The Information

ByteDance's Douyin app on a smartphone. Photo by Bloomberg

TikTok Parent Aims to Double E-Commerce Volume on China App to $240 Billion

By Juro Osawa, Shai Oster and Mark Di Stefano · May 11, 2022 6:00am PDT · 1 comment

TikTok has taken on Facebook and YouTube. Now it hopes to compete with Amazon as well. In China, TikTok’s parent company, ByteDance, in recent years has turned its video app, Douyin, into a shopping powerhouse that has eroded the e-commerce dominance of Alibaba, China’s equivalent to Amazon. ByteDance this year aims to double the... TikTok has taken on Facebook and YouTube. Now it hopes to compete with Amazon as well. In China,...

Chainalysis CEO Michael Gronager on Feb. 24, 2022. Photo: Bloomberg

Chainalysis Valued at $8.6 Billion in GIC-Led Investment

By Kate Clark · May 10, 2022 4:42pm PDT · 1 comment

Chainalysis, a startup that sells services to detect and track crypto fraud, has raised a new round at an $8.6 billion valuation, including the investment, according to a person with direct knowledge of the matter. GIC, Singapore’s sovereign wealth fund and an existing investor in the company, is leading the $170 million investment, the... Chainalysis, a startup that sells services to detect and track crypto fraud, has raised a new...

Shelly Blackburn. Screengrab via Cisco.

Cisco Overhauls Security Leadership After Top Exec Resigns

By Aaron Holmes · May 10, 2022 11:25am PDT · 1 comment

Shelly Blackburn, Cisco’s vice president of global security specialists and one of its longest-serving sales executives, is stepping down after more than 22 years at the company, she told colleagues this week. The announcement preceded a shake-up of its unit selling security software, which CEO Chuck Robbins has framed as a crucial part of... Shelly Blackburn, Cisco’s vice president of global security specialists and one of its...

GoPuff founders Yakir Gola, left, and Rafael Ilishayev. Photos by Getty, Bloomberg.

Gopuff Founders’ Ambitions Falter as Startup Bleeds Cash

By Berber Jin · May 10, 2022 6:00am PDT · 3 comments

GoPuff founders Yakir Gola, left, and Rafael Ilishayev. Photos by Getty, Bloomberg.

Gopuff Founders’ Ambitions Falter as Startup Bleeds Cash

By Berber Jin · May 10, 2022 6:00am PDT · 3 comments

Delivery firm Gopuff emerged as one of the hits of the pandemic shutdowns, fetching a $15 billion valuation thanks to its network of couriers delivering snacks and convenience items like chips, Tylenol and laundry detergent. But in recent months, its 29-year-old founders have faced mounting setbacks. Last fall, discussions led by the founders... Delivery firm Gopuff emerged as one of the hits of the pandemic shutdowns, fetching a $15 billion...

Campbell Brown. Photo by AP.

Meta Rethinks News Partnerships as Priorities Shift

By Sylvia Varnham O'Regan and Jessica Toonkel · May 9, 2022 2:21pm PDT · 3 comments

Meta Platforms is considering reducing the money it gives news organizations as it reevaluates the partnerships it struck over the past few years, according to people familiar with the matter. The reassessment comes as Meta looks to cut costs broadly and rethinks the value of including news in its flagship Facebook app. Meta’s... Meta Platforms is considering reducing the money it gives news organizations as it reevaluates...

Illustration by Josh Brill

A ‘Rough Year’ Ahead: Tech Companies Take Shelter as Downturn Looms

By Kate Clark · May 6, 2022 6:00am PDT

Two years ago, Reef Technology was gearing up for a period of explosive growth. The operator of a network of ghost kitchens—spaces where meals are prepared independent of restaurants—raised $700 million from SoftBank and Abu Dhabi’s sovereign wealth fund that year in a round that valued it over $2 billion. The company went on a... Two years ago, Reef Technology was gearing up for a period of explosive growth. The operator of a...

FTC Chair Lina Khan. Photo by Bloomberg.

FTC Opens Inquiry Into Sony’s $3.6 Billion Bungie Gaming Purchase

By Josh Sisco · May 5, 2022 1:18pm PDT · 2 comments

The Federal Trade Commission has opened an in-depth investigation of Sony’s proposed $3.6 billion takeover of Bungie, the gaming studio behind Destiny and Halo, according to people familiar with the matter. While the FTC may not be able to block the deal, its decision to review it is the latest example of how aggressive the agency is... The Federal Trade Commission has opened an in-depth investigation of Sony’s proposed $3.6...

