The Information

Tencent CEO Ma Huateng. Photo by Bloomberg

Tencent Continues Europe Deal Spree With $260 Million Investment in Czech Game Studio

By Wayne Ma · Jun 2, 2020 10:07am PDT

Chinese game giant Tencent has bought a stake of between 70% and 80% in Czech Republic–based videogame developer Bohemia Interactive for around $260 million, according to a person familiar with the matter. The investment is the latest in a string of deals Tencent has made in Europe to bolster its overseas videogame business amid tighter... Chinese game giant Tencent has bought a stake of between 70% and 80% in Czech...

YouTube’s Chief Business Officer Robert Kyncl is encouraging employees to take Tuesday off to “focus on how to improve racial equity.” Photo: Bloomberg

YouTube Execs Encourage Staff to Take Tuesday Off for Nationwide Protests

By Nick Bastone · Jun 1, 2020 8:45pm PDT

Executives across YouTube are encouraging their employees to take Tuesday off or cancel their meetings in solidarity with nationwide protests of police violence against African Americans, according to emails sent to staff. YouTube’s Chief Business Officer Robert Kyncl encouraged his reports, around 1,200 employees, to use the day to... Executives across YouTube are encouraging their employees to take Tuesday off or cancel their...

Snap CEO Evan Spiegel in San Francisco on Oct. 4, 2019. Photo: Bloomberg

Snap CEO Spiegel Calls for Reparations Commission, Taxes to Address Racial Injustice

By Alex Heath · May 31, 2020 11:26pm PDT · 7 comments

Snap CEO Evan Spiegel called for the creation of an American commission to address racial injustice and comprehensive tax reform, saying in a lengthy note to employees that he was “heartbroken and enraged” by racism in America.“Economic inequality in America has reached levels unseen for nearly a century, people of color cannot... Snap CEO Evan Spiegel called for the creation of an American commission to address racial...

Short video app Kuaishou is launching in North America. Photo by the Associated Press

Chinese Rival Launches U.S. App to Challenge TikTok

By Yunan Zhang · May 28, 2020 1:49am PDT

Short video app Kuaishou is launching in North America. Photo by the Associated Press

Chinese Rival Launches U.S. App to Challenge TikTok

By Yunan Zhang · May 28, 2020 1:49am PDT

Kuaishou, the $30 billion startup that is the second-largest social video app in China, is launching an attack in the U.S. against TikTok.Started in early May, Zynn is an app that allows users to upload, edit and share short videos. In a twist, it is paying users to watch content and recruit other users, a model that’s proving popular amid... Kuaishou, the $30 billion startup that is the second-largest social video app in China, is...

Evan Spiegel, CEO of Snap Inc., speaks in San Francisco in October. Photo by Bloomberg

Snap Plans Expanded Developer Platform That Echoes WeChat

By Alex Heath · May 27, 2020 7:44pm PDT · 2 comments

Snap is planning to let other companies build pared-down versions of their mobile apps within Snapchat, according to two people familiar with the plans, mimicking the approach of popular Chinese social app WeChat.The change is a notable shift in strategy for Snap, which has kept its flagship app largely walled off from outside developers. While... Snap is planning to let other companies build pared-down versions of their mobile apps within...

Photo illustration by Mike Sullivan

ByteDance’s Big Ambitions

By Alex Heath, Yunan Zhang and Jessica E. Lessin · May 21, 2020 7:01am PDT

Zhang Yiming, CEO of ByteDance—a $75 billion tech conglomerate from China that is behind some of the world’s most popular apps—needed help. Late last year, TikTok, the company’s app for sharing short videos, was exploding in popularity. It became the first social app from China to hit it big in the west. But the U.S.... Zhang Yiming, CEO of ByteDance—a $75 billion tech conglomerate from China that is behind...

Attendees at a Walt Disney Co. event last year. Photo by Bloomberg

Disney Shakes Up Streaming Group Following Leader’s Departure

By Tom Dotan and Jessica Toonkel · May 20, 2020 2:04pm PDT

Not long after Kevin Mayer arrived at Walt Disney Co. in the mid ’90s, employees gave the 6-foot, 3-inch former football player from the Massachusetts Institute of Technology a nickname befitting his beefy frame: Captain America. Now, with Mayer exiting the company for the top role at TikTok, he leaves a giant hole at the head of the... Not long after Kevin Mayer arrived at Walt Disney Co. in the mid ’90s, employees gave the...

