The Information

Elon Musk. Photo by Getty

Elon Musk Softens Twitter’s Remote Work Stance

By Erin Woo · Nov 17, 2022 1:17pm PST

Even before Elon Musk’s deadline passes for employees to commit to an “extremely hardcore” fully in-office work schedule, he softened his stance on remote work, in a possible sign he is concerned too many people will quit Twitter. Musk emailed employees on Thursday saying that employees can get approval to work remotely if... Even before Elon Musk’s deadline passes for employees to commit to an “extremely...

Google CEO Sundar Pichai and its HR chief Fiona Cicconi. Photos by Bloomberg and Onur Pinar.

10,000 Google Employees Could Be Rated as Low Performers

By Jon Victor · Nov 17, 2022 6:00am PST · 3 comments

As layoffs spread across Silicon Valley, Google has stood out by not cutting employees so far. But as outside pressure builds on the company to improve the productivity of its workers, a new performance management system could help managers push out thousands of underperforming employees starting early next year. Managers could also use the... As layoffs spread across Silicon Valley, Google has stood out by not cutting employees so far....

TikTok's Los Angeles office. Photo by Getty Images

As Meta and Twitter Lay Off Thousands in Bay Area, TikTok Plans to Double Staff

By Juro Osawa · Nov 16, 2022 6:00am PST · 1 comment

When Elon Musk bought Twitter and cut half its workforce earlier this month, TikTok’s in-house recruiters approached some of the laid-off software engineers about joining the viral video app’s Silicon Valley office. Then last week, the same recruiters contacted some of the engineers cut by Meta Platforms. The outreach highlighted a... When Elon Musk bought Twitter and cut half its workforce earlier this month, TikTok’s...

Sam Bankman-Fried. Photo by Bloomberg.

VCs Consider Suing Bankman-Fried

By Cory Weinberg and Kate Clark · Nov 15, 2022 8:49am PST · 11 comments

Sam Bankman-Fried. Photo by Bloomberg.

VCs Consider Suing Bankman-Fried

By Cory Weinberg and Kate Clark · Nov 15, 2022 8:49am PST · 11 comments

Venture capitalists who collectively plowed billions of dollars into FTX are discussing whether to sue Sam Bankman-Fried for alleged fraud, two people familiar with the matter said. A lawsuit would be aimed at recovering money to offset what shareholders have likely lost now that FTX has filed for bankruptcy. Among the questions are whether... Venture capitalists who collectively plowed billions of dollars into FTX are discussing whether...

Sea executives when the stock began trading on the New York Stock Exchange. Photo by Getty.

Southeast Asia’s Biggest Internet Firm Has Laid Off 7,000 Workers

By Juro Osawa · Nov 14, 2022 8:55am PST

Sea Ltd., Southeast Asia’s largest internet company by revenue and market value, has laid off more than 7,000 employees, or around 10% of its workforce, over the past six months, according to two people with knowledge of the matter. Sea, a Nasdaq-listed company whose shareholders include Tencent, BlackRock and T. Rowe Price, had been seen... Sea Ltd., Southeast Asia’s largest internet company by revenue and market value, has laid...

Illustration by Jesús Escudero

Inside Apple’s Love-Hate Relationship With Its $4 Billion Ads Business

By Wayne Ma · Nov 14, 2022 6:00am PST · 2 comments

Inside Apple’s advertising department, there’s a list of forbidden words that sales representatives are told never to utter when speaking to clients. Instead of using the term “targeting” to describe the company’s ability to deliver Apple search ads tailored to users’ tastes, Apple asks its ad sales reps to... Inside Apple’s advertising department, there’s a list of forbidden words that sales...

The Map That Shows Which EV Battery Factories Will Be Built—and Which Won’t

By Steve LeVine · Nov 14, 2022 5:00am PST

Automakers are racing to convert their fleets to electric vehicles. By 2030, global automakers want to be producing 40 million or more EVs a year, half the global fleet. That’s sparked a secondary race among established companies and startups to supply them with batteries. The factories where those batteries are built have come to be... Automakers are racing to convert their fleets to electric vehicles. By 2030, global automakers...

