The Information

Kevin Mayer. Photo by Bloomberg.

Former Disney Exec Kevin Mayer Looks to Double VC Fund Size to $1 Billion

By Kate Clark and Sahil Patel · Apr 4, 2023 1:17pm PDT · 3 comments

Smash Capital, an investment firm co-founded by Disney veterans including Kevin Mayer, is seeking to raise as much as $500 million in fresh capital, according to two people familiar with the matter. The new fundraising would supplement half a billion dollars the fund previously raised. The fund, which is separate from Mayer’s ... Smash Capital, an investment firm co-founded by Disney veterans including Kevin Mayer, is seeking...

Art by Clark Miller.

Amazon Hands Out ‘Small Business’ Label to Huge Sellers

By Theo Wayt · Apr 4, 2023 6:00am PDT · 2 comments

What do a bottle of shampoo made by Johnson & Johnson, a lamp from a Chinese seller and an Arc’Teryx jacket all have in common? Amazon has labeled them all as coming from American small businesses. Amazon began adding a “Small Business” badge to items on its U.S. site about a year ago, pitching it as an effort to... What do a bottle of shampoo made by Johnson & Johnson, a lamp from a Chinese seller and an...

Ben Horowitz (left) and Marc Andreessen at the Future Investment Initiative Institute conference in Miami in late March. Photo courtesy of FII Institute

Saudi Arabia Discloses Ties to Andreessen Horowitz, Dozens of Other Venture Funds

By Becky Peterson and Kate Clark · Apr 3, 2023 12:49pm PDT · 10 comments

For several years, venture capital firms have been cagey about whether they have raised money from Saudi Arabia, following the 2018 murder of Washington Post columnist Jamal Khashoggi in one of the country’s consulates. The Saudis, for their part, are no longer keeping quiet. The venture arm of the Saudi Public Investment Fund, the... For several years, venture capital firms have been cagey about whether they have raised money...

Salesforce’s Benioff Discussing Management Reorg

By Kevin McLaughlin · Apr 3, 2023 6:00am PDT · 1 comment

Salesforce’s Benioff Discussing Management Reorg

By Kevin McLaughlin · Apr 3, 2023 6:00am PDT · 1 comment

Salesforce has always been known for internal power struggles. Now, as the dust settles from the January departure of Bret Taylor as co-CEO, at least two senior executives are vying for a wider range of responsibilities, perhaps anticipating the day CEO and co-founder Marc Benioff finally steps aside. Srinivas Tallapragada, chief engineering... Salesforce has always been known for internal power struggles. Now, as the dust settles from the...

Instacart CEO Fidji Simo. Photo by Bloomberg

In Reversal, Instacart Hikes Its Valuation 18%

By Cory Weinberg and Erin Woo · Apr 2, 2023 1:10pm PDT · 4 comments

After slashing its private stock price four times last year, Instacart is feeling better about itself. The grocery delivery firm, whose business skyrocketed during the pandemic but later cooled off, in late February raised its internal stock price 18% compared to December, according to a person with direct knowledge. While the company’s... After slashing its private stock price four times last year, Instacart is feeling better about...

TikTok CEO Shou Zi Chew. Photo by Bloomberg

Revenue at TikTok Owner ByteDance Rose More Than 30% in 2022, Topped $80 Billion

By Juro Osawa · Apr 1, 2023 6:00am PDT

ByteDance, the Chinese owner of TikTok, generated more than $80 billion in annual revenue last year, up more than 30% from roughly $60 billion in 2021, according to two people with knowledge of the figure. The 2022 result, which hasn’t previously been reported, is significant because most technology companies with that kind of revenue... ByteDance, the Chinese owner of TikTok, generated more than $80 billion in annual revenue last...

Bakkt's team ringing the first trade bell at the New York Stock Exchange in 2021. Photo via NYSE.

Crypto Company Bakkt’s Make-or-Break Deal

By Aidan Ryan · Mar 31, 2023 6:01am PDT

The crypto industry is littered with the corpses of now-shuttered businesses. Among the survivors, at least so far, is Bakkt, a crypto company founded by New York Stock Exchange owner Intercontinental Exchange. But after a previously unreported second round of layoffs earlier this month, a slew of executive exits and the shuttering of its... The crypto industry is littered with the corpses of now-shuttered businesses. Among the...

Photos via Goldman Sachs, Elliott Management, Bloomberg, the Berkeley Forum, JPMorgan Chase, Sequoia, UC Berkeley and YouTube.