Inside Shopify, Amazon’s ‘Buy With Prime’ Push Is Raising Existential Questions

By Mark Di Stefano · May 5, 2022 1:01pm PDT · 4 comments

Inside Shopify, Amazon’s ‘Buy With Prime’ Push Is Raising Existential Questions

By Mark Di Stefano · May 5, 2022 1:01pm PDT · 4 comments

Amazon’s revelation last month that it was launching a new “Buy with Prime” service, which will eventually let any online store offer the same two-day shipping benefits available to Prime subscribers, immediately sparked speculation within Shopify over how the company would respond to the move by its biggest rival. That... Amazon’s revelation last month that it was launching a new “Buy with Prime”...

Cameo CEO Steven Galanis. Photo: Cameo. Artwork: Mike Sullivan

Cameo, a Celebrity Shoutout App, Lays Off 25% of Workforce

By Kaya Yurieff · May 4, 2022 1:59pm PDT · 2 comments

Cameo, an app that became a pandemic darling by letting people pay celebrities to send them customized video greetings, told its employees that it was laying off more than 80 employees, about a quarter of its workforce, according to one of the employees. The company told employees about the plans on Wednesday during an all-hands meeting. ... Cameo, an app that became a pandemic darling by letting people pay celebrities to send them...

A Netflix office in Los Angeles. Photo by Bloomberg.

Netflix Backs Away From Free-for-All Pay Policy

By Sarah Krouse and Jessica Toonkel · May 4, 2022 12:23pm PDT · 4 comments

Netflix has long prided itself on giving managers the ability to pay what they see fit to attract and retain top talent. Now, as it grapples with stalled growth, it’s reining in that freewheeling practice. The streaming company is establishing a new hierarchy of internal seniority levels and associated pay as it is looking to better... Netflix has long prided itself on giving managers the ability to pay what they see fit to attract...

DAZN founder Len Blavatnik (left) and Kevin Mayer. Photos by Bloomberg and AP

A ‘Netflix for Sports’ Wagers on League Deals, Betting to Save Streaming Dreams

By Jessica Toonkel and Mark Di Stefano · May 4, 2022 6:00am PDT · 1 comment

Early last year, it looked like DAZN might finally be turning a corner. The streaming company—bankrolled by Ukraine-born billionaire mogul Len Blavatnik—had survived the shutdown of live sports during the pandemic, a near-death experience for a company with the ambition of becoming a global Netflix for sports. It beat out British... Early last year, it looked like DAZN might finally be turning a corner. The streaming...

An exhibitor using the Quest 2 headset at a conference in March. Photo by Bloomberg.

Meta Plots Ambitious VR Release Schedule of Four Headsets by 2024

By Sylvia Varnham O'Regan and Mathew Olson · May 2, 2022 9:14am PDT

An exhibitor using the Quest 2 headset at a conference in March. Photo by Bloomberg.

Meta Plots Ambitious VR Release Schedule of Four Headsets by 2024

By Sylvia Varnham O'Regan and Mathew Olson · May 2, 2022 9:14am PDT

Meta Platforms is planning to release four virtual reality headsets between now and 2024, according to an internal road map viewed by The Information. The aggressive timeline reflects Meta CEO Mark Zuckerberg’s desire to advance his vision of the metaverse by getting more people to use VR devices. Whether he can meet the timeline, however,... Meta Platforms is planning to release four virtual reality headsets between now and 2024,...

FTC commissioner Lina Khan. Photo: Bloomberg

FTC Chief Khan Vows to Address Sinking Staff Morale

By Josh Sisco · Apr 29, 2022 4:25pm PDT · 7 comments

Under both Republican and Democratic administrations, the Federal Trade Commission has consistently ranked in the top five for staff satisfaction among medium-size government agencies, according to annual government surveys. But that changed in 2021, the year Lina Khan, a favorite of progressives, took the helm with plans to overhaul how the... Under both Republican and Democratic administrations, the Federal Trade Commission has...

Vice CEO Nancy Dubuc. Photo by Bloomberg.