FTX founder Sam Bankman-Fried. Photo: Bloomberg

Startups Should Prepare for ‘Second-Order Fallout’ From FTX Collapse

By Kate Clark and Erin Woo · Nov 13, 2022 2:15pm PST · 9 comments

FTX founder Sam Bankman-Fried. Photo: Bloomberg

Startups Should Prepare for ‘Second-Order Fallout’ From FTX Collapse

By Kate Clark and Erin Woo · Nov 13, 2022 2:15pm PST · 9 comments

The failure of crypto exchange FTX has prompted venture investors to issue a blunt warning to startup founders: The current economic situation poses steep challenges to companies. As a result, startups shouldn’t expect to raise new money through 2024 and should prepare for “deep cuts.” Arjun Sethi, a co-founder of FTX backer... The failure of crypto exchange FTX has prompted venture investors to issue a blunt warning to...

Art by Mike Sullivan

Apple Loses Web Search Technology Chief to Google

By Jon Victor · Nov 11, 2022 6:00am PST

In late 2018, Apple boosted its development of a web search engine by buying Laserlike, a startup founded by a trio of former Google search engineers to recommend websites to people based on their interests and browsing history. Four years later, Laserlike’s founders have returned to Google, according to a person with knowledge of the... In late 2018, Apple boosted its development of a web search engine by buying Laserlike, a startup...

Gwynne Shotwell. Photo by Bloomberg.

SpaceX’s Gwynne Shotwell Takes Over Starbase Mars Mission

By Becky Peterson · Nov 10, 2022 3:08pm PST · 2 comments

SpaceX President and Chief Operating Officer Gwynne Shotwell will assume oversight of the company’s Starbase facility in Texas that is building Starship, the rocket planned for a trip to Mars, according to two people familiar with the change. The appointment is part of a reorganization at Starbase that follows a summer of strategy... SpaceX President and Chief Operating Officer Gwynne Shotwell will assume oversight of the...

Elon Musk.

Musk Warns Twitter May Lose Billions Next Year

By Erin Woo · Nov 10, 2022 1:13pm PST · 5 comments

Elon Musk told Twitter employees on Thursday the company may have a “net negative cash flow of several billion dollars” next year, adding that “bankruptcy is not out of the question” if the company can’t “bring in more cash than we spend." “We can’t scale to a billion users and take massive... Elon Musk told Twitter employees on Thursday the company may have a “net negative cash flow...

Photo by FTX Arena.

From Voyager to Miami, FTX Implosion Leaves Crypto World in Limbo

By Maria Heeter, Aidan Ryan and Akash Pasricha · Nov 10, 2022 12:45pm PST · 1 comment

Photo by FTX Arena.

From Voyager to Miami, FTX Implosion Leaves Crypto World in Limbo

By Maria Heeter, Aidan Ryan and Akash Pasricha · Nov 10, 2022 12:45pm PST · 1 comment

The near-collapse of Sam Bankman-Fried’s crypto empire, FTX, has sent shockwaves across the crypto industry, leaving many firms with ties to Bankman-Fried in limbo. Most notably, Bankman-Fried was poised to buy up the assets of bankrupt crypto lender Voyager, but while that agreement was announced in September, it hasn’t closed.... The near-collapse of Sam Bankman-Fried’s crypto empire, FTX, has sent shockwaves across the...

Photo by Bloomberg.

FTX’s Bankman-Fried Quietly Invested More than $500 Million in Sequoia and Other VCs

By Kate Clark · Nov 10, 2022 11:53am PST · 3 comments

FTX founder Sam Bankman-Fried was not only a tireless fundraiser from venture capital firms including Paradigm and Sequoia Capital, but also quietly made investments in those same funds, according to two people familiar with the matter. The unusual moves show how entangled Silicon Valley VC firms are in Bankman-Fried’s collapsing crypto... FTX founder Sam Bankman-Fried was not only a tireless fundraiser from venture capital firms...

Coinbase headquarters in San Francisco. Photo by Getty.

Coinbase Is Cutting More Jobs

By Aidan Ryan · Nov 10, 2022 10:45am PST

Coinbase is laying off staff in a fresh round of cuts, a company spokesperson confirmed. The layoffs, announced internally on Thursday, affect the company’s recruiting and institutional onboarding teams. The cuts come as the broader crypto industry is reeling from the high-profile struggles of the FTX crypto exchange, which have... Coinbase is laying off staff in a fresh round of cuts, a company spokesperson confirmed. The...

