this past year. But The Information subscribers are way ahead of me. Our annual list of the books most recommended by subscribers is a motley assortment. It includes a sci-fi cult classic headed to the big screen; a poignant look at the struggles of the white... Besides a book or two on surfing and a few novels, I haven’t read many books this past...

Jing Wang, head of Baidu's self driving car software unit. Photo by Baidu.

How Baidu Is Leading China’s Self-Driving Car Push

By Amir Efrati · Jan 19, 2017 10:53am PST · 1 comment

Jing Wang, head of Baidu's self driving car software unit. Photo by Baidu.

Q&A

How Baidu Is Leading China’s Self-Driving Car Push

By Amir Efrati · Jan 19, 2017 10:53am PST · 1 comment

LAS VEGAS—Chinese web search giant Baidu was a pioneer in developing fully self-driving cars, just as Google was in the U.S. And Baidu’s top self-driving car executive, Jing Wang, has firm views about the technology—including that Google is at a disadvantage.Mr. Wang, a former Google China executive, says that’s because... LAS VEGAS—Chinese web search giant Baidu was a pioneer in developing fully self-driving...

Hotel Tonight CEO Sam Shank. Photo by Bloomberg.

Why Priceline Has Passed On Hotel Tonight—So Far

By Cory Weinberg · Jan 19, 2017 7:00am PST · 7 comments

In late 2015, Priceline held discussions with Hotel Tonight about possibly buying the smaller hotel-booking rival. Executives at Priceline liked the startup’s young, affluent user base and boutique hotel selection. But Hotel Tonight was on pace to lose $37 million that year on revenue of just $33 million. Priceline executives didn’t... In late 2015, Priceline held discussions with Hotel Tonight about possibly buying the smaller...

Source: PitchBook

Uber Versus the World: Cash Edition

By Amir Efrati and Mike Sullivan · Jan 18, 2017 12:01pm PST · 6 comments

Uber has set records for fundraising in the private tech markets, but the rest of the world has more than kept up. In the past four years, Uber raised a little more than $17.4 billion, including loans. All other ride-hailing and carpooling companies have collected around $19 billion, according to data compiled by PitchBook and The Information.... Uber has set records for fundraising in the private tech markets, but the rest of the world has...

Cleveland Cavaliers owner Dan Gilbert. Photo by Bloomberg.

Sports Owners Make Full Court Tech Press

By Reed Albergotti · Jan 18, 2017 7:01am PST · 3 comments

LAS VEGAS—The owners of the New York Mets sent a delegation to Las Vegas recently to scout out talent. They weren’t there to find a new pitcher. Stalking the halls of the Consumer Electronics Show earlier this month, the Mets were looking for technology investments that might help the team or complement the Major League Baseball... LAS VEGAS—The owners of the New York Mets sent a delegation to Las Vegas recently to scout...

Google CEO Sundar Pichai launching Android One in India in 2014. Photo by Bloomberg.

Google’s New Stab at Boosting Android Brand in U.S.

By Amir Efrati · Jan 17, 2017 4:30pm PST · 4 comments

Google CEO Sundar Pichai launching Android One in India in 2014. Photo by Bloomberg.

Google’s New Stab at Boosting Android Brand in U.S.

By Amir Efrati · Jan 17, 2017 4:30pm PST · 4 comments

Google is expanding its “Android One” program for low-cost smartphones to the U.S in coming months, promising phone makers major new promotional dollars if they play by its rules, say three people briefed on the plan.The first phone to launch in the U.S. with Google’s Android One seal of approval, backed by an ad campaign... Google is expanding its “Android One” program for low-cost smartphones to the U.S in...

Airbnb, Bloomberg, Getty Images, Flickr/TechCrunch

The People Who Matter at Airbnb

By Cory Weinberg and Mike Sullivan · Jan 17, 2017 7:00am PST

Airbnb, which has been adding new businesses to maintain growth, has also reorganized its top management tier to consolidate power among a smaller group of executives. Among the people gaining responsibility has been Chief Financial Officer Laurence Tosi, who now oversees business travel and customer service. Belinda Johnson, chief business... Airbnb, which has been adding new businesses to maintain growth, has also reorganized its top...