Meet The Information’s New Financial Power Brokers

By Rachel Graf, Lauren Tara LaCapra, Cory Weinberg, Michael Roddan, Maria Heeter and Kate Clark · Mar 30, 2023 6:00am PDT

Photos via Goldman Sachs, Elliott Management, Bloomberg, the Berkeley Forum, JPMorgan Chase, Sequoia, UC Berkeley and YouTube.

Meet The Information’s New Financial Power Brokers

By Rachel Graf, Lauren Tara LaCapra, Cory Weinberg, Michael Roddan, Maria Heeter and Kate Clark · Mar 30, 2023 6:00am PDT

Jamie Dimon won’t run JPMorgan Chase forever, and Marc Andreessen will one day give way to the next generation of investors. The Information has identified the bankers, executives and investors who could replace them by stepping into the upper echelons of the finance industry in the years to come. They are The Information’s New... Jamie Dimon won’t run JPMorgan Chase forever, and Marc Andreessen will one day give way to...

From left, Alphabet CEO Sundar Pichai, DeepMind CEO Demis Hassabis and Google Brain chief Jeff Dean. Photos by Getty, Bloomberg

Alphabet’s Google and DeepMind Pause Grudges, Join Forces to Chase OpenAI

By Jon Victor and Amir Efrati · Mar 29, 2023 4:19pm PDT · 3 comments

OpenAI’s success in overtaking Google with an artificial intelligence–powered chatbot has achieved what seemed impossible in the past: It has forced the two AI research teams within Google’s parent, Alphabet, to overcome years of intense rivalry to work together. Software engineers at Google’s Brain AI group are working... OpenAI’s success in overtaking Google with an artificial intelligence–powered chatbot...

Cameron and Tyler Winklevoss, co-founders of Gemini. Photo by Getty.

Gemini Preps Overseas Derivatives Exchange to Offer ‘Perpetual Futures’

By Akash Pasricha and Aidan Ryan · Mar 29, 2023 12:39pm PDT

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has been gearing up to launch an international cryptocurrency derivatives exchange, according to two people familiar with the matter. The collapse of FTX, one of the top international exchanges with significant market share in derivatives trading, in November opened the door... Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has been gearing up to...

Packages move along a conveyor belt at an Amazon Fulfillment center in Robbinsville, N.J. Photo by Bloomberg.

Amazon Starts Warning Customers About ‘Frequently Returned’ Items

By Theo Wayt and Ann Gehan · Mar 27, 2023 1:53pm PDT

Amazon’s free and easy return policy for the vast majority of its items is a key part of its pitch to consumers, but a new feature the company is rolling out shows it’s trying to get customers to send purchases back less often. Amazon in recent months has started warning customers that an item they’re about to buy has been... Amazon’s free and easy return policy for the vast majority of its items is a key part of...

A TikTok advertisement at Union Station in Washington, D.C., on Wednesday, March 22, 2023. Photo by Bloomberg.

TikTok Shifts Into Damage Control Mode

By Kaya Yurieff · Mar 24, 2023 3:27pm PDT · 2 comments

A TikTok advertisement at Union Station in Washington, D.C., on Wednesday, March 22, 2023. Photo by Bloomberg.

TikTok Shifts Into Damage Control Mode

By Kaya Yurieff · Mar 24, 2023 3:27pm PDT · 2 comments

TikTok and some companies that work with the popular app have shifted into damage control mode after a rancorous Congressional grilling of TikTok CEO Shou Zi Chew failed to allay lawmakers’ concerns that its Chinese parent, ByteDance, poses a national security risk. Golin, a major public relations firm that hires creators on behalf of... TikTok and some companies that work with the popular app have shifted into damage control mode...

Shivon Zilis. Photo: GeekWire/YouTube.

Shivon Zilis, Musk Associate, Leaves OpenAI Board

By Becky Peterson · Mar 23, 2023 8:22am PDT · 4 comments

Shivon Zilis, director of operations at Elon Musk’s Neuralink, has stepped down from the board of OpenAI, according to a person familiar with the move and Zilis’ LinkedIn profile. Her departure follows public criticism of OpenAI from Musk, who aside from being her boss at the brain-computer interface startup Neuralink is also the ... Shivon Zilis, director of operations at Elon Musk’s Neuralink, has stepped down from the...

Bill Gurley in 2019. Photo by Bloomberg

Good Eggs Cuts Its Valuation 94% in Lifeline Financing as More Startups Get Desperate

By Amir Efrati · Mar 23, 2023 6:00am PDT · 6 comments

As more startups struggle to raise money from venture capitalists and approach bankruptcy, they are going to extreme lengths to stay afloat. The latest example is Good Eggs, which delivers fresh produce and other groceries. The company this month raised around $7 million from Greenwich, Conn., investment firm Glade Brook Capital Partners at a... As more startups struggle to raise money from venture capitalists and approach bankruptcy, they...

