The Information

Didi's app on a phone in China. Photo by Didi.

After $1 Billion Profit From Rides, Didi Chuxing Considers Second-Half IPO

By Yunan Zhang · Feb 3, 2021 6:00am PST

Despite a nationwide lockdown in the beginning of last year that put China at a standstill, Chinese ride-hailing leader Didi Chuxing managed to finish the year with a 10% increase in rides compared to 2019. That translated to a net profit from its core ride-hailing business of roughly $1 billion in 2020, according to two people with knowledge of... Despite a nationwide lockdown in the beginning of last year that put China at a standstill,...

Photos by Bloomberg; Shutterstock. Illustration by Mike Sullivan

How Google Learned to Embrace Its Inner Oracle

By Kevin McLaughlin and Amir Efrati · Feb 1, 2021 6:00am PST · 1 comment

Thomas Kurian wasn’t pleased. In mid-2019, a few months after Kurian had joined Google, the internet giant’s cloud computing service suffered a series of outages, including one that took down several of Google’s own services, along with those of major customers like Snap and Spotify. Kurian—CEO of Google Cloud—and... Thomas Kurian wasn’t pleased. In mid-2019, a few months after Kurian had joined Google, the...

Jamie Bestwick flips during an event at the X Games in 2017 in Minneapolis. Photo by AP.

ESPN Looks to Sell X Games as It Deals With Streaming Pressure

By Tom Dotan and Jessica Toonkel · Jan 28, 2021 8:00am PST · 2 comments

When Jimmy Pitaro got the job of running ESPN in 2018, it was a dream come true for the lifelong sports fan. But the reality of running ESPN has been a far different story, as Pitaro has found himself presiding over a network in decline. ESPN last November laid off 300 people, about 6% of its workforce, a gut-wrenching move for what was once the... When Jimmy Pitaro got the job of running ESPN in 2018, it was a dream come true for the lifelong...

Facebook CEO Mark Zuckerberg (l) and Apple CEO Tim Cook (r). Photo: Bloomberg

Facebook Preps Antitrust Lawsuit Against Apple

By Alex Heath and Josh Sisco · Jan 28, 2021 6:00am PST · 10 comments

Facebook CEO Mark Zuckerberg (l) and Apple CEO Tim Cook (r). Photo: Bloomberg

Facebook Preps Antitrust Lawsuit Against Apple

By Alex Heath and Josh Sisco · Jan 28, 2021 6:00am PST · 10 comments

A long-simmering public dispute between Facebook and Apple has neared a boiling point. With the aid of outside legal counsel, Facebook for months has been preparing an antitrust lawsuit against Apple that would allege the iPhone-maker abused its power in the smartphone market by forcing app developers to abide by App Store rules that... A long-simmering public dispute between Facebook and Apple has neared a boiling point. With the...

MainStreet CEO and co-founder Doug Ludlow. Art by Mike Sullivan

MainStreet, Which Finds Tax Credits for Startups, Valued at $500 Million

By Kate Clark · Jan 27, 2021 1:11pm PST · 2 comments

The cost cutting at startups during the pandemic shutdowns has led to a windfall for MainStreet, whose software promises to find “free money” for its clients by helping them obtain tax credits. The year-old startup has raised new funding in a round led by SignalFire that values it at $500 million, according to three people familiar... The cost cutting at startups during the pandemic shutdowns has led to a windfall for MainStreet,...

Bird and Lime scooters in downtown San Jose, Calif. Photo: Bloomberg

After Tough Year, SPACs Tempt Bird, Lime

By Cory Weinberg · Jan 27, 2021 6:00am PST

Dogged by questions of financial viability and then a pandemic that crippled demand for scooter rentals, Bird and Lime are taking steps to repair the damage. Bird is finalizing a deal to raise more than $100 million in convertible debt, led by existing investors Sequoia Capital and Valor Equity Partners, people familiar with the matter said. The... Dogged by questions of financial viability and then a pandemic that crippled demand for scooter...

Art by Mike Sullivan.

ByteDance’s Revenue More Than Doubled in 2020

By Juro Osawa and Yunan Zhang · Jan 26, 2021 6:01am PST · 2 comments

You might have thought TikTok’s owner ByteDance had a tough year in 2020, what with President Trump trying to ban TikTok and India actually taking that step. But none of that mattered to ByteDance’s actual business, which grew like gangbusters. ByteDance’s revenue last year more than doubled to about $37 billion, people with... You might have thought TikTok’s owner ByteDance had a tough year in 2020, what with...

