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

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 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

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

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

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

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...

Snap CEO Evan Spiegel. Photo by Bloomberg.

Snap in Talks to Buy Chinese Maker of Selfie Drones

By Yunan Zhang and Tom Dotan · Aug 1, 2017 12:32pm PDT · 4 comments

Snap CEO Evan Spiegel. Photo by Bloomberg.

Snap in Talks to Buy Chinese Maker of Selfie Drones

By Yunan Zhang and Tom Dotan · Aug 1, 2017 12:32pm PDT · 4 comments

Snap is in talks to acquire Zero Zero Robotics, a Beijing-based maker of selfie drones, according to people familiar with the matter. If the deal goes through, it would mark a major expansion of Snap’s hardware ambitions as it seeks new ways to get users to share more pictures and videos.Zero Zero sells its $500 Hover Camera Passport Drone... Snap is in talks to acquire Zero Zero Robotics, a Beijing-based maker of selfie drones, according...

Source: Yahoo Finance

Soon Free to Sell, Few Snap Employees Have Stock Profits

By Alfred Lee and Mike Sullivan · Aug 1, 2017 7:00am PDT · 1 comment

Many early Snap shareholders were freed to sell stock starting Monday, but judging by the fact that the stock barely moved, few did. As the shares have fallen 20% since the IPO, many may be waiting for an upturn.That particularly applies to employees, who are still blocked from selling due to rules around next week’s earnings result. Only... Many early Snap shareholders were freed to sell stock starting Monday, but judging by the fact...

Art by Sam Lessin.

Modest Proposals

The Future of Truth

By Sam Lessin · Jul 31, 2017 10:00am PDT · 10 comments

For the last century we have had the luxury of being able to rely on photos, video and audio for a recorded understanding of truth. But for most of human history, trust and truth were far more complicated. World events couldn’t be directly observed. Surprisingly, after just a brief period of being able to trust recordings we find ourselves... For the last century we have had the luxury of being able to rely on photos, video and audio for...

Sources: Second Measure and SEC filings. Charts by Mike Sullivan.

Data Suggest More Trouble Ahead for Blue Apron

By Alfred Lee · Jul 31, 2017 7:02am PDT · 4 comments

The looming Amazon-Whole Foods merger might not be Blue Apron’s biggest problem.The meal-kit provider is on track to see declines in sales and customers in the second quarter, according to credit card transaction data compiled by research firm Second Measure. The data might help explain why investors have heavily bet against Blue... The looming Amazon-Whole Foods merger might not be Blue Apron’s biggest problem.The...

On Product Management - Rousseau Kazi

By Sam Lessin · Jul 29, 2017 9:28am PDT · 1 comment

Modest Conversations

On Product Management - Rousseau Kazi

By Sam Lessin · Jul 29, 2017 9:28am PDT · 1 comment

Rousseau was a product manager at Facebook and now is starting on a new company. He joins for a modest converstaion on product management. Rousseau was a product manager at Facebook and now is starting on a new company. He joins...

Grab CEO Anthony Tan. Photo by Bloomberg.

The Weekly Digest

The Information You Missed This Week

By The Information Staff · Jul 29, 2017 8:01am PDT

Happy Saturday!What do the Republicans and Twitter have in common? They’ve never had so much power and yet can’t show results. Happy Saturday!What do the Republicans and Twitter have in common? They’ve never had so...

The Information’s 411 — Facebook’s Appointment Viewing

By Tom Dotan · Jul 28, 2017 1:45pm PDT

Amir explains why SoftBank's big spending on Grab could force another Uber truce. Tom and Cory talk about whether Facebook's original video initiative will succeed. Amir explains why SoftBank's big spending on Grab could force another Uber truce. Tom and...

Alibaba founder Jack Ma , Chinese president Xi Jinping and Dalian Wanda chief Wang Jianlin. Photos by Bloomberg and Flickr/Stuart Isett

China’s Crackdown Could Squeeze Tech

By Shai Oster · Jul 28, 2017 10:30am PDT · 2 comments

It’s easy to get caught up in the exciting possibilities of the new tech world being forged in China. Billion-dollar startups seemingly born every other day. Smartphone digital wallets replacing cash. Facial scanners instead of airplane boarding passes. But this euphoria masks one of the harshest crackdowns gripping China in... It’s easy to get caught up in the exciting possibilities of the new tech world being forged...

Art by Matt Vascellaro

Announcing The Information Accelerator

By Jessica E. Lessin · Jul 28, 2017 5:46am PDT · 7 comments

Art by Matt Vascellaro

Announcing The Information Accelerator

By Jessica E. Lessin · Jul 28, 2017 5:46am PDT · 7 comments

The fight to save quality journalism isn’t complicated. It’s just hard.In less than four years, we’ve built The Information into a rapidly growing, cash flow-positive business with millions in revenue and a team of 25. We did so by charging for original reporting from experienced reporters. Plain and simple. And now we want to... The fight to save quality journalism isn’t complicated. It’s just hard.In less than...