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Art by Mike Sullivan
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Amazon Faces Moment of Truth on Alexa as ChatGPT Steals Its Thunder

By Theo Wayt · Mar 22, 2023 6:05am PDT
At the 2018 Consumer Electronics Show, Amazon announced one of its biggest partnerships yet to help make its Alexa voice assistant ubiquitous: a deal with Toyota to integrate Alexa into the auto giant’s cars. “Our vision for Alexa is that she should be everywhere a customer might need her—at home, in the office, on... At the 2018 Consumer Electronics Show, Amazon announced one of its biggest partnerships yet to...
Tonal’s now-shuttered Palo Alto, Calif. retail store. Photo by Getty.
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Tonal’s Valuation May Fall 90% in ‘Cram-Down’ Financing

By Maria Heeter · Mar 21, 2023 3:11pm PDT · 7 comments
Tonal, a fitness startup with a cadre of celebrity backers, is crunched for cash after failing to find a buyer. The company now may take a drastic step: raising money at a valuation nearly 90% lower than its last one, in a deal that would effectively wipe out the stakes of many existing investors, people familiar with the matter said. Private... Tonal, a fitness startup with a cadre of celebrity backers, is crunched for cash after failing to...
A sign outside TikTok's offices in Culver City, Calif. this week. Photo by Getty.
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TikTok Tries to Allay Advertisers’ Concerns as U.S. Ban Threat Looms

By Kaya Yurieff and Sylvia Varnham O'Regan · Mar 17, 2023 12:21pm PDT
No matter what happens in Washington, TikTok needs to keep advertisers spending money on the app. The latest threat of a ban, made recently by the Biden administration, has prompted marketers to consider their alternatives, ad executives say. TikTok has been taking steps to reassure the ad industry, including convening a closed-door meeting with... No matter what happens in Washington, TikTok needs to keep advertisers spending money on the app....
A First Republic Bank in Los Angeles. Photo by Bloomberg.
First Republic CEO Told Regulators Earlier This Year His Bank Didn’t Need More Rules
By Michael Roddan and Lauren Tara LaCapra · Mar 16, 2023 2:02pm PDT
A First Republic Bank in Los Angeles. Photo by Bloomberg.
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First Republic CEO Told Regulators Earlier This Year His Bank Didn’t Need More Rules

By Michael Roddan and Lauren Tara LaCapra · Mar 16, 2023 2:02pm PDT
On Thursday, First Republic Bank CEO Mike Roffler hashed out a $30 billion rescue plan for his bank with the biggest institutions on Wall Street at the urging of the federal government. But less than two months ago, he was pleading with the Federal Reserve and the Federal Deposit Insurance Corp. to exclude his San Francisco-based lender from... On Thursday, First Republic Bank CEO Mike Roffler hashed out a $30 billion rescue plan for his...
Google Cloud CEO Thomas Kurian in 2019. Photo by Bloomberg
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In Search of Profits, Google Cloud Shifts Focus to Midsize Customers

By Kevin McLaughlin · Mar 16, 2023 6:00am PDT
During Thomas Kurian’s nearly five years at the helm of Google’s cloud-server business, the unit has raised its profile by inking long-term agreements with companies such as Deutsche Bank, Dun & Bradstreet Holdings and Mayo Clinic. But Google Cloud has struggled to get those companies to quickly increase their spending on cloud... During Thomas Kurian’s nearly five years at the helm of Google’s cloud-server...
A pedestrian passes a Silicon Valley Bank branch in San Francisco, on Monday, March 13, 2023. Photo by AP.
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SVB’s $9.5 Billion Venture Unit Included Large Investments in Andreessen, Sequoia, Documents Show

By Kate Clark · Mar 15, 2023 5:29pm PDT · 4 comments
As potential buyers circle the remnants of Silicon Valley Bank and its affiliates, one asset could be particularly appealing: the company’s venture capital arm. The unit manages $9.5 billion with stakes in many of Silicon Valley's top-tier venture firms, including Sequoia Capital, giving it indirect access to some of the tech... As potential buyers circle the remnants of Silicon Valley Bank and its affiliates, one asset...
Art by Clark Miller.
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Microsoft Rations Access to AI Hardware for Internal Teams