Apple CEO Tim Cook visiting a Luxshare plant in China in 2017. Photo by Luxshare

Apple to Make New Headphones in Vietnam in Shift From China

By Wayne Ma and Juro Osawa · May 19, 2020 7:01am PDT · 1 comment

Apple CEO Tim Cook visiting a Luxshare plant in China in 2017. Photo by Luxshare

Apple to Make New Headphones in Vietnam in Shift From China

By Wayne Ma and Juro Osawa · May 19, 2020 7:01am PDT · 1 comment

Apple is about to face a big test of its ability to manufacture its devices outside China—by making a brand-new product in Vietnam. Apple has tapped factories in Vietnam to make its own forthcoming over-ear headphones, a new phase in its effort to diversify manufacturing away from China amid political and trade tensions between... Apple is about to face a big test of its ability to manufacture its devices outside...

CloudKitchens founder Travis Kalanick

Two Senior Engineers Quit Kalanick’s CloudKitchens

By Amir Efrati · May 15, 2020 3:23pm PDT

Two senior engineers who last year joined CloudKitchens, the commercial kitchen startup founded by former Uber CEO Travis Kalanick, abruptly resigned this week, The Information has learned. Their departures raise questions about whether the company could lose other engineers at a time when it is seeking to significantly expand its... Two senior engineers who last year joined CloudKitchens, the commercial kitchen startup founded...

Devoted Health cofounder Todd Park when he was the U.S. chief technology officer in 2013. Photo: Bloomberg

Devoted Health Valued at $3 Billion With New Funds

By Kate Clark · May 15, 2020 1:42pm PDT · 1 comment

Devoted Health, a startup co-founded by serial health-tech entrepreneurs Ed and Todd Park, is raising at least $200 million in a deal that values the company at more than $3 billion, according to two people familiar with the matter.The round is not yet closed as the company plans to keep raising additional capital, one person said. The company... Devoted Health, a startup co-founded by serial health-tech entrepreneurs Ed and Todd Park, is...

Disney will bring a movie version of "Hamilton" to Disney+ in July. Photo by AP

Disney Streaming Unit Slows Hiring Despite Subscriber Gains

By Tom Dotan · May 14, 2020 11:03am PDT

The Walt Disney Co.’s new streaming service may be the best thing going right now at the struggling entertainment giant, which is facing a once-in-a-generation crisis that has ravaged its movie, theme park and cruise businesses. But the company hasn’t spared the division that includes the fast-growing service—Disney+—from... The Walt Disney Co.’s new streaming service may be the best thing going right now at the...

Andrew Farah, co-founder and CEO of Density. Photo provided by Density

A Sales Surge for Tech That Helps Social Distancing in Offices

By Kevin McLaughlin · May 14, 2020 7:01am PDT · 2 comments

Andrew Farah, co-founder and CEO of Density. Photo provided by Density

A Sales Surge for Tech That Helps Social Distancing in Offices

By Kevin McLaughlin · May 14, 2020 7:01am PDT · 2 comments

As more businesses start planning to reopen their workplaces, technology for managing office space is poised to shed its backwater status. Makers of workplace management technology—which businesses rely on to use their spaces more efficiently—are now seeing a boom in sales from companies who need expert input... As more businesses start planning to reopen their workplaces, technology for managing office...

Rick Osterloh and Mario Queiroz. Photos by Bloomberg. Illustration by Mike Sullivan.

Google’s Pixel Division Undergoes Shakeup After Disappointing Launch

By Nick Bastone · May 13, 2020 7:01am PDT · 11 comments

When Google announces its latest Pixel smartphone in the coming weeks, it will be without some key architects of its previous model, which drew rare internal criticism from the company’s head of hardware, Rick Osterloh, The Information has learned.The mastermind behind Google’s Pixel camera, Marc Levoy, who last year showed off his... When Google announces its latest Pixel smartphone in the coming weeks, it will be without some...

Dara Khosrowshahi, CEO of Uber, in June 2019. Photo by Bloomberg

Uber Managers Asked for Pay Cut to Save Jobs. The CEO Said No

By Amir Efrati · May 12, 2020 3:07pm PDT · 7 comments

In late April, Uber CEO Dara Khosrowshahi called a meeting of the executives in charge of the ride-hailing firm’s nearly 4,000-person engineering department to tell them they needed to plan to cut headcount by 20%. Some of the engineering leaders responded that they and other managers would be willing to cut their own pay if it meant they... In late April, Uber CEO Dara Khosrowshahi called a meeting of the executives in charge of the...

