The Information

An attendee of an event by The Washington AI Network tries out the Meta Quest 3 in April. Photo by Paul Morigi/Getty Images.

Meta Cancels High-End Mixed-Reality Headset

By Sylvia Varnham O'Regan and Wayne Ma · Aug 23, 2024 8:15am PDT · 3 comments

Meta Platforms has canceled plans for a premium mixed-reality headset intended to compete with Apple’s Vision Pro, according to two Meta employees. Meta told employees at the company’s Reality Labs division to stop work on the device this week after a product review meeting attended by Meta CEO Mark Zuckerberg, Chief Technology... Meta Platforms has canceled plans for a premium mixed-reality headset intended to compete with...

Stripe CEO, Patrick Collison. Photo by Bloomberg via Getty.

Stripe, Now Gushing Money, Plans New Employee Tender

By Cory Weinberg · Aug 22, 2024 10:52am PDT · 3 comments

Stripe is planning a new tender offer to buy back shares held by employees, but it will finance this one entirely with its own cash, unlike in previous employee tenders. The financing approach shows how much the payment processing firm’s business has improved from the slump it experienced a couple of years ago. The company had about $615... Stripe is planning a new tender offer to buy back shares held by employees, but it will finance...

Photos via Adobe/Getty.

E-commerce Startups Switch Gears as Shakeout Looms

By Ann Gehan · Aug 22, 2024 6:00am PDT

Last fall, after marketing software company Klaviyo went public at a market value of more than $9 billion, leaders at rival Attentive were cheerful about their own initial public offering prospects. At an all-hands meeting, executives told staff the Klaviyo debut showed that public markets could understand a company in the wonky business of... Last fall, after marketing software company Klaviyo went public at a market value of more than $9...

Mark Zuckerberg. Photo via AP.

Meta’s Search for AI Clout Takes It Into New Terrain

By Sylvia Varnham O'Regan, Theo Wayt and Aaron Holmes · Aug 21, 2024 6:00am PDT

Mark Zuckerberg. Photo via AP.

Meta’s Search for AI Clout Takes It Into New Terrain

By Sylvia Varnham O'Regan, Theo Wayt and Aaron Holmes · Aug 21, 2024 6:00am PDT

Meta Platforms knows how to get brands like Away and Temu to buy advertisements on Facebook and Instagram. If the company’s CEO, Mark Zuckerberg, is to succeed at his goal of becoming a leader in artificial intelligence, though, Meta’s going to have to quickly learn a new skill: how to pitch software to big businesses. Zuckerberg... Meta Platforms knows how to get brands like Away and Temu to buy advertisements on Facebook and...

Bolt co-founder, Ryan Breslow. Photo via Getty.

Some Bolt Investors Balk at Founder’s Costly Attempt to Return as CEO

By Erin Woo · Aug 20, 2024 4:09pm PDT · 7 comments

Ryan Breslow’s proposed return as CEO of Bolt, a commerce software firm that became one of the biggest symbols of investor overexuberance during the pandemic-fueled tech boom, would carry a high cost for existing investors. The deal proposed by Breslow and the company’s current CEO also would reward Breslow with lots of cash for... Ryan Breslow’s proposed return as CEO of Bolt, a commerce software firm that became one of...

Amazon co-founder Jeff Bezos at an NFL game in 2022. Photo by Getty

Bezos Has No Plans to Bid on Celtics

By Nick Wingfield · Aug 20, 2024 1:00pm PDT

Jeff Bezos has no plans to bid on the Boston Celtics, according to a person close to Bezos. Since Monday, sports media has been abuzz about the possibility that the billionaire founder of Amazon was considering making an offer for the team, after podcaster Bill Simmons gave credence to the rumors in an episode of his show. But according to the... Jeff Bezos has no plans to bid on the Boston Celtics, according to a person close to Bezos. Since...

Bolt CEO, Ryan Breslow. Photo via Getty.

Bolt Founder Breslow to Return as CEO as Part of New Financing

By Erin Woo · Aug 20, 2024 7:36am PDT · 15 comments

As startup founder comebacks go, this may rank as one of the most remarkable. Bolt founder Ryan Breslow is returning as CEO to the embattled e-commerce startup, two and a half years after he stepped down, Bolt interim CEO Justin Grooms told investors in a letter. And he potentially comes with more cash: Grooms said the company is finalizing a... As startup founder comebacks go, this may rank as one of the most remarkable. Bolt founder Ryan...

