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

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The Briefing

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

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Recent Editions

Twitter's new chair, Bret Taylor. Photo by Bloomberg.

Twitter’s New CEO Gets Thumbs-Down From Wall Street

By Martin Peers · Nov 29, 2021 5:00pm PST

It seems Jack Dorsey’s abrupt departure as CEO of Twitter was welcome news to the company’s long-suffering shareholders—until it wasn’t. A 10% uplift in Twitter shares that was triggered by the initial headline evaporated shortly after Twitter identified his successor as Chief Technology Officer Parag Agrawal. Talk about going from the devil you... It seems Jack Dorsey’s abrupt departure as CEO of Twitter was welcome news to the company’s...

Traders on the floor of the NYSE in September. Photo by Bloomberg.

Covid’s Tech Stars Twinkle Again—at Least Today

By Martin Peers · Nov 26, 2021 4:00pm PST

Life in our pandemic-dominated world increasingly feels like one of those scary TV series where just when you think the monster has been vanquished, you realize it’s still alive. Today’s big market sell-off on news of the new Covid-19 variant in South Africa—dubbed Omicron by the World Health Organization—is a good reminder of how vulnerable the... Life in our pandemic-dominated world increasingly feels like one of those scary TV series where...

Tampa Bay Buccaneers wide receiver Breshad Perriman passing New York Giants cornerback James Bradberry an NFL game on Monday. Photo by AP.

The True Size of Disney’s Sports Burden

By Martin Peers · Nov 24, 2021 5:00pm PST

If there’s one number that sums up why Disney may decide to spin off ESPN sometime in the next couple of years, it’s contained in a securities filing the entertainment giant made tonight, as most folks were probably off drinking in anticipation of tomorrow’s Thanksgiving holiday. That number is $70.4 billion, representing what Disney has... If there’s one number that sums up why Disney may decide to spin off ESPN sometime in the next...

Apple CEO Tim Cook. Photo by Bloomberg.

The Hole in Apple’s Security Argument

By Martin Peers · Nov 23, 2021 5:00pm PST

Apple CEO Tim Cook. Photo by Bloomberg.

The Hole in Apple’s Security Argument

By Martin Peers · Nov 23, 2021 5:00pm PST

Next time Apple executives argue that they can’t relax rules around their iOS App Store for fear of allowing a malware invasion, let’s remember today, when the company sued Israeli firm NSO in retaliation for allegedly infecting iPhones with spyware. Yes, as secure as Apple claims the iPhone to be, the devices are apparently no match for those... Next time Apple executives argue that they can’t relax rules around their iOS App Store for fear...

John Malone. Photo by Bloomberg.

Live Shopping’s Pioneer Left for Dead

By Martin Peers · Nov 22, 2021 5:00pm PST

Every now and then, you have to feel a little sorry for the folks in old media, trundling along, doing their thing and not getting any attention for it. Take Home Shopping Network and QVC, two decades-old TV shopping channels that still produce billions of dollars a year in revenue. They’re the pioneers of the business that a new breed of tech... Every now and then, you have to feel a little sorry for the folks in old media, trundling along,...

Joel Embiid of the Philadelphia 76ers. Photo via YouTube

Crypto Gets Sports Fever, Rivian’s Breakup With Ford

By Nick Wingfield · Nov 19, 2021 5:00pm PST

The crypto world seems to have come to a consensus on the best way to bore into the brains of the mainstream: by plastering blockchain brands on anything sports related. The best example of that yet came earlier this week with the news that Crypto.com, a Singapore-based cryptocurrency exchange, had agreed to pay $700 million to acquire naming... The crypto world seems to have come to a consensus on the best way to bore into the brains of the...

Instagram chief Adam Mosseri at an event in 2019. Photo by Bloomberg.

Instagram Chief’s Comments Come Back to Bite

By Martin Peers · Nov 18, 2021 5:00pm PST

Instagram’s chief Adam Mosseri is learning the hard way that scoffing at politicians who are coming after you is never a good idea. In May he made comments to The Information that were dismissive, if not patronizing, of the role of state attorneys general—and now those remarks have come back to bite him. On Wednesday, a coalition of state... Instagram’s chief Adam Mosseri is learning the hard way that scoffing at politicians who are...

