The Information

Art by Clark Miller.

For TikTok, Universal Standoff Shows Music No Longer Matters Like It Once Did

By Erin Woo · Feb 28, 2024 1:05pm PST · 1 comment

TikTok once depended on the music industry to provide the soundtrack for its viral lip-syncing and dancing videos. But TikTok’s leaders have decided the app just doesn’t need those relationships the way it once did. Multiple times over the past two years, TikTok executives told employees handling music on the platform that one of the... TikTok once depended on the music industry to provide the soundtrack for its viral lip-syncing...

Art by Mike Sullivan

Meta Wants Llama 3 to Handle Contentious Questions as Google Grapples With Gemini Backlash

By Sylvia Varnham O'Regan and Kalley Huang · Feb 28, 2024 6:30am PST · 8 comments

As Google grapples with the backlash over the historically inaccurate responses on its Gemini chatbot, Meta Platforms is dealing with a related issue. As part of its work on the forthcoming version of its large language model, Llama 3, Meta is trying to overcome a problem perceived in Llama 2: Its answers to anything at all contentious... As Google grapples with the backlash over the historically inaccurate responses on its Gemini...

Photo by Getty

EU Antitrust Cops Investigate Microsoft’s Security Software Practices

By Aaron Holmes · Feb 27, 2024 12:25pm PST

European Union regulators are probing whether Microsoft is preventing its customers from buying security software that competes with Microsoft’s, according to a document the EU sent to at least one rival in January. It’s the latest sign of growing scrutiny from policymakers, especially in the EU, of Microsoft’s fast-growing... European Union regulators are probing whether Microsoft is preventing its customers from buying...

TikTok CEO Shou Zi Chew. Photo by Getty

TikTok Shakes Up Executive Ranks, Giving CEO More Oversight of Content Moderation

By Erin Woo and Kaya Yurieff · Feb 27, 2024 8:20am PST

TikTok CEO Shou Zi Chew. Photo by Getty

TikTok Shakes Up Executive Ranks, Giving CEO More Oversight of Content Moderation

By Erin Woo and Kaya Yurieff · Feb 27, 2024 8:20am PST

TikTok has shaken up its senior ranks, replacing several senior executives including the person running its trust & safety unit, which handles content moderation, and appointing a protege of CEO Shou Zi Chew to oversee that part of the business, according to people at the company and a memo distributed to staff. The shakeup comes weeks after... TikTok has shaken up its senior ranks, replacing several senior executives including the person...

Photo by Getty.

Venture Debt Was Supposed to Dry Up After SVB. Instead, Competition Increased

By Michael Roddan · Feb 26, 2024 6:00am PST · 1 comment

When BedRock Systems co-founder Bob Tinker was recently searching for a venture loan to provide extra cash for his cybersecurity startup after it raised a Series A round funding round, he approached a gaggle of lenders specializing in that type of financing: Comerica, HSBC and Stifel as well as Silicon Valley Bank, now operating as a division of... When BedRock Systems co-founder Bob Tinker was recently searching for a venture loan to provide...

Photo by Shutterstock.

U.S. Lawmakers Demand Temu Shipment Ban Over Forced Labor Concerns

By Ann Gehan and Jing Yang · Feb 23, 2024 11:01am PST · 7 comments

A number of U.S. lawmakers are pushing for a ban on imports of goods sold on Temu, the fast-growing shopping site known for selling bargain products shipped from China, saying it hasn’t done enough to prevent its suppliers from using forced labor, two people with knowledge of the conversations said. In recent weeks, China critics including... A number of U.S. lawmakers are pushing for a ban on imports of goods sold on Temu, the...

Art by Mike Sullivan.

TikTok Confronts New Threat: Bed Bugs

By Erin Woo and Kaya Yurieff · Feb 23, 2024 7:26am PST

TikTok has hit a snag in its efforts to bring employees back to its New York City office: bed bugs. The discovery of a bed bug in the office last December, where hundreds of employees are based, has sparked a frenzy among workers fretting about the risks of transmitting bed bugs to roommates and pets, not to mention creators and other business... TikTok has hit a snag in its efforts to bring employees back to its New York City office: bed...