Workers from Instacart at a grocery store in Frederick, Maryland, last year. Photo: AP

Instacart Weighs New Financing That Would Boost Valuation by at Least 50%

By Amir Efrati · May 12, 2020 12:21pm PDT · 1 comment

Instacart, the grocery delivery company whose business has surged amid Covid-19 lockdowns, is in talks to raise several hundred million dollars from existing and new investors, according to two people with knowledge of the situation.The deal would put the company’s pre-money valuation at between $12 billion and $14 billion, one of these... Instacart, the grocery delivery company whose business has surged amid Covid-19 lockdowns, is in...

Henrique Dubugras, co-founder and chief executive office of Brex. Photo by Bloomberg

As Recession Looms, Brex Stockpiles Cash, Cuts Credit

By Kate Clark · May 11, 2020 7:00am PDT

Henrique Dubugras, co-founder and chief executive office of Brex. Photo by Bloomberg

As Recession Looms, Brex Stockpiles Cash, Cuts Credit

By Kate Clark · May 11, 2020 7:00am PDT

Before the coronavirus outbreak, Brex had become the poster child of Silicon Valley largesse. By offering fellow startups high-limit charge cards, its 24-year-old founders had attracted illustrious investors like Kleiner Perkins, rocketing Brex to a $2.6 billion valuation. Flush with cash, it blanketed downtown San Francisco with advertisements,... Before the coronavirus outbreak, Brex had become the poster child of Silicon Valley largesse. By...

Zoox CEO Aicha Evans. Photo by Bloomberg

Zoox, Self-Driving Car Startup Valued at $2.7 Billion, Is for Sale

By Amir Efrati · May 7, 2020 11:06am PDT

Zoox, one of the most ambitious self-driving car developers that was valued at $2.7 billion in 2018, is contemplating a sale.The startup, which has raised $1 billion in equity, has hired Qatalyst Partners to help it find a buyer, said two people familiar with the situation. At the same time, however, it is also trying to raise fresh equity in a... Zoox, one of the most ambitious self-driving car developers that was valued at $2.7 billion in...

Endeavor CEO Ari Emanuel. Photo by Bloomberg.

Endeavor Looks to Sell Stake in Epic Games

By Jessica Toonkel · May 6, 2020 10:43am PDT · 5 comments

Entertainment firm Endeavor Group is looking to sell part of its minority stake in videogame firm Epic Games as it seeks to raise cash, say people familiar with the situation. Endeavor, which owns the WME talent agency as well as extensive live-event businesses, has been hit hard by the coronavirus pandemic.The sale could raise as much as... Entertainment firm Endeavor Group is looking to sell part of its minority stake in videogame firm...

Rony Abovitz, founder and CEO of Magic Leap, arrives at Allen & Co. in 2017. Photo by Bloomberg

Magic Leap in Talks to Raise Money From ‘Major Health Care Company,’ CEO Tells Staff

By Alex Heath · May 5, 2020 1:17pm PDT · 3 comments

Magic Leap is in talks to secure funding from a health care company, according to emails CEO Rony Abovitz sent to staff. The capital could save the highly valued startup from making further cuts to its already diminished workforce. Abovitz said last week that Magic Leap signed a term sheet and was in advanced negotiations with “a major... Magic Leap is in talks to secure funding from a health care company, according to emails CEO Rony...

Airbnb CEO Brian Chesky. Photo: Bloomberg

Airbnb to Cut 25% of Work Force

By Cory Weinberg · May 5, 2020 12:01pm PDT · 4 comments

Airbnb CEO Brian Chesky. Photo: Bloomberg

Airbnb to Cut 25% of Work Force

By Cory Weinberg · May 5, 2020 12:01pm PDT · 4 comments

Airbnb is planning to lay off 1,900 employees, or roughly a quarter of its total work force, CEO Brian Chesky told employees Tuesday, as the coronavirus pandemic takes a brutal toll on the travel business.Revenue this year is expected to be less than half what it was in 2019, Chesky said in a memo. The company had $4.8 billion in revenue last... Airbnb is planning to lay off 1,900 employees, or roughly a quarter of its total work force, CEO...