An iPhone display. Photo by Bloomberg.

Apple’s Pointless Self-Repair Program

By Martin Peers · Nov 17, 2021 5:00pm PST · 2 comments

An iPhone display. Photo by Bloomberg.

Apple’s Pointless Self-Repair Program

By Martin Peers · Nov 17, 2021 5:00pm PST · 2 comments

The beneficence of Apple knows no bounds. The tech giant is making it easier for ordinary people to repair their iPhones. Under a new program, it will send the parts and tools necessary for iPhone repairs to anyone who asks. Just imagine—this could provide a new source of growth for iPhone sales, as thousands of people attempting DIY repairs... The beneficence of Apple knows no bounds. The tech giant is making it easier for ordinary people...

Activision CEO Bobby Kotick. Photo by Bloomberg.

Why Activision Needs Fresh Blood at the Top

By Martin Peers · Nov 16, 2021 5:00pm PST · 2 comments

It may be time for public companies to institute term limits on CEOs, at least in cases where the top dog doesn’t control the company they run. You wouldn’t think this would be necessary, given how frequently CEOs get fired. But every now and then we come across a situation like that of Activision Blizzard’s Bobby Kotick, who’s been in the job... It may be time for public companies to institute term limits on CEOs, at least in cases where the...

Casper's Philip Krim. Photo by Bloomberg

Casper Should Never Have Gone Public

By Martin Peers · Nov 15, 2021 5:00pm PST · 2 comments

When Casper Sleep was going public early last year, co-founder and CEO Philip Krim told investors that “our mission is to awaken the potential of a well-rested world.” It’s a pity he didn’t aim a little lower—say, to turn Casper into a money-making enterprise. Perhaps Krim would still have a job and a company. Instead, an investment firm is... When Casper Sleep was going public early last year, co-founder and CEO Philip Krim told investors...

An AMC theater. Photo by Bloomberg

The Flaws in CEO Management-By-Twitter

By Martin Peers · Nov 12, 2021 5:00pm PST

Elon Musk’s decision to poll Twitter on whether he should sell stock in Tesla triggered endless news coverage this week, as reporters and commentators dissected what he was really up to. The smartest take—in this Wall Street Journal commentary—was that Musk was giving himself cover for what would have been a tax-driven decision to sell stock... Elon Musk’s decision to poll Twitter on whether he should sell stock in Tesla triggered endless...

Poshmark signage at the Nasdaq market site on the day the company went public. Photo by Bloomberg.

Wish CEO’s Exit Reflects Post-Pandemic Hangover for Online Retailers

By Martin Peers · Nov 11, 2021 5:01pm PST

Poshmark signage at the Nasdaq market site on the day the company went public. Photo by Bloomberg.

Wish CEO’s Exit Reflects Post-Pandemic Hangover for Online Retailers

By Martin Peers · Nov 11, 2021 5:01pm PST

It’s safe to say this year hasn’t gone as planned for many of the online retailers that have gone public over the past 12 months. The stocks of Poshmark, Wish and Rent the Runway are each trading below their IPO prices, a sign that investors misjudged the prospects for these denizens of e-commerce. Wednesday’s sudden departure of Wish founder... It’s safe to say this year hasn’t gone as planned for many of the online retailers that have gone...

Disney CEO Bob Chapek. Photo by Bloomberg.

Disney’s Streaming Slowdown Shows Pitfalls Ahead

By Martin Peers · Nov 10, 2021 5:00pm PST

The streaming wars are starting to get interesting. Today, Disney reported a dramatic slowdown in subscriber growth at its Disney+ service—it added just 2 million subscribers in the September quarter, the weakest growth since the service’s launch two years ago. More strikingly, Disney executives indicated that Disney+ won’t return to meaningful... The streaming wars are starting to get interesting. Today, Disney reported a dramatic slowdown in...

A Wolt delivery courier in Norway in August. Photo by Bloomberg.

