The Information

Abraham Shafi, CEO of IRL (left), and Masayoshi Son, CEO of Softbank.

SEC Probes Whether SoftBank-Backed Messaging App Misled Investors

By Mark Matousek and Amir Efrati · Dec 7, 2022 12:59pm PST · 2 comments

The Securities and Exchange Commission has been investigating whether SoftBank-backed messaging app IRL violated securities laws, including in the way the startup described its business performance during talks with investors, according to people with knowledge of the situation. The SEC investigation began after The Information reported in May... The Securities and Exchange Commission has been investigating whether SoftBank-backed messaging...

Art via Shutterstock.

TikTok Pushes Social Features as Growth Cools

By Kaya Yurieff and Sylvia Varnham O'Regan · Dec 7, 2022 6:00am PST

For the past year or so, Meta Platforms has been fiddling with its Instagram app to make it look more like TikTok, the short-video juggernaut that has been siphoning away its audience. Lately, though, TikTok has started borrowing a few social media tricks from the likes of Meta’s Instagram and upstart photo-sharing app BeReal. One of the... For the past year or so, Meta Platforms has been fiddling with its Instagram app to make it look...

Crypto and AI-Focused Sequoia Partner Is Leaving the Firm

By Aidan Ryan · Dec 6, 2022 5:15pm PST · 6 comments

Sequoia Capital partner Divya Gupta is leaving the firm just weeks after the storied venture capital firm apologized to limited partners about its $214 million investment in the now-bankrupt crypto exchange FTX. Gupta worked on seed- and early-stage investments in cryptocurrency and artificial intelligence at Sequoia, and has worked at the firm... Sequoia Capital partner Divya Gupta is leaving the firm just weeks after the storied venture...

Zhang Lei, chairman and chief executive officer of Hillhouse Capital Group. Photo by Bloomberg.

Chinese Investment Giant Hillhouse Capital Seeks to Expand Outside China

By Juro Osawa and Shai Oster · Dec 6, 2022 10:42am PST · 2 comments

Zhang Lei, chairman and chief executive officer of Hillhouse Capital Group. Photo by Bloomberg.

Chinese Investment Giant Hillhouse Capital Seeks to Expand Outside China

By Juro Osawa and Shai Oster · Dec 6, 2022 10:42am PST · 2 comments

Hillhouse Capital Group, the Chinese sprawling investment powerhouse that has drawn comparisons to Tiger Global Management, has a new challenge: growing outside China. The firm is best known for investments in Chinese tech giants such as Tencent, JD.com, Didi Global and TikTok owner ByteDance. But the devastation of China’s private equity... Hillhouse Capital Group, the Chinese sprawling investment powerhouse that has drawn comparisons...

Microsoft CEO Satya Nadella. Photo by Bloomberg

Microsoft Eyes ‘Super App’ to Break Apple and Google’s Hold on Mobile Search

By Aaron Holmes and Jon Victor · Dec 6, 2022 6:00am PST · 7 comments

Microsoft recently considered building a “super app” that could combine shopping, messaging, web search, news feeds and other services in a one-stop smartphone app, in what would be an ambitious move by the software giant to expand further into consumer services, according to people with direct knowledge of the discussions. Microsoft... Microsoft recently considered building a “super app” that could combine shopping,...

Former FTX Executive Brett Harrison in Talks With Investors for New Crypto Startup

By Aidan Ryan and Erin Woo · Dec 2, 2022 9:48am PST

Brett Harrison, the former president of FTX’s U.S. arm, is trying to raise money for a new crypto startup focused on building crypto trading software for big investors, according to two people with direct knowledge of the matter. Harrison has told at least one venture capital firm he is aiming to raise $6 million at a valuation of $60... Brett Harrison, the former president of FTX’s U.S. arm, is trying to raise money for a new...

Andy Jassy. Photo by Bloomberg.

Amazon Rescinds Job Offers in Retail Organization

By Theo Wayt · Dec 2, 2022 9:30am PST

Amazon has started rescinding job offers it had extended to new hires in its retail organization, a sign that the ecommerce giant’s cutbacks have moved beyond its devices division where recent layoffs were concentrated. Representatives from the retail organization, which is led by Amazon’s CEO of Worldwide Amazon Stores Doug... Amazon has started rescinding job offers it had extended to new hires in its retail organization,...

SpaceX's Mark Juncosa and the Starship rocket in Boca Chica, Texas. Photo from Disney+ and Getty Images

Elon Musk’s Rocket Man at SpaceX Channels His Boss

By Becky Peterson · Dec 2, 2022 6:00am PST

SpaceX's Mark Juncosa and the Starship rocket in Boca Chica, Texas. Photo from Disney+ and Getty Images

Elon Musk’s Rocket Man at SpaceX Channels His Boss

By Becky Peterson · Dec 2, 2022 6:00am PST

Once, when top SpaceX executive Mark Juncosa was frustrated by poor cellphone service in a meeting at company headquarters in Hawthorne, Calif., he pointed to a SpaceX employee in the meeting and told them it was their responsibility to fix the cell coverage in the room, according to a person who attended the meeting. It was the kind of thing... Once, when top SpaceX executive Mark Juncosa was frustrated by poor cellphone service in a...

Photo by Bloomberg.