Art by Clark Miller.

The Rise of Crypto’s Shadow Bankers

By Yueqi Yang · Aug 16, 2024 6:00am PDT · 1 comment

Art by Clark Miller.

The Rise of Crypto’s Shadow Bankers

By Yueqi Yang · Aug 16, 2024 6:00am PDT · 1 comment

Last year’s collapse of major crypto-friendly banks threw a wrench in the works of crypto markets, making it harder for hedge funds and other crypto investors to transfer money as fast as most of their trades require. Increasingly, though, crypto brokerages such as FalconX and crypto trading firms including GSR and B2C2 are stepping in to... Last year’s collapse of major crypto-friendly banks threw a wrench in the works of crypto...

Netflix's offices in Los Angeles. Photo by Getty

How a Culture Clash Hindered Netflix’s Ad Push

By Sahil Patel · Aug 15, 2024 6:00am PDT · 4 comments

The ad industry’s annual Cannes Lions festival in June is an occasion for the entire media and ad industry to gather together at parties, on yachts, at beach clubs and in private cliffside villas. Outsiders may wonder whether any real work gets done, which seemed to be a question Netflix’s new ad president, Amy Reinhard—a... The ad industry’s annual Cannes Lions festival in June is an occasion for the entire media...

Wiz CEO Assaf Rappaport. Photos by Fortune via Flickr.

Wiz Labors to Hire a CFO, Making an IPO Before 2026 Unlikely

By Aaron Holmes and Cory Weinberg · Aug 14, 2024 6:00am PDT · 2 comments

Cybersecurity startup Wiz recently turned down a $23 billion acquisition offer from Google to pursue an initial public offering. But the startup faces a major hurdle in that effort: It needs to hire a chief financial officer first, and so far it hasn’t been able to find the right person, said people familiar with the company. As a result,... Cybersecurity startup Wiz recently turned down a $23 billion acquisition offer from Google to...

Crib bumpers and drawstring hoodies, which U.S. regulators say pose health hazards to youth, on Temu and Shein's websites. Photos via Shein and Temu. Art by Shane Burke

On Shein and Temu, Deadly Baby and Toddler Goods Are Easy to Find

By Ann Gehan · Aug 13, 2024 6:00am PDT

Two years ago, Congress passed a law banning the sale of padded crib bumpers, saying they posed a suffocation hazard for babies. But in recent weeks, U.S. shoppers could have bought as many as four different styles of padded bumpers in a variety of colors and patterns on bargain site Temu. On the site of Temu’s main rival, Shein, shoppers... Two years ago, Congress passed a law banning the sale of padded crib bumpers, saying they posed a...

Art by Mike Sullivan.

TikTok’s Latest Growth Hack: Buying New Users With Discounts

By Kaya Yurieff · Aug 9, 2024 12:30pm PDT · 1 comment

Art by Mike Sullivan.

TikTok’s Latest Growth Hack: Buying New Users With Discounts

By Kaya Yurieff · Aug 9, 2024 12:30pm PDT · 1 comment

TikTok is testing a truism: Money talks. TikTok users in the U.S. who invite their friends to the app can now get steep discounts on goods, such as digital cameras and hair styling tools marked down to just a penny, as part of a promotion the ByteDance-owned company introduced in recent weeks. That builds on a referral scheme TikTok has been... TikTok is testing a truism: Money talks. TikTok users in the U.S. who invite their friends to the...

Photo by Freyr

U.S. President of Freyr Battery Leaves in Latest Shakeup

By Steve LeVine · Aug 9, 2024 12:06pm PDT

In a new shakeup, Jeremy Bezdek, president of Freyr Battery’s U.S. division, has left the company, according to a person familiar with the situation. The unexpected move comes two months after CEO Birger Steen left the next-generation battery maker 10 months after taking the job. The move is surprising. Senior company executives did not... In a new shakeup, Jeremy Bezdek, president of Freyr Battery’s U.S. division, has left the...

Art by Mike Sullivan.

Amazon Enlists TikTok, Pinterest in Quest to Sell Everywhere

By Theo Wayt · Aug 8, 2024 11:43am PDT · 4 comments

Amazon’s e-commerce business is huge but slow-growing, while shopping on social media has been taking off. That’s prompted Amazon to look for ways to team up with popular social media apps. It’s finally landed a key partner. TikTok will enable users to buy items from Amazon advertisements without leaving the TikTok app, an... Amazon’s e-commerce business is huge but slow-growing, while shopping on social media has...