In Buying Wolt, DoorDash Has to Prove Benefits of Global Presence

By Martin Peers · Nov 9, 2021 5:00pm PST

DoorDash is plunking down $8 billion of its stock to buy Finland-based food delivery service Wolt, underscoring the U.S. company’s ambition to become a global operator. But that ambition begs a very real question: Is there any reason to think there are global economies of scale for a business focused on local delivery of restaurant meals and... DoorDash is plunking down $8 billion of its stock to buy Finland-based food delivery service...

Rivian CEO RJ Scaringe. Photo by Bloomberg.

The Amazon-Rivian Self-Funding Electric Van

By Martin Peers · Nov 8, 2021 5:01pm PST

Rivian shareholders should strap on their seatbelts. The Amazon-backed electric truck maker raised its proposed IPO pricing range 23% today—from what it disclosed last week—to a level that implies a market capitalization of $67 billion. That’s 84% of the market cap of Ford, for those keeping score—not bad for a startup that has yet to produce... Rivian shareholders should strap on their seatbelts. The Amazon-backed electric truck maker...

Lions Gate's headquarters in California. Photo by Bloomberg

What Lions Gate’s Potential Starz Spinoff Move Means for Hollywood

By Martin Peers · Nov 5, 2021 5:00pm PDT

Lions Gate's headquarters in California. Photo by Bloomberg

What Lions Gate’s Potential Starz Spinoff Move Means for Hollywood

By Martin Peers · Nov 5, 2021 5:00pm PDT

Amid the cacophony of earnings results this week, you might have picked up the faint but unmistakable sound of a pendulum starting to swing in the entertainment industry. The long-popular idea that film and TV studios should be paired with the TV networks or streaming services that broadcast the studios’ output is suddenly getting rethought.... Amid the cacophony of earnings results this week, you might have picked up the faint but...

Uber CEO Dara Khosrowshahi. Photo by Bloomberg

How Uber and Airbnb Are Recovering From the Pandemic

By Martin Peers · Nov 4, 2021 5:02pm PDT

Airbnb looks like it has shaken off the worst effects of the pandemic more than Uber, judging by third-quarter numbers released this afternoon. Neither company showed they were yet back to their pre-Covid position in terms of business volume. But they’re both looking much healthier financially, thanks both to cost-cutting prompted by the... Airbnb looks like it has shaken off the worst effects of the pandemic more than Uber, judging by...

Former Disney executive Kevin Mayer. Photo by AP

Former Disney Exec Kevin Mayer's Comeback

By Martin Peers · Nov 3, 2021 5:00pm PDT

How the world turns! A little more than a year ago, Disney’s onetime streaming chief, Kevin Mayer, looked like he had made the career blunder of the decade by quitting as CEO of TikTok during a short-lived fuss over the hugely popular app’s Chinese ownership. Today, though, Mayer has emerged as a player in the intense battle underway between... How the world turns! A little more than a year ago, Disney’s onetime streaming chief, Kevin...

Zillow CEO Rich Barton. Photo by Bloomberg.

Zillow’s Costly Home Buying Misstep is Embarrassment for Barton

By Martin Peers · Nov 2, 2021 5:11pm PDT

Anyone who’s bought a house even once knows it can be a stressful experience. Spare a thought, then, for Zillow, which over the past couple of years has been buying up thousands of homes at a time, hoping to make a quick buck by flipping the homes. On Tuesday, after losing hundreds of millions of dollars on the business, Zillow called it quits.... Anyone who’s bought a house even once knows it can be a stressful experience. Spare a thought,...

Jeff Bezos and his rocketship company Blue Origin. Photo by Bloomberg.

Why Amazon’s Internet Satellite Plans Are Too Blue Sky

By Martin Peers · Nov 1, 2021 5:00pm PDT

Jeff Bezos and his rocketship company Blue Origin. Photo by Bloomberg.

Why Amazon’s Internet Satellite Plans Are Too Blue Sky

By Martin Peers · Nov 1, 2021 5:00pm PDT

One of the benefits of running a conglomerate as diversified as Amazon is that you don’t need to change your name to change the conversation. No matter how bad the news, there’s always something else coming from some other territory in the corporate empire. On Monday, just a couple of days after delivering some bleak news about rising costs and... One of the benefits of running a conglomerate as diversified as Amazon is that you don’t need to...