Periodically

The Takeaway

By Jessica Lessin

An inside perspective on tech, media and startups from a reporter and founder who tells the truth about Silicon Valley.

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Recent Editions

Away co-founders Steph Korey and Jen Rubio. Photo by Getty
The Takeaway

Is the Media Out to Get Tech Founders?

By Jessica Lessin · Dec 14, 2019 7:45am PST · 2 comments
Two weeks ago, at a company all-hands meeting at struggling AR company Magic Leap, head of marketing Daniel Diez had a message for his staff. Don’t pay attention to the critical article due to appear soon in The Information. He called us “clickbait” and said our reporting was “bullshit.” He added that reporter... Two weeks ago, at a company all-hands meeting at struggling AR company Magic Leap, head of...
Photo by Bloomberg.
The Takeaway

Inside Our Apple App Store Ordeal

By Jessica Lessin · Dec 7, 2019 7:46am PST
It all started with the price.Peter Schulz, who leads our product and engineering teams, walked into my office and told me that we couldn’t charge what we had planned for our upcoming news app because Apple had “tiers” of pricing app developers must follow. Our planned price of $30 a year didn’t fit into any of those... It all started with the price.Peter Schulz, who leads our product and engineering teams, walked...
Jason Blum. Photo by Erin Beach
The Takeaway

Hollywood’s Jason Blum, Unscripted

By Jessica Lessin · Nov 23, 2019 7:46am PST
In reporting, we all talk about the importance of getting out of our bubbles—which in my case means leaving Silicon Valley to spend time on the ground in New York, Los Angeles, Hong Kong and beyond. The value of doing so was crystal clear this week as I sat across from producer Jason Blum to chitchat about the future of Silicon... In reporting, we all talk about the importance of getting out of our bubbles—which in my...
The IPO View From Morgan Stanley
By Jessica Lessin · Nov 16, 2019 7:45am PST
The Takeaway

The IPO View From Morgan Stanley

By Jessica Lessin · Nov 16, 2019 7:45am PST
It is getting to be that time when we look back at 2019, which you may recall was supposed to be a banner year for tech IPOs. It’s fallen short of expectations on multiple fronts from the number of deals (well below last year) to how they are performing. We’ll have more to say on that in the coming weeks. A few weeks ago, I sat... It is getting to be that time when we look back at 2019, which you may recall was supposed to be...
The Takeaway

How Tech Investors Missed by a Mile: TAM vs. SAM

By Jessica Lessin · Nov 9, 2019 7:44am PST · 4 comments
SoftBank’s Masayoshi Son and JPMorgan’s Jamie Dimon issued mea culpas about WeWork this week, admitting to mistakes and lessons learned. One of them: when backing a business with billions of dollars, it’s important to pay more attention to how it is going to make money. A shocker right? Yet an appreciation for the... SoftBank’s Masayoshi Son and JPMorgan’s Jamie Dimon issued mea culpas about WeWork...
Apple's Zack Van Amburg, Eddy Cue (in red pants) with Jennifer Aniston, Apple CEO Tim Cook, Reese Witherspoon and Apple's Jamie Erlicht at the "The Morning Show" premiere in New York. Photo by AP
The Takeaway

We’ve Reached Peak Content. Now What?

By Jessica Lessin · Nov 2, 2019 7:46am PDT
There were dozens of violinists playing across the balcony at Lincoln Center, free-flowing food and booze and scented candles in the bathroom that cost $45 a piece. This week’s star-studded New York premiere of Apple’s “The Morning Show” was a splashy affair, even by Apple standards. It was also a sign of the kind of... There were dozens of violinists playing across the balcony at Lincoln Center, free-flowing food...
The Takeaway

Where Were WeWork’s Bankers?

By Jessica Lessin · Oct 26, 2019 8:47am PDT · 1 comment
This week’s chapter in the drama of WeWork involved a widely-expected bail out plan from SoftBank that was, as many commentators have pointed out, quite remarkable.It was SoftBank at its most head-scratching. With the company running out of cash, WeWork’s largest investor moved up a $1.5 billion investment, loaned the company another... This week’s chapter in the drama of WeWork involved a widely-expected bail out plan from...
Regulation Talk Hits Silicon Valley
By Jessica Lessin · Oct 19, 2019 7:46am PDT
The Takeaway

Regulation Talk Hits Silicon Valley

By Jessica Lessin · Oct 19, 2019 7:46am PDT
As Mark Zuckerberg was giving his ‘free speech’ speech in Georgetown, I was interviewing his wife and Chan Zuckerberg Initiative co-founder Priscilla Chan and, later, his colleague Fidji Simo, who runs the Facebook part of Facebook. Nice timing, Mark! The speech was an important backdrop for our Summit where regulation ran... As Mark Zuckerberg was giving his ‘free speech’ speech in Georgetown, I was...
The Takeaway

What VCs Can and Can’t Learn From 2016

By Jessica Lessin · Oct 12, 2019 7:46am PDT
It was the end of 2015, and the U.S. stock market was in a rough place. A big selloff in China dragged down stocks globally. Falling oil prices and concerns about the solvency of Greece added to investors’ fears. The pain was felt all the way over in Silicon Valley, where startups who needed to fundraise quickly found investors... It was the end of 2015, and the U.S. stock market was in a rough place. A big selloff in China...
The Takeaway

