The Briefing by Martin Peers, Jessica Lessin and the team at The Information

Five times/week

The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

Get smarter about the day’s news in tech, media and finance by following Silicon Valley’s most-read executive newsletter.

By providing your email, you agree to The Information’s Privacy Policy

Recent Editions

Snap CEO Evan Spiegel. Photo by Getty Images.

Snap’s Spaghetti Strategy Is Cause for Concern

By Jessica E. Lessin · Jan 31, 2023 5:00pm PST · 1 comment

Snap’s abysmal financial forecast for the current quarter continued the company’s string of rough news. While the social media company said revenues in the fourth quarter were largely flat from a year earlier, it warned that business is going to get worse. “Our internal forecast assumes revenue will be between -10% to -2% year-over-year in... Snap’s abysmal financial forecast for the current quarter continued the company’s string of rough...

Photos by Bloomberg

Stripe’s Trajectory Has Echoes of Uber; BuzzFeed’s AI-Fueled Rally

By Martin Peers · Jan 30, 2023 5:00pm PST

Once upon a time, there was a private tech company that bankers thought could be worth as much as $120 billion when it went public. Its potential initial public offering was described in news reports like this one in 2018 as the “most hotly anticipated on Wall Street and Silicon Valley.” Today, it’s worth only about $60 billion. Can you guess... Once upon a time, there was a private tech company that bankers thought could be worth as much as...

John and Patrick Collison. Photo by Bloomberg.

Why Stripe Won’t Go Public Soon

By Jessica E. Lessin · Jan 26, 2023 5:00pm PST

Sorry, Silicon Valley. Stripe isn’t going public anytime soon. Today, The Information was the first to report that the Silicon Valley payments company told employees it would go public in the next year or find another way for them to cash out of some of their stock. In an icy-cold IPO market, the news sparked a glimmer of hope that the... Sorry, Silicon Valley. Stripe isn’t going public anytime soon. Today, The Information was...

Left photo by Getty Images. Right photo by Bloomberg.

Trump’s Meta Return; Massage Therapists, Matthew McConaughey and Elon Musk

By Martin Peers · Jan 25, 2023 5:00pm PST

Left photo by Getty Images. Right photo by Bloomberg.

Trump’s Meta Return; Massage Therapists, Matthew McConaughey and Elon Musk

By Martin Peers · Jan 25, 2023 5:00pm PST

So much for Facebook’s efforts to become less political. Meta Platforms’ decision Wednesday to allow former President Donald Trump back onto both Facebook and Instagram threatens to undermine efforts Meta has made over the past two years to reduce the amount of political content people see in their Facebook feed. That promises to be bad for... So much for Facebook’s efforts to become less political. Meta Platforms’ decision Wednesday to...

Jonathan Kanter, assistant attorney general of antitrust for the US Department of Justice, speaks during a news conference on January 24. Photo by Bloomberg.

DOJ’s Latest Case Against Google Is Intricate But Important

By Jessica E. Lessin · Jan 24, 2023 5:01pm PST

Over my career as a tech reporter, regulators have sued or threatened to sue Google for exerting monopoly power in its ads business so many times it’s hard to keep track. Today the U.S. Department of Justice and eight states filed the fifth challenge by U.S. officials against the company, building on a case several states filed back in... Over my career as a tech reporter, regulators have sued or threatened to sue Google for exerting...

Daniel Ek and Marc Benioff. Photos by Bloomberg.

Salesforce’s Board Needs Fresh Talent and Spotify Needs an Activist

By Martin Peers · Jan 23, 2023 5:00pm PST · 1 comment

Investors sometimes seem to have over-the-top expectations of what activists can achieve in a poorly run company. But the bar is low for them to make an impact at Salesforce. The stock is in the doghouse thanks to weak profit margins, partly a result of costly acquisitions such as the Slack deal, as well as a revolving door of top management.... Investors sometimes seem to have over-the-top expectations of what activists can achieve in a...