SpaceX CEO Elon Musk last August. Photo by Bloomberg

SpaceX Plans New Funding With Backing From Saudi, UAE Investors

By Becky Peterson · Mar 22, 2023 3:07pm PDT

A subsidiary of Saudi Arabia’s investment fund and an Abu Dhabi investment firm are planning to invest in a multibillion-dollar funding round for SpaceX, Elon Musk’s rocket company, according to people familiar with the investor discussions. Representatives of SpaceX and Morgan Stanley, which is organizing the ongoing funding effort,... A subsidiary of Saudi Arabia’s investment fund and an Abu Dhabi investment firm are...

The entrance to Indeed.com's office in Dublin. Photo by Shutterstock.

Indeed Lays Off 2,200 People, or 15% of Staff, as Job Postings Drop

By Theo Wayt · Mar 22, 2023 10:00am PDT · 3 comments

The entrance to Indeed.com's office in Dublin. Photo by Shutterstock.

Indeed Lays Off 2,200 People, or 15% of Staff, as Job Postings Drop

By Theo Wayt · Mar 22, 2023 10:00am PDT · 3 comments

Job listings site Indeed.com told employees on Wednesday that it’s laying off 2,200 people, representing 15% of its headcount, according to a person with direct knowledge of the decision. Indeed CEO Chris Hyams broke the news to employees in an all-hands meeting on Wednesday morning, saying that the cuts would affect teams across the... Job listings site Indeed.com told employees on Wednesday that it’s laying off 2,200 people,...

Nick Grudin. Photo by Dapper Labs.

Meta Rehires Partnerships Executive After Vowing to Shrink Management

By Sahil Patel and Sylvia Varnham O'Regan · Mar 22, 2023 7:16am PDT · 2 comments

Meta Platforms CEO Mark Zuckerberg’s effort to cut back on middle managers isn’t stopping the company hiring more middle managers. Meta has re-hired a veteran manager, Nick Grudin, to oversee its relationships with media companies and other creators, just seven months after Grudin quit to join Dapper Labs, an NFT startup. Grudin will... Meta Platforms CEO Mark Zuckerberg’s effort to cut back on middle managers isn’t...

Art by Mike Sullivan

Amazon Faces Moment of Truth on Alexa as ChatGPT Steals Its Thunder

By Theo Wayt · Mar 22, 2023 6:05am PDT

At the 2018 Consumer Electronics Show, Amazon announced one of its biggest partnerships yet to help make its Alexa voice assistant ubiquitous: a deal with Toyota to integrate Alexa into the auto giant’s cars. “Our vision for Alexa is that she should be everywhere a customer might need her—at home, in the office, on... At the 2018 Consumer Electronics Show, Amazon announced one of its biggest partnerships yet to...

Tonal’s now-shuttered Palo Alto, Calif. retail store. Photo by Getty.

Tonal’s Valuation May Fall 90% in ‘Cram-Down’ Financing

By Maria Heeter · Mar 21, 2023 3:11pm PDT · 7 comments

Tonal, a fitness startup with a cadre of celebrity backers, is crunched for cash after failing to find a buyer. The company now may take a drastic step: raising money at a valuation nearly 90% lower than its last one, in a deal that would effectively wipe out the stakes of many existing investors, people familiar with the matter said. Private... Tonal, a fitness startup with a cadre of celebrity backers, is crunched for cash after failing to...

A sign outside TikTok's offices in Culver City, Calif. this week. Photo by Getty.

TikTok Tries to Allay Advertisers’ Concerns as U.S. Ban Threat Looms

By Kaya Yurieff and Sylvia Varnham O'Regan · Mar 17, 2023 12:21pm PDT

A sign outside TikTok's offices in Culver City, Calif. this week. Photo by Getty.

TikTok Tries to Allay Advertisers’ Concerns as U.S. Ban Threat Looms

By Kaya Yurieff and Sylvia Varnham O'Regan · Mar 17, 2023 12:21pm PDT

No matter what happens in Washington, TikTok needs to keep advertisers spending money on the app. The latest threat of a ban, made recently by the Biden administration, has prompted marketers to consider their alternatives, ad executives say. TikTok has been taking steps to reassure the ad industry, including convening a closed-door meeting with... No matter what happens in Washington, TikTok needs to keep advertisers spending money on the app....