By Aaron Holmes and Kevin McLaughlin · Mar 15, 2023 1:32pm PDT · 4 comments
Microsoft is poised to announce a suite of Office 365 tools powered by GPT-4, the powerful new artificial intelligence software made by OpenAI. But now Microsoft is facing an internal shortage of the server hardware needed to run the AI, according to three current Microsoft employees. That has forced the company to ration access to the hardware... Microsoft is poised to announce a suite of Office 365 tools powered by GPT-4, the powerful new...
Two Silicon Valley Bank customers enter a branch in Palo Alto, Calif., on Monday. Photo by AP.
Government Will Likely Only Sell Silicon Valley Bank to Another Bank, Sources Say
By Michael Roddan, Erin Woo and Lauren Tara LaCapra · Mar 15, 2023 11:18am PDT · 9 comments
Two Silicon Valley Bank customers enter a branch in Palo Alto, Calif., on Monday. Photo by AP.
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Government Will Likely Only Sell Silicon Valley Bank to Another Bank, Sources Say

By Michael Roddan, Erin Woo and Lauren Tara LaCapra · Mar 15, 2023 11:18am PDT · 9 comments
The U.S. government will likely only sell Silicon Valley Bank to another bank, people familiar with the matter said, essentially ruling out the private equity firms and venture capitalists that had been exploring making a bid. The Federal Deposit Insurance Corp. took over SVB, which failed Friday, and is in the process of selling it. A person... The U.S. government will likely only sell Silicon Valley Bank to another bank, people familiar...
A recent New York Knicks/Los Angeles Lakers game. Photo by Adam Pantozzi/NBAE via Getty Images.
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NBA Wants Billions More in Sports Deals: Media and Tech Firms Are Resistant

By Sahil Patel · Mar 15, 2023 6:00am PDT · 1 comment
The NBA is one of the most popular sports leagues in the world. It also has high hopes for squeezing far more money out of media outlets in negotiations for future TV broadcast rights, in part because tech giants including Amazon and Google have told the league of their interest in streaming the games. According to two people who have recently... The NBA is one of the most popular sports leagues in the world. It also has high hopes for...
Jamie Dimon, chief executive officer of JPMorgan Chase. Photo by Bloomberg.
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How JPMorgan Maneuvered During the Fall of Silicon Valley Bank

By Lauren Tara LaCapra and Michael Roddan · Mar 14, 2023 3:10pm PDT
When Silicon Valley Bank was crumbling last week, eyes turned to the biggest lender in the country—the bank that had stepped in to save failing competitors during the financial crisis in 2008, whose CEO has been called “America’s banker” and whose views and decisions influence the corporate world. But JPMorgan Chase was... When Silicon Valley Bank was crumbling last week, eyes turned to the biggest lender in the...
Marc Rowan, chief executive officer of Apollo Global Management LLC. Photo by Bloomberg.
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Apollo Asks VCs to Back Its Bid For Silicon Valley Bank Assets

By Erin Woo and Amir Efrati · Mar 14, 2023 12:44pm PDT · 2 comments
Private equity giant Apollo Global Management has asked major venture capital firms to help finance a bid for the assets of Silicon Valley Bank, according to a person with knowledge of the discussion. Earlier, The Information reported that several firms, including General Catalyst, Andreessen Horowitz and Redpoint Ventures, had discussed the... Private equity giant Apollo Global Management has asked major venture capital firms to help...
Fetch's booth at the Groceryshop 2022 Conference in Las Vegas. Photo by Fetch.
SoftBank-Backed Fetch Rewards Cuts Staff Amid Shopping Slowdown
By Theo Wayt and Ann Gehan · Mar 14, 2023 9:32am PDT
Fetch's booth at the Groceryshop 2022 Conference in Las Vegas. Photo by Fetch.
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SoftBank-Backed Fetch Rewards Cuts Staff Amid Shopping Slowdown

By Theo Wayt and Ann Gehan · Mar 14, 2023 9:32am PDT
SoftBank-backed shopper rewards startup Fetch Rewards laid off around 100 employees on Monday, making up at least 10% of its workforce, the company confirmed to The Information. Fetch had pitched itself as a way for sellers to battle rising digital marketing costs following Apple’s privacy restrictions. But the Madison, Wis.-based company... SoftBank-backed shopper rewards startup Fetch Rewards laid off around 100 employees on Monday,...
Photo by Bloomberg.
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Wall Street Firm Pounces on SVB Implosion With Offer to Buy Deposit Claims

By Maria Heeter · Mar 11, 2023 12:19pm PST · 9 comments
At least one Wall Street firm is sensing an opportunity in the panic around failed Silicon Valley Bank. Traders from Jefferies are contacting startup founders with money stuck at the bank, offering to buy their deposit claims at a discount, according to several people with direct knowledge of the matter. The firm is offering at least 70 cents on... At least one Wall Street firm is sensing an opportunity in the panic around failed Silicon Valley...
People line up outside of the shuttered Silicon Valley Bank headquarters on March 10 in Santa Clara, Calif. Photo by Getty.
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The Final Breaths of Silicon Valley Bank