ServiceTitan's co-founders Ara Mahdessian (left) and Vahe Kuzoyan. Photo by ServiceTitan.

ServiceTitan Held Talks to Raise Money at 20% Valuation Cut

By Maria Heeter · Nov 10, 2022 7:00am PST

Software startup ServiceTitan, which about two months ago was trying to raise $900 million in a form of pricey debt-like funding, is going a different route—one that involves a different kind of pain. The company has held talks within the last few weeks to raise about $600 million in traditional equity from investors including TPG, at a... Software startup ServiceTitan, which about two months ago was trying to raise $900 million in a...

Meta’s Layoffs Hit Instagram, Facebook and Reality Labs—WhatsApp Less Affected

By Sylvia Varnham O'Regan · Nov 9, 2022 3:08pm PST

Meta’s Layoffs Hit Instagram, Facebook and Reality Labs—WhatsApp Less Affected

By Sylvia Varnham O'Regan · Nov 9, 2022 3:08pm PST

It was a chaotic day for Meta Platforms employees, who woke up to an early-morning email from CEO Mark Zuckerberg telling them that the company would be laying off 13% of its employees, or 11,000 people. What came next was an anxious wait for the next email, which came a short time later, telling them whether they were among the unlucky ones. ... It was a chaotic day for Meta Platforms employees, who woke up to an early-morning email from CEO...

Tiger Global's leaders Chase Coleman, left, and Scott Shleifer. Photos by Bloomberg

Tiger Global Reduces Value of Private Tech Bets by Billions, Documents Show

By Erin Woo · Nov 9, 2022 5:00am PST · 4 comments

Hedge fund Tiger Global Management invested at least $19 billion in private tech companies in the past 19 months, an astonishing pace in a period in which startups’ valuations were at or near a peak. As tech stocks crumbled this year, cutting the value of Tiger’s public stock holdings by half, the firm also marked down the value of... Hedge fund Tiger Global Management invested at least $19 billion in private tech companies in the...

Photo by Bloomberg.

FTX Venture Investors Fear Total Wipeout in Binance Rescue Deal

By Kate Clark, Aidan Ryan and Akash Pasricha · Nov 8, 2022 2:47pm PST · 23 comments

Binance’s planned bailout of rival crypto firm FTX has blindsided the exchange’s venture investors, who are now worried about their investments getting wiped out completely in the deal. Four of FTX’s backers told The Information that the fate of their equity stakes remained unknown, and that they were still trying to figure out... Binance’s planned bailout of rival crypto firm FTX has blindsided the exchange’s...

Microsoft CEO Satya Nadella, left, and OpenAI CEO Sam Altman. Photos by Bloomberg

Free Rent: OpenAI Deal Shows One Way Microsoft Seeds Its Cloud

By Kevin McLaughlin and Aaron Holmes · Nov 7, 2022 3:25pm PST · 2 comments

When Microsoft in 2019 said it had invested $1 billion in OpenAI, the high-profile artificial intelligence startup agreed to develop its products exclusively using Microsoft’s Azure cloud servers. It appeared to be a big customer win for Microsoft Azure in its battle against rivals such as Google Cloud and Amazon Web Services. Since then,... When Microsoft in 2019 said it had invested $1 billion in OpenAI, the high-profile artificial...

Kuaishou ads in Beijing, 2021. Photo by Bloomberg

Beijing Increases Control Over ByteDance Rival Kuaishou Through Equity Stake

By Juro Osawa · Nov 6, 2022 12:51am PDT · 3 comments

Kuaishou ads in Beijing, 2021. Photo by Bloomberg

Beijing Increases Control Over ByteDance Rival Kuaishou Through Equity Stake

By Juro Osawa · Nov 6, 2022 12:51am PDT · 3 comments

A Chinese state-owned broadcaster recently took an equity stake in the domestic business of Kuaishou, one of the country’s most popular video apps, and also appeared to gain a seat on the board of that business, according to corporate records. Beijing’s actions involving Kuaishou, which haven’t been previously reported,... A Chinese state-owned broadcaster recently took an equity stake in the domestic business of...