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Apple's Tim Cook (clockwise from top left), Bob Iger, Al Gore and Mike Rockwell. Images by Bloomberg, Shutterstock. Art by Mike Sullivan.
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The Inside Story of Why Apple Bet Big on a Mixed-Reality Headset

By Wayne Ma · May 17, 2022 6:00am PDT · 10 comments
In 2016, Apple’s board of directors gathered inside one of its buildings in Cupertino, Calif., for a glimpse into the company’s future. Former Vice President Al Gore, then–Disney CEO Bob Iger and other Apple board members walked from room to room, trying out prototype augmented and virtual reality devices and software. One of... In 2016, Apple’s board of directors gathered inside one of its buildings in Cupertino,...
Elizabeth Spaulding, CEO of Stitch Fix. Photo by Bloomberg.
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How Stitch Fix Fumbled a Make-or-Break Pivot

By Malique Morris · May 16, 2022 6:05am PDT · 4 comments
Stitch Fix planned to revive sales growth by turning its original strategy on its head. Inside the company, there were warning signs that the effort would struggle. The retailer, which is best known for sending customers five-piece boxes of clothes and accessories picked out by stylists, hoped to broaden its appeal by using algorithms to... Stitch Fix planned to revive sales growth by turning its original strategy on its head. Inside...
IRL CEO and Co-founder Abraham Shafi. Art by Mike Sullivan
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SoftBank-Backed Messaging App IRL Says It Has 20 Million Users. Some Employees Have Doubts About That

By Mark Matousek and Amir Efrati · May 12, 2022 6:00am PDT · 1 comment
IRL, a four year old social app, appears to be a fast-growing alternative to Facebook and messaging app Discord. It enables young people to chat in groups about shared interests, such as book clubs and sports, and to plan real-world events around those interests. In conversations with the press and IRL’s investors, CEO and co-founder... IRL, a four year old social app, appears to be a fast-growing alternative to Facebook and...
ByteDance's Douyin app on a smartphone. Photo by Bloomberg
TikTok Parent Aims to Double E-Commerce Volume on China App to $240 Billion
By Juro Osawa, Shai Oster and Mark Di Stefano · May 11, 2022 6:00am PDT · 1 comment
ByteDance's Douyin app on a smartphone. Photo by Bloomberg
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TikTok Parent Aims to Double E-Commerce Volume on China App to $240 Billion

By Juro Osawa, Shai Oster and Mark Di Stefano · May 11, 2022 6:00am PDT · 1 comment
TikTok has taken on Facebook and YouTube. Now it hopes to compete with Amazon as well. In China, TikTok’s parent company, ByteDance, in recent years has turned its video app, Douyin, into a shopping powerhouse that has eroded the e-commerce dominance of Alibaba, China’s equivalent to Amazon. ByteDance this year aims to double the... TikTok has taken on Facebook and YouTube. Now it hopes to compete with Amazon as well. In China,...
Chainalysis CEO Michael Gronager on Feb. 24, 2022. Photo: Bloomberg
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Chainalysis Valued at $8.6 Billion in GIC-Led Investment

By Kate Clark · May 10, 2022 4:42pm PDT · 1 comment
Chainalysis, a startup that sells services to detect and track crypto fraud, has raised a new round at an $8.6 billion valuation, including the investment, according to a person with direct knowledge of the matter. GIC, Singapore’s sovereign wealth fund and an existing investor in the company, is leading the $170 million investment, the... Chainalysis, a startup that sells services to detect and track crypto fraud, has raised a new...
Shelly Blackburn. Screengrab via Cisco.
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Cisco Overhauls Security Leadership After Top Exec Resigns

By Aaron Holmes · May 10, 2022 11:25am PDT · 1 comment
Shelly Blackburn, Cisco’s vice president of global security specialists and one of its longest-serving sales executives, is stepping down after more than 22 years at the company, she told colleagues this week. The announcement preceded a shake-up of its unit selling security software, which CEO Chuck Robbins has framed as a crucial part of... Shelly Blackburn, Cisco’s vice president of global security specialists and one of its...
GoPuff founders Yakir Gola, left, and Rafael Ilishayev. Photos by Getty, Bloomberg.
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Gopuff Founders’ Ambitions Falter as Startup Bleeds Cash

