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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Source: The Information

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Subscribers See Trump as Bad for Business

By Reed Albergotti and Mike Sullivan · Jan 31, 2017 7:01am PST · 1 comment

Subscribers to The Information are mostly pessimistic about the impact of the Trump administration on their business—despite being hopeful about the prospects for tax reform.Roughly two-thirds of the people responding to our latest subscriber survey said they had a negative view of how their business would be affected by the new... Subscribers to The Information are mostly pessimistic about the impact of the Trump...

Snap CEO Evan Spiegel. Photo by Flickr/TechCrunch.

How Snap Is Guarding Against IPO Lawsuits

By Alfred Lee · Jan 30, 2017 7:01am PST

In the world of corporate law, Snap will set a precedent with its expected IPO. It will likely be the first company to go public with a novel legal defense against an increasingly common kind of IPO-related lawsuit, one sparked when a company’s stock price falls after the public offering. Snap added a provision to its charter last October... In the world of corporate law, Snap will set a precedent with its expected IPO. It will likely be...

Fitbit products on display. Photo by Flickr/Mike Mozart.

Fitbit To Cut Jobs After Weak Q4

By Reed Albergotti · Jan 29, 2017 5:16pm PST · 12 comments

Fitbit is to cut between 5% and 10% of its employees, the company will announce on Monday, while disclosing that its fourth-quarter results were below expectations. The disclosures are the latest sign of a slowdown in the wearables market, according to two people briefed on the news. About 1,600 people work at Fitbit so the job cuts affect... Fitbit is to cut between 5% and 10% of its employees, the company will announce on Monday, while...

The Information You Missed This Week

By The Information Staff · Jan 28, 2017 8:01am PST

The Weekly Digest

The Information You Missed This Week

By The Information Staff · Jan 28, 2017 8:01am PST

Good Morning!From where we’re standing, it looks like the number of people reading this Digest would reach all the way to the Washington Monument. Good Morning!From where we’re standing, it looks like the number of people reading this...

Jawbone CEO Hosain Rahman. Photo by Bloomberg.

Jawbone Was Late Paying Employees

By Reed Albergotti · Jan 27, 2017 2:25pm PST · 4 comments

Jawbone was about a week late paying employees this month, according to people familiar with the matter, news that is sure to feed uncertainty about the company’s future.At least some employees didn’t get paid at the company’s last scheduled pay date in the middle of the month, the people said. The payment was eventually made... Jawbone was about a week late paying employees this month, according to people familiar with the...

The Information’s 411 — Outsider Boards

By Tom Dotan · Jan 27, 2017 10:34am PST

Reed and Tom discuss what Dropcam co-founder Greg Duffy could be doing at Apple. And they explain why it's significant that Snap's board is dominated by people outside tech. Reed and Tom discuss what Dropcam co-founder Greg Duffy could be doing at Apple. And they explain...

Source: Tubular Labs

Facebook’s Most Popular Videos: Gone in 90 Seconds

By Cory Weinberg and Mike Sullivan · Jan 27, 2017 7:01am PST · 10 comments

Facebook said on Thursday it had tweaked News Feed’s video rankings to emphasize longer videos. There’s a reason why. Two-thirds of the 200 most viewed videos on Facebook over the last three months were less than 90 seconds in length, new data show. That is much shorter than the most popular videos on YouTube in the same time... Facebook said on Thursday it had tweaked News Feed’s video rankings to emphasize longer...

Stitch Fix CEO Katrina Lake. Photo by Bloomberg.

Stitch Fix Wants to Go for Retail’s Jugular

By Cory Weinberg · Jan 26, 2017 11:59am PST · 3 comments

Stitch Fix CEO Katrina Lake. Photo by Bloomberg.

The Big Interview

Stitch Fix Wants to Go for Retail’s Jugular

By Cory Weinberg · Jan 26, 2017 11:59am PST · 3 comments

Katrina Lake, CEO of online retailer Stitch Fix, for years has expected a reckoning in retail—and it’s starting to play out. Brick-and-mortar retailers like Sears and Macy’s have lately been closing stores as they grapple with declining store traffic. It presents a potential opening for Stitch Fix to prove out its unusual... Katrina Lake, CEO of online retailer Stitch Fix, for years has expected a reckoning in...

Stan Meresman and his wife, Sharon, at a Meals on Wheels gala in 2015. Photo by Drew Altizer Photography.

Snap’s IPO Whisperer

By Tom Dotan · Jan 26, 2017 7:00am PST

Six months before LinkedIn went public in 2011, the company tapped a longtime Silicon Valley financial executive, Stanley Meresman, to join its board. As head of the audit committee, Mr. Meresman played a key role in preparing the company for the rigors of being publicly traded, said one former LinkedIn board member.Nearly six years later, Mr.... Six months before LinkedIn went public in 2011, the company tapped a longtime Silicon Valley...

Greg Duffy. Photo by Flickr/TechCrunch.

Dropcam’s Greg Duffy Joins Apple

By Reed Albergotti · Jan 25, 2017 11:30am PST · 2 comments

Greg Duffy, a former Nest manager who famously called Nest co-founder Tony Fadell a “tyrant bureaucrat,” has joined Apple—the company where Mr. Fadell made his name. Mr. Duffy’s hiring was confirmed by an Apple spokeswoman. His role couldn’t be learned. But given his background, starting security camera firm... Greg Duffy, a former Nest manager who famously called Nest co-founder Tony Fadell a “tyrant...

Westlake CEO Yi Zhao. Photo by Westlake.

Chinese Government’s Path into Silicon Valley

By Yunan Zhang · Jan 25, 2017 7:02am PST · 1 comment

This article is part of a series about the new cross-border investors wielding influence in Silicon Valley and China.On the surface, Westlake Ventures looks like any other Silicon Valley venture capital fund. It’s housed inside a typically bland suburban office park in Redwood City, California, shared with a startup accelerator. Chirpy... This article is part of a series about the new cross-border investors wielding influence in...

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

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

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 Information You Missed This Week

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

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.

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

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...