Photo by Getty Images

Hastings Turns Wheel Over as Streaming Market Slows

By Martin Peers · Jan 19, 2023 5:00pm PST

It’s the end of an era in streaming. Reed Hastings, co-founder of video-streaming pioneer Netflix, is stepping down as co-CEO, kicking himself upstairs to be executive chair (as he was already chair, he’s giving up more than he’s gaining). Greg Peters, chief operating officer and a 15-year veteran of Netflix, was promoted to be Ted Sarandos’... It’s the end of an era in streaming. Reed Hastings, co-founder of video-streaming pioneer...

Photo by Bloomberg

What’s Really Holding Back Twitter Ads

By Jessica E. Lessin · Jan 18, 2023 5:39pm PST

Photo by Bloomberg

What’s Really Holding Back Twitter Ads

By Jessica E. Lessin · Jan 18, 2023 5:39pm PST

A few weeks ago, I was having lunch with a former magazine editor in New York when the subject of Elon Musk and Twitter came up. We talked about the advertisers spooked by Musk’s disastrous rollout of the Twitter Blue subscription service, among other things. “Oh, they’ll come back,” he said. “They always do.”Now, we all know how bad the... A few weeks ago, I was having lunch with a former magazine editor in New York when the subject of...

Photo by Getty Images

VC’s $8 Billion ByteDance Headache

By Jessica E. Lessin · Jan 17, 2023 5:00pm PST · 2 comments

Amid all the crises venture capitalists are facing, there’s one that deserves more attention and it centers on a number: $8 billion. That's roughly the amount of money investors like Sequoia, Susquehanna International Group, Coatue Management and Tiger Global Management have poured into TikTok owner ByteDance—money that is largely locked up... Amid all the crises venture capitalists are facing, there’s one that deserves more attention and...

Photo by Bloomberg

What’s Google Cloud So Worried About?

By Jessica E. Lessin · Jan 12, 2023 5:03pm PST

What is going on at Google Cloud? Today, Jon, Kevin and Amir had an important story about an executive shakeup involving the departure of Google’s top sales executive in the U.S., Kirsten Kliphouse. You may recall that Google Cloud, after 10 years of trying, is still a distant second to Amazon and Microsoft in the business. Google didn’t... What is going on at Google Cloud? Today, Jon, Kevin and Amir had an important story about an...

Photo by Getty Images

Why Musk’s User-Pays Twitter Policy Makes Sense; Hell Freezes Over at Apple

By Martin Peers · Jan 11, 2023 5:00pm PST · 3 comments

Give Elon Musk some credit. While his tornadolike upheaval of Twitter has apparently devastated its ad business (see an update with our latest story on that subject), there is upside in what he’s doing for the tech industry. Musk has indicated he wants to make Twitter users pay up for some features—so much so that, as The New York Times reported... Give Elon Musk some credit. While his tornadolike upheaval of Twitter has apparently devastated...

Coinbase CEO Brian Armstrong. Photo by Bloomberg.

Coinbase May Have the Best Shot of Weathering the Crypto Winter

By Akash Pasricha · Jan 10, 2023 5:40pm PST

Coinbase CEO Brian Armstrong. Photo by Bloomberg.

Coinbase May Have the Best Shot of Weathering the Crypto Winter

By Akash Pasricha · Jan 10, 2023 5:40pm PST

By crypto standards, today was like any other day—both newsy and noisy. Let’s see, Coinbase laid off 20% of its staff, and the Winklevoss twins escalated their public battle with crypto conglomerate Digital Currency Group with an open letter demanding the removal of its chief, Barry Silbert. Meanwhile, a former Coinbase manager's brother was... By crypto standards, today was like any other day—both newsy and noisy. Let’s see, Coinbase laid...

Photo by Bloomberg

Why Netflix’s Streaming Edge Won’t Erode

By Martin Peers · Jan 9, 2023 5:00pm PST

It’s the quiet before the earnings storm, which makes it a good time to take a step back and consider the situation of Netflix, the first big tech name to report December quarter numbers, on Jan. 19. Its stock has nearly doubled since it bottomed out at around $167 in June, although even at current levels of around $315 it is still down 47% from... It’s the quiet before the earnings storm, which makes it a good time to take a step back and...

Photo via Bloomberg.