Inside the VC-Banker Crossfire Over Direct Listings

By Jessica Lessin · Oct 5, 2019 7:47am PDT · 2 comments
If you bumped into a venture capitalist this week, he or she probably brought up the super-secret confab Benchmark partner Bill Gurley held this week to proselytize the benefits of direct listings. Investors, directors and lawyers gathered at San Francisco’s Palace Hotel, and, despite the presentation screens going out on... If you bumped into a venture capitalist this week, he or she probably brought up the super-secret...
The Takeaway

Three Lessons From WeWork

By Jessica Lessin · Sep 28, 2019 7:47am PDT · 2 comments
The very rapid fall of WeWork founder Adam Neumann who, just a week ago, was on top of a company that investors once valued as high as $47 billion has been notable but not surprising to anyone who has been following the story. That’s because WeWork’s rise represented all that is right (and, more importantly) wrong with the... The very rapid fall of WeWork founder Adam Neumann who, just a week ago, was on top of a company...
Inside SoftBank’s Big CEO-Fest
By Jessica Lessin · Sep 21, 2019 9:12am PDT · 1 comment
The Takeaway

Inside SoftBank’s Big CEO-Fest

By Jessica Lessin · Sep 21, 2019 9:12am PDT · 1 comment
These days, SoftBank founder Masayoshi Son can’t escape WeWork. He can’t escape the headlines revealing his desire for the company to put the brakes on its troubled IPO. He can’t even escape his own friends doubting the value of his nearly $9 billion investment in the company.So it isn’t a surprise that the topic hung... These days, SoftBank founder Masayoshi Son can’t escape WeWork. He can’t escape the...
The Takeaway

The Lesson From AB5

By Jessica Lessin · Sep 14, 2019 7:47am PDT · 1 comment
The big news of the week was the near passage of the California law that would require Uber, Lyft and other companies that rely on contractors to treat them more like full-time employees. Amir’s sources told him the move could add an estimated 20% to Uber’s costs. Some observers hailed the move as the beginning of the end of... The big news of the week was the near passage of the California law that would require Uber, Lyft...
The Takeaway

What to Watch at Apple’s iPhone Launch

By Jessica Lessin · Sep 7, 2019 7:46am PDT
Apple is unveiling its latest iPhones next Tuesday in an annual event that generates no shortage of interest from the tech heads. There’s speculation and reporting pointing to upgraded cameras, improved facial recognition, a new dongle that would compete with Tile and more. The pressure is on for these phones to sell well. iPhone... Apple is unveiling its latest iPhones next Tuesday in an annual event that generates no shortage...
The Takeaway

The News Disruption We Should All Fear

By Jessica Lessin · Aug 31, 2019 7:45am PDT · 2 comments
Every fall, as I prepare for our annual Media Bootcamp—where media leaders pick each other’s brains and trade strategies—I sit back and reflect on the big changes I see coming to the news business in the months ahead. For the past three years, the biggest problem and its solution have been painfully obvious. As internet... Every fall, as I prepare for our annual Media Bootcamp—where media leaders pick each...
The Problem for SoftBank’s New Vision Fund
By Jessica Lessin · Aug 23, 2019 4:58pm PDT
The Takeaway

The Problem for SoftBank’s New Vision Fund

By Jessica Lessin · Aug 23, 2019 4:58pm PDT
Signs that the global economy is in trouble are mounting, yet here in Silicon Valley startups and venture capital funds are still raising record amounts. I feel the disconnect more than ever and especially when thinking about SoftBank and its Vision Fund. The mega fund, whose second vintage is slated to come in at more than $100 billion, is the... Signs that the global economy is in trouble are mounting, yet here in Silicon Valley startups and...
The Takeaway

Employee Unrest and Political Neutrality at Google and the New York Times

By Jessica Lessin · Aug 17, 2019 8:01am PDT · 1 comment
Employee unrest inside big tech companies remains an important story. Wired reminded us of it this week, with this excellent piece about Google. The company is facing unprecedented pressure from employees on both the left and right who are unhappy about its business positions and the way various groups are treated inside the company. The result:... Employee unrest inside big tech companies remains an important story. Wired reminded us of it...
The Takeaway

The Fuzzy Science of IPO Measurement

By Jessica Lessin · Aug 10, 2019 7:45am PDT · 1 comment
As the tech IPO bandwagon continues, journalists and investors are keeping score. The only problem is no one seems to have the same definition of success. Was Zoom a successful IPO because its share price shot up 72% on its opening day and now trades 161% above its IPO price? What about the fact that the company sold relatively little... As the tech IPO bandwagon continues, journalists and investors are keeping score. The only...
The Takeaway

What the Uber IPO Did and Didn’t Teach Us

By Jessica Lessin · Aug 3, 2019 7:46am PDT
Back in May—when Uber held one of the most disappointing IPOs in history—I wondered whether the days of investors pouring billions into money-losing private tech companies may be drawing to a close. Yet, not three months later, it appears that not only has that not happened, but things are about to get even crazier. Back in May—when Uber held one of the most disappointing IPOs in history—I wondered...
Regulation Is Not the Bogeyman
By Jessica Lessin · Jul 27, 2019 7:45am PDT
The Takeaway

Regulation Is Not the Bogeyman

By Jessica Lessin · Jul 27, 2019 7:45am PDT
Facebook’s long-awaited Federal Trade Commission settlement, including a $5 billion fine, arrived—with somewhat of a whimper. As reporters and lobbyists used Twitter to debate who got the better deal, Facebook investors shrugged it off. Even word of a sweeping Justice Department tech-sector wide antitrust investigation targeting... Facebook’s long-awaited Federal Trade Commission settlement, including a $5 billion fine,...