Art by Sam Lessin.

Modest Proposals

Our Silent Future

By Sam Lessin · Jan 16, 2017 7:00am PST · 18 comments

Can you get through your day without talking, in person, to another human? If you unwind the clock 100 years, the prospect would seem ridiculous, unless you lived deep in the woods. But, as time goes on, technology is clearly drawing us closer toward a world of silence.Today, things like Uber and iPhones are removing requirements of in-person... Can you get through your day without talking, in person, to another human? If you unwind the...

The Weekly Digest

The Information You Missed This Week

By The Information Staff · Jan 14, 2017 8:01am PST

Good Morning!This digest was contained in a dossier circulating among the intelligence community for several weeks. We strongly believe releasing its contents are in the public interest. Good Morning!This digest was contained in a dossier circulating among the intelligence community...

The Information’s 411 — On the Contrary

By Tom Dotan · Jan 13, 2017 3:29pm PST

The Information’s 411 — On the Contrary

By Tom Dotan · Jan 13, 2017 3:29pm PST

Cory discusses Peter Thiel's contrarianism. Amir and Tom talk about Lyft's losses, Washio's folly and the future of on- demand companies. Cory discusses Peter Thiel's contrarianism. Amir and Tom talk about Lyft's losses,...

President-elect Trump with Peter Thiel. Photo by Bloomberg.

(Another) Letter to Peter Thiel

By Jessica E. Lessin and Tom Dotan · Jan 13, 2017 7:01am PST · 9 comments

We read your interview with Maureen Dowd in the New York Times. And we think it was a stunning example of what worries us about your newfound influence in government: a contrarian ethos gone too far. Never missing a moment to ding Silicon Valley for its “group think,” you answered a question about the infamous Billy Bush sex tape by... We read your interview with Maureen Dowd in the New York Times. And we think it was a stunning...

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

Lyft’s 2016 Financials Show Business Gains

By Amir Efrati · Jan 12, 2017 1:26pm PST · 2 comments

Lyft, the ride-hailing app that’s a distant No. 2 to Uber in the U.S., lost about $600 million last year after generating $700 million in revenue, according to data reviewed by The Information and people with knowledge of the company’s finances.Despite the size of the loss, the 2016 results were a big improvement on the previous year... Lyft, the ride-hailing app that’s a distant No. 2 to Uber in the U.S., lost about $600...

Art by Matt Vascellaro.

Billionaire’s Grandson Now a Private Tech Broker

By Alfred Lee · Jan 12, 2017 7:01am PST · 1 comment

When Zenefits was raising its series C round early in 2015, one of the investors invited to participate was Los Angeles-based Alex Davis and his firm Disruptive Technology Advisers. Investors can take months before pulling the trigger on such a deal. But Mr. Davis took just 48 hours after meeting with Zenefits management to deliver cash on... When Zenefits was raising its series C round early in 2015, one of the investors invited to...

AWS' stand at an exhibition in Hangzhou in China in 2015. Photo by AP.

Amazon, Microsoft Face Tough New Limits on China Cloud Market

By Shai Oster and Kevin McLaughlin · Jan 11, 2017 7:00am PST · 2 comments

AWS' stand at an exhibition in Hangzhou in China in 2015. Photo by AP.

Amazon, Microsoft Face Tough New Limits on China Cloud Market

By Shai Oster and Kevin McLaughlin · Jan 11, 2017 7:00am PST · 2 comments

Amazon Web Services and Microsoft’s cloud business face tough new restrictions on their business in China, drastically limiting their roles in their Chinese operations, as a result of proposed new Chinese government rules, lawyers and service providers say.Draft rules issued by the government in late November, but which have received... Amazon Web Services and Microsoft’s cloud business face tough new restrictions on their...