Nextdoor CEO Sarah Friar. Photo by Getty

Nextdoor Board Discusses Replacing CEO Friar or Selling Company

By Cory Weinberg and Natasha Mascarenhas · Feb 22, 2024 2:25pm PST · 4 comments

Nextdoor CEO Sarah Friar. Photo by Getty

Nextdoor Board Discusses Replacing CEO Friar or Selling Company

By Cory Weinberg and Natasha Mascarenhas · Feb 22, 2024 2:25pm PST · 4 comments

Board members at the struggling local networking site Nextdoor have been debating the company’s future, including whether to bring in a new CEO or to find a buyer, a person familiar with the matter said. Investment firm Qatalyst has approached companies about their interest, said two people familiar with the matter. Among the options that... Board members at the struggling local networking site Nextdoor have been debating the...

Photo by Getty.

JPMorgan Pulls Former Compliance Chief Out of Retirement to Clean Up Fintech Mess

By Michael Roddan · Feb 22, 2024 12:57pm PST · 1 comment

JPMorgan Chase has called its former global chief compliance officer out of retirement to help the bank assert its rights as a major shareholder in Greek payments fintech Viva Wallet, after disagreements between the two firms culminated in dueling lawsuits. Frank Pearn, who retired as JPMorgan’s top financial and legal risk manager a year... JPMorgan Chase has called its former global chief compliance officer out of retirement to help...

From left: Matt Miller, Mike Moritz and Roelof Botha. Photos by Sequoia; Getty.

Inside the Board Fight Over Michael Moritz at Klarna

By Kate Clark, Maria Heeter and Cory Weinberg · Feb 22, 2024 10:00am PST · 2 comments

People close to Klarna founder Sebastian Siemiatkowski say he keeps a very tight inner circle. One of the people he trusts the most is Michael Moritz. So when big Klarna investor Sequoia Capital sought to oust Moritz—Klarna’s chair, who was a longtime leader of the venture capital firm before leaving last year—Siemiatkowski... People close to Klarna founder Sebastian Siemiatkowski say he keeps a very tight inner circle....

Photo via YouTube.

ShipBob’s TikTok Deal Spurs Growth, but Profits Remain Elusive

By Ann Gehan · Feb 22, 2024 6:00am PST · 2 comments

Last year was a tough one for venture-backed logistics firms, with a drop in demand for moving goods cratering Flexport’s revenue and forcing Convoy to shutter entirely. But ShipBob, which has the backing of SoftBank and Bain Capital Ventures, may have bucked the trend. The company, which sells Amazon-like warehouse and shipping services... Last year was a tough one for venture-backed logistics firms, with a drop in demand for moving...

Klarna headquaters in Stockholm. Photo by Shutterstock.

Sequoia to Appoint Andrew Reed to Klarna Board After Failed Moritz Ouster

By Maria Heeter and Kate Clark · Feb 21, 2024 1:58pm PST · 1 comment

Klarna headquaters in Stockholm. Photo by Shutterstock.

Sequoia to Appoint Andrew Reed to Klarna Board After Failed Moritz Ouster

By Maria Heeter and Kate Clark · Feb 21, 2024 1:58pm PST · 1 comment

Sequoia Capital has picked partner Andrew Reed to replace Matthew Miller on the board of ‘buy now, pay later’ company Klarna, according to people familiar with the matter. Miller had joined the board in January and recently led a failed effort to remove former Sequoia leader Michael Moritz from his position as... Sequoia Capital has picked partner Andrew Reed to replace Matthew Miller on the board of...

Matthew Miller. Photo by Sequoia.

Sequoia Retracts Request to Oust Moritz From Klarna Board

By Kate Clark, Maria Heeter and Cory Weinberg · Feb 20, 2024 12:48pm PST · 3 comments

Sequoia Capital has retracted its request to remove Michael Moritz as chairman of Klarna’s board, according to emails reviewed by The Information. Sequoia partner Matthew Miller, the director who in recent days had asked Klarna shareholders to remove Moritz, is instead leaving the Klarna board. Sequoia plans to appoint a new partner to the... Sequoia Capital has retracted its request to remove Michael Moritz as chairman of Klarna’s...

photo by Getty

Microsoft Develops AI Server Gear to Lessen Reliance on Nvidia

By Anissa Gardizy · Feb 20, 2024 8:00am PST · 1 comment

Microsoft is taking another step to reduce its dependence on Nvidia. The software giant is developing a networking card to ensure that data moves quickly between its servers, as an alternative to one supplied by Nvidia, said a person with direct knowledge. In addition to potentially saving Microsoft money, the company hopes the new networking... Microsoft is taking another step to reduce its dependence on Nvidia. The software giant is...