By Berber Jin · May 10, 2022 6:00am PDT · 3 comments
Delivery firm Gopuff emerged as one of the hits of the pandemic shutdowns, fetching a $15 billion valuation thanks to its network of couriers delivering snacks and convenience items like chips, Tylenol and laundry detergent. But in recent months, its 29-year-old founders have faced mounting setbacks. Last fall, discussions led by the founders... Delivery firm Gopuff emerged as one of the hits of the pandemic shutdowns, fetching a $15 billion...
Campbell Brown. Photo by AP.
Meta Rethinks News Partnerships as Priorities Shift
By Sylvia Varnham O'Regan and Jessica Toonkel · May 9, 2022 2:21pm PDT · 3 comments
Campbell Brown. Photo by AP.
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Meta Rethinks News Partnerships as Priorities Shift

By Sylvia Varnham O'Regan and Jessica Toonkel · May 9, 2022 2:21pm PDT · 3 comments
Meta Platforms is considering reducing the money it gives news organizations as it reevaluates the partnerships it struck over the past few years, according to people familiar with the matter. The reassessment comes as Meta looks to cut costs broadly and rethinks the value of including news in its flagship Facebook app. Meta’s... Meta Platforms is considering reducing the money it gives news organizations as it reevaluates...
Illustration by Josh Brill
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A ‘Rough Year’ Ahead: Tech Companies Take Shelter as Downturn Looms

By Kate Clark · May 6, 2022 6:00am PDT
Two years ago, Reef Technology was gearing up for a period of explosive growth. The operator of a network of ghost kitchens—spaces where meals are prepared independent of restaurants—raised $700 million from SoftBank and Abu Dhabi’s sovereign wealth fund that year in a round that valued it over $2 billion. The company went on a... Two years ago, Reef Technology was gearing up for a period of explosive growth. The operator of a...
FTC Chair Lina Khan. Photo by Bloomberg.
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FTC Opens Inquiry Into Sony’s $3.6 Billion Bungie Gaming Purchase

By Josh Sisco · May 5, 2022 1:18pm PDT · 2 comments
The Federal Trade Commission has opened an in-depth investigation of Sony’s proposed $3.6 billion takeover of Bungie, the gaming studio behind Destiny and Halo, according to people familiar with the matter. While the FTC may not be able to block the deal, its decision to review it is the latest example of how aggressive the agency is... The Federal Trade Commission has opened an in-depth investigation of Sony’s proposed $3.6...
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Inside Shopify, Amazon’s ‘Buy With Prime’ Push Is Raising Existential Questions

By Mark Di Stefano · May 5, 2022 1:01pm PDT · 4 comments
Amazon’s revelation last month that it was launching a new “Buy with Prime” service, which will eventually let any online store offer the same two-day shipping benefits available to Prime subscribers, immediately sparked speculation within Shopify over how the company would respond to the move by its biggest rival. That... Amazon’s revelation last month that it was launching a new “Buy with Prime”...
Cameo CEO Steven Galanis. Photo: Cameo. Artwork: Mike Sullivan
Cameo, a Celebrity Shoutout App, Lays Off 25% of Workforce
By Kaya Yurieff · May 4, 2022 1:59pm PDT · 2 comments
Cameo CEO Steven Galanis. Photo: Cameo. Artwork: Mike Sullivan
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Cameo, a Celebrity Shoutout App, Lays Off 25% of Workforce

By Kaya Yurieff · May 4, 2022 1:59pm PDT · 2 comments
Cameo, an app that became a pandemic darling by letting people pay celebrities to send them customized video greetings, told its employees that it was laying off more than 80 employees, about a quarter of its workforce, according to one of the employees. The company told employees about the plans on Wednesday during an all-hands meeting. ... Cameo, an app that became a pandemic darling by letting people pay celebrities to send them...
A Netflix office in Los Angeles. Photo by Bloomberg.
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Netflix Backs Away From Free-for-All Pay Policy

By Sarah Krouse and Jessica Toonkel · May 4, 2022 12:23pm PDT · 4 comments
Netflix has long prided itself on giving managers the ability to pay what they see fit to attract and retain top talent. Now, as it grapples with stalled growth, it’s reining in that freewheeling practice. The streaming company is establishing a new hierarchy of internal seniority levels and associated pay as it is looking to better... Netflix has long prided itself on giving managers the ability to pay what they see fit to attract...
DAZN founder Len Blavatnik (left) and Kevin Mayer. Photos by Bloomberg and AP
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A ‘Netflix for Sports’ Wagers on League Deals, Betting to Save Streaming Dreams