Amazon’s Cuts Were Inevitable After Years of Excessive Spending

By Martin Peers · Jan 5, 2023 5:00pm PST · 2 comments

It’s a bleak moment for the retail sector. Today brought word that home goods chain Bed Bath & Beyond has “substantial doubt” about its “ability to continue as a going concern,” given how much money it has been losing. Another retailer, Everlane, is cutting 17% of its corporate staff, we scooped today. Meanwhile, Amazon on Wednesday said it... It’s a bleak moment for the retail sector. Today brought word that home goods chain Bed Bath...

Helen Dixon, data protection commissioner of the Irish Data Protection Commission for the Briefing. Photo via Bloomberg.

Meta’s Targeted Ads Are Dealt Yet Another Regulatory Blow

By Martin Peers · Jan 4, 2023 5:01pm PST

When it comes to the fines European regulators are imposing on big tech companies, it’s easy to lose track. Take today’s decision by the Irish Data Protection Commission, imposing fines totaling more than $400 million against Meta Platforms for breaching European rules with targeted advertising. This is on top of several other cases against Meta... When it comes to the fines European regulators are imposing on big tech companies, it’s easy to...

Photo via Bloomberg

Five Things to Watch in Tech in 2023

By Jessica E. Lessin · Jan 3, 2023 5:04pm PST · 2 comments

Photo via Bloomberg

Five Things to Watch in Tech in 2023

By Jessica E. Lessin · Jan 3, 2023 5:04pm PST · 2 comments

Welcome to 2023 and a very happy new year. I’ve been covering technology for almost two decades, and I can’t think of a year that’s been more consequential than the current one. Everywhere you look, the guard is changing, and there’s no clear idea what’s next. So for my first Briefing of the year, I wanted to lay out some of the big themes... Welcome to 2023 and a very happy new year. I’ve been covering technology for almost two decades,...

Oracle CEO Safra Catz. Photo: Bloomberg

Tech’s Best and Worst of 2022

By Amir Efrati · Dec 29, 2022 5:28pm PST

If last year was euphoric for the business world, this year was humbling—but not for everyone. We felt it was a fitting time to call out some leaders and companies who deserve praise as well as those who deserve shame.Best big tech CEO: Safra Catz. In a year in which most major technology stocks dropped at least 20%, if not 70%, Oracle shares... If last year was euphoric for the business world, this year was humbling—but not for everyone. We...

Amazon founder Jeff Bezos at a Kansas City Chiefs game in September. Photo by Getty Images

Bezos Could Be the Real Winner from Amazon’s Sports Deals

By Nick Wingfield · Dec 28, 2022 5:14pm PST

Last week, Martin Peers questioned in this space whether tech companies were making a wise move when they began showering billions of dollars on sports leagues for streaming rights to their games. But even if those deals turn out to be duds for the likes of Amazon, Alphabet’s YouTube and others, tech billionaires may have found another way to... Last week, Martin Peers questioned in this space whether tech companies were making a wise move...

A TSMC chip factory in Taiwan. Photo via TSMC

A Chip Party to Lift Apple’s Spirits

By Nick Wingfield · Dec 27, 2022 5:00pm PST

There’s going to be a party in Taiwan on Thursday—and not a moment too soon for Apple’s sake. Taiwan Semiconductor Manufacturing Co., the chipmaking wizard, is having an event to celebrate the start of mass production of chips using a cutting-edge technique called the 3-nanometer process. Using the new technique, TSMC will be able to jam more... There’s going to be a party in Taiwan on Thursday—and not a moment too soon for Apple’s sake....

Barry McCarthy and Reed Hastings. Photos by Bloomberg.

Netflix’s Fitness Move May Trip Up Peloton

By Martin Peers · Dec 22, 2022 5:00pm PST

Barry McCarthy and Reed Hastings. Photos by Bloomberg.

Netflix’s Fitness Move May Trip Up Peloton

By Martin Peers · Dec 22, 2022 5:00pm PST

Netflix chief Reed Hastings shouldn’t expect a holiday card from Barry McCarthy this year. The video-streaming giant likely spoiled the Peloton CEO’s Christmas this year with its announcement on Wednesday that it plans to start streaming fitness content from Nike on Dec. 30. Nike doesn’t offer everything that’s on Peloton—particularly when it... Netflix chief Reed Hastings shouldn’t expect a holiday card from Barry McCarthy this year. The...