Art by Mike Sullivan

TikTok Executives Fretted About China Ties of CapCut Editing-App

By Juro Osawa · Feb 20, 2024 6:00am PST · 2 comments

Last year, the second most downloaded free app in the U.S. on iPhones was CapCut, a video-editing app made by TikTok’s parent ByteDance and popular with TikTok users who use its templates and filters to create videos for the app. But CapCut—unlike TikTok itself—is directly run by ByteDance executives in China, a point confirmed... Last year, the second most downloaded free app in the U.S. on iPhones was CapCut, a video-editing...

Art by Shane Burke.

Scale, Anthropic Show Pickup in AI Venture Deals

By Cory Weinberg, Kate Clark, Natasha Mascarenhas and Stephanie Palazzolo · Feb 16, 2024 6:00am PST · 2 comments

Art by Shane Burke.

Scale, Anthropic Show Pickup in AI Venture Deals

By Cory Weinberg, Kate Clark, Natasha Mascarenhas and Stephanie Palazzolo · Feb 16, 2024 6:00am PST · 2 comments

For a brief period at the start of this year, it looked like venture capitalists’ hunger for artificial intelligence startups was ebbing, spooked by lofty prices and increasing competition from big companies like Google. But in recent weeks, investors have shown the kind of unbridled enthusiasm that colored much of last year—and... For a brief period at the start of this year, it looked like venture capitalists’ hunger...

Michael Moritz at a conference in 2019. Photo by Alex Flynn/Bloomberg via Getty Images

Sequoia Pressures Former Leader Moritz to Leave Klarna Board Seat

By Maria Heeter, Cory Weinberg and Kate Clark · Feb 15, 2024 7:11pm PST · 6 comments

Sequoia Capital is pushing for one of its most venerated former partners, Michael Moritz, to step down from his personal board position at the “buy now, pay later” company Klarna. Sequoia partner Matthew Miller in recent days asked shareholders at Klarna to remove Moritz from the board of directors, a person with direct knowledge of... Sequoia Capital is pushing for one of its most venerated former partners, Michael Moritz, to step...

Jim Bankoff, co-founder and CEO of Vox Media. Photo by Jerod Harris/Getty Images.

Revenue Declines for Vox Media, Bustle in 2023 Reflects Wider Media Struggles

By Sahil Patel · Feb 15, 2024 6:00am PST

Advertising is no country for small digital media firms. Vox Media, the privately held firm that owns outlets such as New York magazine, The Verge and Eater, saw revenue fall roughly 15% in 2023, dragged down by weaker ad sales, according to people familiar with the matter. Similarly, Bustle Digital Group, which owns Bustle, Nylon and W... Advertising is no country for small digital media firms. Vox Media, the privately held firm that...

Salesforce CEO Marc Benioff. Photo by Bloomberg via Getty

Salesforce to Invest in Nvidia Chip Reseller at More Than $1 Billion Valuation

By Kate Clark and Stephanie Palazzolo · Feb 14, 2024 4:23pm PST · 4 comments

Nvidia’s hot streak with artificial intelligence chips, which have been in high demand globally, is also lifting a slew of companies that resell the chips. Together AI, a startup that helps AI developers access Nvidia server chips to train and tweak their AI models, is raising more than $100 million in new funding that values the... Nvidia’s hot streak with artificial intelligence chips, which have been in high demand...

OpenAI's Sam Altman and Mira Murati. Photos via Getty Images.

OpenAI Develops Web Search Product in Challenge to Google

By Aaron Holmes and Amir Efrati · Feb 14, 2024 1:33pm PST · 15 comments

OpenAI's Sam Altman and Mira Murati. Photos via Getty Images.

OpenAI Develops Web Search Product in Challenge to Google

By Aaron Holmes and Amir Efrati · Feb 14, 2024 1:33pm PST · 15 comments

OpenAI has been developing a web search product that would bring the Microsoft-backed startup into more direct competition with Google, according to someone with knowledge of OpenAI’s plans. The search service would be partly powered by Bing, this person said. OpenAI has been developing a web search product that would bring the Microsoft-backed startup...