Vice Media Is Exploring Sale of Studio Business

By Jessica Toonkel · Apr 29, 2022 3:07pm PDT · 1 comment

Vice Media is exploring the possible sale of its studio business, looking to take advantage of rising valuations for production companies in recent months. But a sale of the business would deprive Vice of its biggest business and would raise questions about the future direction of the firm. The media firm is working with investment bank PJT and... Vice Media is exploring the possible sale of its studio business, looking to take advantage of...

OnlyFans CEO Amrapali Gan. Photo: OnlyFans

OnlyFans’ New CEO on Life After Shutdowns, Creator Outrage and Founder’s Exit

By Kaya Yurieff · Apr 29, 2022 10:00am PDT · 1 comment

In November, OnlyFans chief marketing officer Amrapali “Ami” Gan received some surprising news: Tim Stokely, founder of the adult content site, told her he was passing the CEO baton to her. Stokely wasn’t just stepping back from management. He had previously sold his entire stake in the startup, Gan confirmed in her first... In November, OnlyFans chief marketing officer Amrapali “Ami” Gan received some...

Bolt, a Checkout Startup Worth $11 Billion, Lost Customers as Revenue Stalled

By Malique Morris · Apr 28, 2022 4:38pm PDT · 10 comments

Bolt, a Checkout Startup Worth $11 Billion, Lost Customers as Revenue Stalled

By Malique Morris · Apr 28, 2022 4:38pm PDT · 10 comments

Bolt, which develops software that online stores use to help shoppers pay with one click, started the year riding high after rapid-fire fundraising and a private valuation that skyrocketed to $11 billion in January from $6 billion in October. It also easily outlasted Fast, a rival that had raised $120 million from backers including payments... Bolt, which develops software that online stores use to help shoppers pay with one click, started...

FTC Chair Lina Khan. Photo by Bloomberg.

Elon Musk’s Early Twitter Purchase Under FTC Scrutiny

By Josh Sisco and Jessica Toonkel · Apr 28, 2022 9:32am PDT · 1 comment

Elon Musk’s $44 billion Twitter takeover is unlikely to raise antitrust concerns. But what is already being scrutinized is Musk’s failure to comply with rules regarding disclosure of his initial 9% stake, according to people with knowledge of the situation. The Federal Trade Commission recently opened an inquiry into whether Musk... Elon Musk’s $44 billion Twitter takeover is unlikely to raise antitrust concerns. But what...

Anduril CEO Palmer Luckey. Photo: Bloomberg.

Anduril Seeks to Raise at Least $500 Million as Defense Stocks Rally

By Kate Clark · Apr 27, 2022 5:59pm PDT

Anduril Industries, a startup that sells artificial intelligence–powered defense technology, is raising capital that could propel its pre-investment valuation to more than $7 billion from $4.6 billion about a year ago, according to two people with direct knowledge of the matter. The company is planning to raise at least $500 million in a... Anduril Industries, a startup that sells artificial intelligence–powered defense...

A Cryptolocker ransomware attack, 2015. Photo via Malwarebytes/Flickr.

Accel Leads $50 Million Funding of Cybersecurity Startup Veza at $500 Million Valuation

By Kevin McLaughlin · Apr 27, 2022 7:00am PDT

Accel has led a $50 million funding round for cybersecurity startup Veza at a valuation of around $500 million, CEO and co-founder Tarun Thakur said in an exclusive interview. The deal underscores how some young startups in hot sectors are still garnering generous valuations despite little revenue. Two-year-old Veza, which was previously called... Accel has led a $50 million funding round for cybersecurity startup Veza at a valuation of around...

People's Liberation Army personnel near a banner of Chinese president Xi Jinping in Beijing, 2020. Photo by Bloomberg

Despite Rising Risks, U.S. Investors Pump Billions of Dollars Into China VC Funds

By Juro Osawa · Apr 27, 2022 6:00am PDT · 1 comment

People's Liberation Army personnel near a banner of Chinese president Xi Jinping in Beijing, 2020. Photo by Bloomberg

Despite Rising Risks, U.S. Investors Pump Billions of Dollars Into China VC Funds

By Juro Osawa · Apr 27, 2022 6:00am PDT · 1 comment

American institutional investors are pouring billions of dollars of fresh capital into some of China’s top venture capital firms despite rising geopolitical tensions between the two nations and regulatory attacks that hurt China’s biggest public tech stocks and some private companies over the past year. The investors are betting that... American institutional investors are pouring billions of dollars of fresh capital into some of...