By Jessica Toonkel and Mark Di Stefano · May 4, 2022 6:00am PDT · 1 comment
Early last year, it looked like DAZN might finally be turning a corner. The streaming company—bankrolled by Ukraine-born billionaire mogul Len Blavatnik—had survived the shutdown of live sports during the pandemic, a near-death experience for a company with the ambition of becoming a global Netflix for sports. It beat out British... Early last year, it looked like DAZN might finally be turning a corner. The streaming...
An exhibitor using the Quest 2 headset at a conference in March. Photo by Bloomberg.
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Meta Plots Ambitious VR Release Schedule of Four Headsets by 2024

By Sylvia Varnham O'Regan and Mathew Olson · May 2, 2022 9:14am PDT
Meta Platforms is planning to release four virtual reality headsets between now and 2024, according to an internal road map viewed by The Information. The aggressive timeline reflects Meta CEO Mark Zuckerberg’s desire to advance his vision of the metaverse by getting more people to use VR devices. Whether he can meet the timeline, however,... Meta Platforms is planning to release four virtual reality headsets between now and 2024,...
FTC commissioner Lina Khan. Photo: Bloomberg
FTC Chief Khan Vows to Address Sinking Staff Morale
By Josh Sisco · Apr 29, 2022 4:25pm PDT · 7 comments
FTC commissioner Lina Khan. Photo: Bloomberg
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FTC Chief Khan Vows to Address Sinking Staff Morale

By Josh Sisco · Apr 29, 2022 4:25pm PDT · 7 comments
Under both Republican and Democratic administrations, the Federal Trade Commission has consistently ranked in the top five for staff satisfaction among medium-size government agencies, according to annual government surveys. But that changed in 2021, the year Lina Khan, a favorite of progressives, took the helm with plans to overhaul how the... Under both Republican and Democratic administrations, the Federal Trade Commission has...
Vice CEO Nancy Dubuc. Photo by Bloomberg.
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Vice Media Is Exploring Sale of Studio Business

By Jessica Toonkel · Apr 29, 2022 3:07pm PDT · 1 comment
Vice Media is exploring the possible sale of its studio business, looking to take advantage of rising valuations for production companies in recent months. But a sale of the business would deprive Vice of its biggest business and would raise questions about the future direction of the firm. The media firm is working with investment bank PJT and... Vice Media is exploring the possible sale of its studio business, looking to take advantage of...
OnlyFans CEO Amrapali Gan. Photo: OnlyFans
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OnlyFans’ New CEO on Life After Shutdowns, Creator Outrage and Founder’s Exit

By Kaya Yurieff · Apr 29, 2022 10:00am PDT · 1 comment
In November, OnlyFans chief marketing officer Amrapali “Ami” Gan received some surprising news: Tim Stokely, founder of the adult content site, told her he was passing the CEO baton to her. Stokely wasn’t just stepping back from management. He had previously sold his entire stake in the startup, Gan confirmed in her first... In November, OnlyFans chief marketing officer Amrapali “Ami” Gan received some...
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Bolt, a Checkout Startup Worth $11 Billion, Lost Customers as Revenue Stalled

By Malique Morris · Apr 28, 2022 4:38pm PDT · 10 comments
Bolt, which develops software that online stores use to help shoppers pay with one click, started the year riding high after rapid-fire fundraising and a private valuation that skyrocketed to $11 billion in January from $6 billion in October. It also easily outlasted Fast, a rival that had raised $120 million from backers including payments... Bolt, which develops software that online stores use to help shoppers pay with one click, started...
FTC Chair Lina Khan. Photo by Bloomberg.
Elon Musk’s Early Twitter Purchase Under FTC Scrutiny
By Josh Sisco and Jessica Toonkel · Apr 28, 2022 9:32am PDT · 1 comment
FTC Chair Lina Khan. Photo by Bloomberg.
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Elon Musk’s Early Twitter Purchase Under FTC Scrutiny

By Josh Sisco and Jessica Toonkel · Apr 28, 2022 9:32am PDT · 1 comment
Elon Musk’s $44 billion Twitter takeover is unlikely to raise antitrust concerns. But what is already being scrutinized is Musk’s failure to comply with rules regarding disclosure of his initial 9% stake, according to people with knowledge of the situation. The Federal Trade Commission recently opened an inquiry into whether Musk... Elon Musk’s $44 billion Twitter takeover is unlikely to raise antitrust concerns. But what...