A truck next to an Amazon delivery station in New Jersey in October. Photo by Bloomberg

Amazon Expands Secretive Trucking Program

By Paris Martineau · Jan 25, 2021 6:00am PST · 2 comments

A truck next to an Amazon delivery station in New Jersey in October. Photo by Bloomberg

Amazon Expands Secretive Trucking Program

By Paris Martineau · Jan 25, 2021 6:00am PST · 2 comments

Amazon’s effort to exert control over the trucking of goods to its customers is moving quickly. In a little over a year, more than 130 small trucking companies around the globe have agreed to transport freight exclusively for Amazon, The Information has learned. Those companies have leased over 1,100 Amazon-branded tractors, the cab units... Amazon’s effort to exert control over the trucking of goods to its customers is moving...

Clubhouse Co-Founder and CEO Paul Davison. Photo: Bloomberg

Clubhouse Gets Investment Interest at $1 Billion Valuation

By Zoë Bernard, Kate Clark and Alex Heath · Jan 22, 2021 6:24pm PST · 17 comments

Update: On Sunday, Clubhouse confirmed it raised a Series B round led by Andreessen Horowitz. Read more details in our brief. The race to invest in social audio app Clubhouse is on again. Venture capital firms have approached the startup’s founders in recent weeks about leading its potential next round of funding at a roughly $1... Update: On Sunday, Clubhouse confirmed it raised a Series B round led by Andreessen...

Zach Perret, CEO and co-founder of Plaid, spoke during the Silicon Slopes Tech Summit in Salt Lake City last year. Photo: Bloomberg

Plaid Shareholders Field Offers at $15 Billion After Merger Collapse

By Kate Clark · Jan 21, 2021 1:47pm PST · 2 comments

Normally CEOs that opt to sell their companies aren’t happy when the government blocks the deal over antitrust concerns. But that doesn’t appear to be the case with Plaid, a fintech startup that has seen a surge in investor interest since federal regulators blocked its merger last week with Visa. So far, the prospective investors... Normally CEOs that opt to sell their companies aren’t happy when the government blocks the...

Patreon CEO Jack Conte. Photo courtesy of Patreon

Patreon Considers Public Listing as Soon as This Year

By Ross Matican and Amir Efrati · Jan 20, 2021 6:45pm PST

Patreon, the online service that allows podcasters, musicians and other artists to receive direct financial support from fans, is considering a public listing as soon as this year, said a person with knowledge of discussions. The San Francisco startup has met with banks and has been approached by special purpose acquisition companies, though the... Patreon, the online service that allows podcasters, musicians and other artists to receive direct...

Rioters breached barricades to enter the U.S. Capitol on Jan. 6. Photo: Bloomberg

Airbnb Used Facebook and Twitter to Weed Out Hate Groups

By Cory Weinberg · Jan 20, 2021 6:02am PST · 1 comment

Rioters breached barricades to enter the U.S. Capitol on Jan. 6. Photo: Bloomberg

Airbnb Used Facebook and Twitter to Weed Out Hate Groups

By Cory Weinberg · Jan 20, 2021 6:02am PST · 1 comment

For the past few years, a specialized team of about half a dozen employees within Airbnb has been assigned an urgent task: preventing white nationalists and other potentially dangerous fringe groups from renting homes on the site. Working inside the company’s trust and safety unit, the employees comb through Facebook, Twitter and far-right... For the past few years, a specialized team of about half a dozen employees within Airbnb has been...

Andreessen Horowitz co-founders Marc Andreessen (left) and Ben Horowitz. Photo by Bloomberg.

Andreessen Horowitz Looks to Launch Opinion Publication as Its Media Ambition Grows

By Zoë Bernard · Jan 19, 2021 5:39pm PST · 5 comments

Silicon Valley investment firm Andreessen Horowitz, which once courted attention from the news media, is ramping up its own media efforts. The firm plans to expand its publication of content related to technology and business on its website through an opinion section that publishes articles from outside contributors, according to people briefed... Silicon Valley investment firm Andreessen Horowitz, which once courted attention from the news...

Vice CEO Nancy Dubuc. Photo by Bloomberg.