Photo via AP

Snowflake Looks to an AI Deal to Jump-Start Growth

By Stephanie Palazzolo · Aug 8, 2024 6:00am PDT · 1 comment

Snowflake had been riding high before the artificial intelligence boom. But questions about the usefulness of its data management products for AI developers—a growing source of revenue for rivals like Databricks—and a broader pullback in business software spending have sent its stock plummeting 42% so far this year. Now, in an effort... Snowflake had been riding high before the artificial intelligence boom. But questions about the...

A Jio store in Kolkata, India. Photo by Getty

Meta in Talks With Indian Tech Giant Jio Over Possible VR Deal

By Sylvia Varnham O'Regan, Wayne Ma and Amir Efrati · Aug 7, 2024 10:03am PDT

A Jio store in Kolkata, India. Photo by Getty

Meta in Talks With Indian Tech Giant Jio Over Possible VR Deal

By Sylvia Varnham O'Regan, Wayne Ma and Amir Efrati · Aug 7, 2024 10:03am PDT

Meta Platforms is in talks to license its Horizon virtual reality software to Indian technology company Jio, according to three people with knowledge of the situation, the latest sign of how Meta is trying to extend its influence in VR and augmented reality beyond its own devices. The talks, which may not lead to a deal, center on Meta providing... Meta Platforms is in talks to license its Horizon virtual reality software to Indian technology...

Art by Clark Miller.

Zillow’s Mortgage Push Has Some Critics Crying Foul

By Michael Roddan · Aug 7, 2024 6:00am PDT

Zillow, the online real estate listings powerhouse, has tried for years to diversify its business away from advertising. It tried flipping homes but abandoned that effort after losing lots of money. Now, its biggest chance at branching out is using its strength in home listings and tight relationships with real estate agents to grow its mortgage... Zillow, the online real estate listings powerhouse, has tried for years to diversify its business...

Klarna's headquarters in Stockholm. Photo by Erika Gerdemark/Bloomberg via Getty.

Klarna Weighs Secondary Share Sale Ahead of IPO

By Natasha Mascarenhas, Kate Clark and Cory Weinberg · Aug 6, 2024 6:00am PDT · 3 comments

Klarna, the Swedish “buy now, pay later” firm, has been preparing what would be one of next year’s first big tech initial public offerings. First it wants to see if investors think it’s worth more than the roughly $7 billion valuation awarded during its last fundraising. The Sequoia Capital–backed startup has been... Klarna, the Swedish “buy now, pay later” firm, has been preparing what would be one...

OpenAI cofounder Greg Brockman. Photo via Getty

Trio of OpenAI Leaders Depart, Take Leave of Absence

By Stephanie Palazzolo, Jon Victor and Amir Efrati · Aug 5, 2024 5:31pm PDT · 7 comments

Greg Brockman, OpenAI’s president and one of 11 cofounders of the artificial intelligence firm, is taking an extended leave of absence. Another cofounder and key leader, John Schulman, has decamped to Anthropic, a fierce rival founded by ex-OpenAI researchers. And Peter Deng, a product leader who joined the company last year after leading... Greg Brockman, OpenAI’s president and one of 11 cofounders of the artificial intelligence...

Nvidia CEO Jensen Huang with the Blackwell AI chip. Photo by Andrej Sokolow/picture alliance via Getty

Nvidia’s New AI Chip is Delayed, Impacting Microsoft, Google, Meta

By Qianer Liu and Anissa Gardizy · Aug 2, 2024 8:00pm PDT · 17 comments

Nvidia CEO Jensen Huang with the Blackwell AI chip. Photo by Andrej Sokolow/picture alliance via Getty

Nvidia’s New AI Chip is Delayed, Impacting Microsoft, Google, Meta

By Qianer Liu and Anissa Gardizy · Aug 2, 2024 8:00pm PDT · 17 comments

Nvidia’s upcoming artificial intelligence chips will be delayed by three months or more due to design flaws, a snafu that could affect customers such as Meta Platforms, Google and Microsoft that have collectively ordered tens of billions of dollars worth of the chips, according to two people who help produce the chip and server hardware... Nvidia’s upcoming artificial intelligence chips will be delayed by three months or more due...