By Michael Roddan, Lauren Tara LaCapra and Kate Clark · Mar 11, 2023 5:30am PST · 16 comments
Silicon Valley Bank wasn't just a bank—it was a central artery in the venture capital circulatory system. VC firms recruiting new partners would tell them SVB could set them up with a mortgage in a day. The bank wined and dined the industry in Napa. It sponsored numerous events across the Valley. While other banks that routinely... Silicon Valley Bank wasn't just a bank—it was a central artery in the venture capital...
People walk past a Silicon Valley Bank sign at the company's headquarters in Santa Clara, Calif., Friday, March 10, 2023.
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Startups Seek to Raise Emergency Cash from VC Firms, Secondary Sales

By Kate Clark and Maria Heeter · Mar 10, 2023 6:41pm PST · 1 comment
As the weekend approached, startup founders with money stuck in Silicon Valley Bank raced to sell secondary shares and enter financing deals to meet payroll and other needs, a sign of the desperate dash for funds set off by the abrupt collapse of the tech-centric bank. Many startup founders on Friday signed up for new loans based on the future... As the weekend approached, startup founders with money stuck in Silicon Valley Bank raced to sell...
Photo by Bloomberg
Silicon Valley Bank Told Some Customers Money Transfers Are ‘Backed Up’
By Kate Clark and Michael Roddan · Mar 9, 2023 2:59pm PST · 5 comments
Photo by Bloomberg
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Silicon Valley Bank Told Some Customers Money Transfers Are ‘Backed Up’

By Kate Clark and Michael Roddan · Mar 9, 2023 2:59pm PST · 5 comments
Silicon Valley Bank on Thursday told at least four clients that wire transfers could be delayed, and the bank’s support phone lines were recently inaccessible. Other clients reported trouble logging in to the company’s website to view their account information and make transfers. One founder who reached an SVB customer support agent... Silicon Valley Bank on Thursday told at least four clients that wire transfers could be delayed,...
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Silicon Valley Bank CEO Tells VC Clients to ‘Stay Calm’

By Erin Woo, Amir Efrati, Lauren Tara LaCapra, Michael Roddan, Kate Clark and Kaya Yurieff · Mar 9, 2023 12:02pm PST · 8 comments
Silicon Valley Bank CEO Greg Becker on Thursday told top venture capitalists in Silicon Valley to “stay calm” amid concerns around a capital crunch that wiped nearly $10 billion off the bank’s market valuation. On a call, Becker said that “calls started coming and started panic.” He added that the bank has... Silicon Valley Bank CEO Greg Becker on Thursday told top venture capitalists in Silicon Valley to...
Vishal Garg, CEO of Better.com. Photo by Better.com.
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Better.com CEO Doesn’t Rule Out More Layoffs or a Down Round

By Theo Wayt · Mar 8, 2023 11:18am PST · 1 comment
Better.com is staring into the abyss. The SoftBank-backed mortgage lender is fighting to survive amid high interest rates that have crushed its core refinancing business. In an interview with The Information, its founder and CEO—who went viral in late 2021 when he sacked 900 employees on a Zoom call—didn’t rule out further... Better.com is staring into the abyss. The SoftBank-backed mortgage lender is fighting to survive...
LinkedIn's San Francisco office lobby. Photo by LinkedIn.
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LinkedIn Faces Growing Complaints From Recruiters Over Rising Prices

By Mark Matousek · Mar 8, 2023 6:00am PST · 6 comments
A core pillar of LinkedIn’s revenue growth in recent years, its recruiting services business, is under pressure as customers rebel against the company’s prices. LinkedIn has hiked the fees it charges for recruiter subscriptions so much that in recent months, as companies have slowed hiring, some tech firms and specialist recruiting... A core pillar of LinkedIn’s revenue growth in recent years, its recruiting services...
Navan CEO Ariel Cohen. Photo via Navan.
No ‘Sugarcoating’: Travel Startup Navan’s Turbulent Ride Toward an IPO
By Cory Weinberg · Mar 7, 2023 6:01am PST · 1 comment
Navan CEO Ariel Cohen. Photo via Navan.
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No ‘Sugarcoating’: Travel Startup Navan’s Turbulent Ride Toward an IPO

By Cory Weinberg · Mar 7, 2023 6:01am PST · 1 comment
Ariel Cohen took the stage sipping champagne before 9 a.m. in front of more than 3,000 of his employees last month. Dozens of his travel software company’s workers, wearing purple pajamas, had just slept at the firm’s Palo Alto office. Another executive urged employees to get up and dance. They were celebrating a rebrand of the... Ariel Cohen took the stage sipping champagne before 9 a.m. in front of more than 3,000 of his...