Inside Nancy Dubuc’s Quest to Rehabilitate Vice

By Jessica Toonkel · Jan 19, 2021 6:00am PST · 4 comments

When television veteran Nancy Dubuc took over as CEO of Vice Media in the spring of 2018, cash was so tight that company executives were debating whether they should cancel the Friday morning ritual of free donuts and bagels for staff. Once the irreverent darling of the new media sector, known for its online news and TV documentaries, Vice was... When television veteran Nancy Dubuc took over as CEO of Vice Media in the spring of 2018, cash...

David Barrett, CEO of Expensify. Photo courtesy of Expensify.

Expensify in Talks With SPACs About a Potential Merger

By Ross Matican · Jan 15, 2021 4:39pm PST

Expensify, a startup that sells expense management software, has been in talks with special purpose acquisition companies about a possible merger to take it public, say two people familiar with the discussions. The 13-year-old software company is also considering a direct listing with an accompanying capital raising, said one of the people. Its... Expensify, a startup that sells expense management software, has been in talks with special...

Apple CEO Tim Cook. Photo by Bloomberg

Apple Plans Podcasting Subscription Service in Threat to Spotify

By Tom Dotan and Jessica Toonkel · Jan 15, 2021 9:26am PST · 8 comments

Apple CEO Tim Cook. Photo by Bloomberg

Apple Plans Podcasting Subscription Service in Threat to Spotify

By Tom Dotan and Jessica Toonkel · Jan 15, 2021 9:26am PST · 8 comments

Apple—long considered the sleeping giant in the podcast space—is waking up. The company, which runs the most widely used podcasting app in the industry, is discussing launching a new subscription service that would charge people to listen to podcasts, according to people familiar with the matter. Such a service could pose a threat to... Apple—long considered the sleeping giant in the podcast space—is waking up. The...

Samsung QLED televisions on display at the company's Digital Plaza store in Seoul. Photo by Bloomberg.

Samsung’s Peacock Standoff with NBCUniversal Shows Power of TV Makers

By Jessica Toonkel · Jan 15, 2021 6:00am PST · 5 comments

As streaming TV becomes the default viewing option for Americans, the makers of streaming devices are taking the place of cable operators as gatekeepers, deciding what streaming services will be available to viewers. Increasingly the gatekeepers include not only Roku and Amazon but smart TV makers such as Samsung. NBCUniversal is learning that... As streaming TV becomes the default viewing option for Americans, the makers of streaming devices...

Snap's Ben Schwerin on stage at the virtual Snap Partner Summit 2020. Screengrab via YouTube

Snap Names New Content Leader in Push to Counter TikTok

By Alex Heath · Jan 14, 2021 6:24pm PST

Snap has promoted executive Ben Schwerin to be its new senior vice president of content and partnerships, a move that signals the company’s ambitions to compete more aggressively with TikTok and to cut more deals with media companies and app developers. As part of the change, Chief Strategy Officer Jared Grusd, who previously oversaw... Snap has promoted executive Ben Schwerin to be its new senior vice president of content and...

Zapier founders from left to right: Mike Knopp, Bryan Helmig and Wade Foster. Photo courtesy of Zapier

Sequoia Buys Shares in Elusive Startup Zapier at Multibillion-Dollar Valuation

By Kate Clark · Jan 14, 2021 2:44pm PST · 11 comments

Zapier isn’t a household name outside Silicon Valley, but the world’s top venture capitalists have long been trying to own a piece of the booming enterprise software firm. The problem for investors was that Zapier, whose software automates personal computing tasks, didn’t need their money. It raised just $1.3 million in... Zapier isn’t a household name outside Silicon Valley, but the world’s top venture...

Pavel Durov, CEO of Telegram, in 2016. Photo by Bloomberg

Telegram Founder in Talks to Raise Debt Amid App’s Explosive Growth

By Alex Heath and Cory Weinberg · Jan 13, 2021 11:04am PST

Pavel Durov, CEO of Telegram, in 2016. Photo by Bloomberg

Telegram Founder in Talks to Raise Debt Amid App’s Explosive Growth

By Alex Heath and Cory Weinberg · Jan 13, 2021 11:04am PST

Telegram in the past week experienced a sharp influx of new users who flocked to the private messaging app after rival WhatsApp changed its privacy policies and Facebook and Twitter took a harder line on President Donald Trump and users promoting violence. That growth comes with mounting costs. The Dubai-based startup, which has yet to generate... Telegram in the past week experienced a sharp influx of new users who flocked to the private...