Marc Lore’s Kitchen on Wheels Startup Cuts Staff, Dials Back Delivery Ambitions

By Theo Wayt and Erin Woo · Nov 30, 2022 2:24pm PST · 2 comments

Wonder, a mobile kitchen and food-delivery startup led by Jet.com founder Marc Lore, has laid off 7% of its workforce, a company spokesperson said, as it attempts to overhaul its business. The startup landed a $3.5 billion valuation when it raised $350 million this summer and planned to add more than a thousand kitchens around the tri-state area... Wonder, a mobile kitchen and food-delivery startup led by Jet.com founder Marc Lore, has laid off...

John Curtius. Art by Mike Sullivan.

Ex-Tiger Partner Curtius Targets $1 Billion Fund After Sudden Exit

By Erin Woo and Kate Clark · Nov 30, 2022 1:52pm PST · 2 comments

John Curtius, the former Tiger Global Management partner who became a key Silicon Valley dealmaker for the investment firm before his hasty exit two months ago, plans to raise $1 billion for his debut fund, according to two people with direct knowledge of the matter. It will focus on early-stage enterprise software investments. If successful,... John Curtius, the former Tiger Global Management partner who became a key Silicon Valley...

Tim Cook and Elon Musk. Photos by Bloomberg. Art by Mike Sullivan

Twitter Blue Relaunch Adds Pressure to Musk’s Apple Fight

By Erin Woo · Nov 29, 2022 2:40pm PST · 3 comments

Twitter’s impending relaunch of its subscription product, Twitter Blue, could bring Elon Musk’s fight with Apple to a head. Twitter Blue Verified, as the product is called, had been scheduled to roll out on Friday but only on Apple’s iOS mobile software, according to a person briefed on the plans. (Late Tuesday, Twitter ... Twitter’s impending relaunch of its subscription product, Twitter Blue, could bring Elon...

Charlie Bell. Photo via Microsoft

A Former Amazonian Hits Bumps in Push to Make Microsoft More Secure

By Kevin McLaughlin · Nov 29, 2022 6:00am PST

Charlie Bell. Photo via Microsoft

A Former Amazonian Hits Bumps in Push to Make Microsoft More Secure

By Kevin McLaughlin · Nov 29, 2022 6:00am PST

When Microsoft last year recruited Charlie Bell, a top product engineering executive at Amazon Web Services, it was a major coup for the software giant. Bell had spent 23 years at Amazon—15 of them at AWS, the retailer’s cloud computing unit—where he earned a reputation for being able to bulldoze through departmental politics,... When Microsoft last year recruited Charlie Bell, a top product engineering executive at Amazon...

Shou Zi Chew, chief executive officer of TikTok. Photo by Bloomberg.

ByteDance Investors Struggle to Sell Shares at Discounted $240 Billion Value Amid IPO Uncertainty

By Juro Osawa · Nov 28, 2022 4:40am PST · 1 comment

Investors in TikTok owner ByteDance are struggling to sell their shares in the secondary market, even at current asking prices valuing the company at around $240 billion, 20% below where ByteDance recently bought back stock, according to brokers and investors with knowledge of the matter. The price drop reflects a lack of investors... Investors in TikTok owner ByteDance are struggling to sell their shares in the secondary market,...

Chuck Robbins, CEO of Cisco. Photo by Bloomberg

Cisco Faces Resistance to Software Bundles from Cost-Conscious Companies

By Aaron Holmes · Nov 23, 2022 6:00am PST · 5 comments

For years, Cisco has relied on a widely used tactic to drive sales: The enterprise tech giant pitches customers on large bundles of products that include everything from its core networking products to more peripheral offerings from its sprawling portfolio, such as security software and its Webex videoconferencing app. But now customers are... For years, Cisco has relied on a widely used tactic to drive sales: The enterprise tech giant...

Google Cloud CEO Thomas Kurian and Alphabet CEO Sundar Pichai. Photos by Bloomberg. Art by Mike Sullivan

Google Cloud Considers Scrapping Sales Commissions Based on Deal Values

By Kevin McLaughlin · Nov 21, 2022 6:00am PST

To show investors that its cloud unit could compete with Amazon Web Services, Google in recent years signed billion-dollar, long-term deals with multinationals such as Deutsche Bank and Sabre. Google incentivized sales teams to nail those deals by basing a portion of their commissions on the value of the contracts—even if those customers... To show investors that its cloud unit could compete with Amazon Web Services, Google in recent...

Sam Bankman-Fried, second from right. Photo by Getty Images.

Bankman-Fried Spun His Spending Spree, and Investors Let It Slide

By Cory Weinberg · Nov 18, 2022 1:00pm PST · 5 comments

Sam Bankman-Fried, second from right. Photo by Getty Images.

Bankman-Fried Spun His Spending Spree, and Investors Let It Slide

By Cory Weinberg · Nov 18, 2022 1:00pm PST · 5 comments

With the crypto industry in crisis this summer, some of FTX’s venture capital investors were starting to scratch their heads: Why was its CEO, Sam Bankman-Fried, spending so much money bailing out distressed crypto lenders and spraying cash at startups? The 30-year-old, hailed as the golden boy of crypto, told one of his investors... With the crypto industry in crisis this summer, some of FTX’s venture capital investors...

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...