The Information

Chinese premier Xi Jinping marks the centenary of the Chinese Community Party, July 1, 2021. Photo by Bloomberg

Top China VC Seeks U.S. Investors for $1.5 Billion Fund, Bucking Political Headwinds

By Juro Osawa · Jan 27, 2022 10:45am PST · 2 comments

Matrix Partners China, one of the most prolific early-stage venture capitalists in China, is looking to raise at least $1.5 billion, mainly from U.S. institutional investors, for its biggest-ever fund, according to people with knowledge of the matter. If successful, it would become one of the largest pools of money dedicated to young startups... Matrix Partners China, one of the most prolific early-stage venture capitalists in China, is...

Photo by AP.

Tiger Global, Alkeon Slash Startup Valuations Amid Public Stock Selloff

By Berber Jin and Kate Clark · Jan 26, 2022 6:28pm PST · 5 comments

For more than a year, startup founders have watched in awe and some trepidation as hedge funds and other large investors flooded private startups with big checks, pushing up valuations and making it easier than ever to raise money. Those freewheeling days may be numbered as a sell-off in public tech stocks bleeds into the startup world. Among... For more than a year, startup founders have watched in awe and some trepidation as hedge funds...

Snowflake CEO Frank Slootman (left) and Databricks CEO Ali Ghodsi. Photos by Snowflake, Bloomberg. Collage by Mike Sullivan

Snowflake vs. Databricks: How Onetime Friends Became Fierce Cloud Rivals

By Kevin McLaughlin · Jan 26, 2022 6:00am PST · 2 comments

A few years ago, Snowflake and Databricks were up-and-coming cloud software startups that were so friendly, their sales teams regularly passed customer leads to each other. Both companies made unglamorous but critical components for businesses—from Shell Oil to DoorDash—that helped them boost sales or reduce costs by making better... A few years ago, Snowflake and Databricks were up-and-coming cloud software startups that were so...

Workers in an Amazon fulfillment center in Robbinsville, New Jersey, last November. Photo by Bloomberg

Amazon Pauses ‘Pay to Quit’ Offers for Warehouse Workers

By Paris Martineau and Mark Di Stefano · Jan 25, 2022 2:02pm PST · 1 comment

Workers in an Amazon fulfillment center in Robbinsville, New Jersey, last November. Photo by Bloomberg

Amazon Pauses ‘Pay to Quit’ Offers for Warehouse Workers

By Paris Martineau and Mark Di Stefano · Jan 25, 2022 2:02pm PST · 1 comment

Faced with an increasingly tight labor market, Amazon has quietly paused a longstanding program through which it paid warehouse workers up to $5,000 to quit their jobs after the busy peak season, The Information has learned. Amazon instituted the program—known inside the company as Pay to Quit or simply The Offer—in 2014 to help the... Faced with an increasingly tight labor market, Amazon has quietly paused a longstanding program...

Pinterest headquarters office in San Francisco. Photo by Bloomberg

Pinterest Has Lost at Least 7 Senior Execs in Recent Weeks

By Jessica Toonkel and Sahil Patel · Jan 25, 2022 6:00am PST · 1 comment

Pinterest has lost at least seven senior executives in roles ranging from creator marketing to corporate development in recent weeks as the online scrapbooking app grapples with a drop in U.S. users and slowing ad revenue growth. Among the executives leaving are Gary Johnson, Pinterest’s head of corporate development, and Omar Seyal, head... Pinterest has lost at least seven senior executives in roles ranging from creator marketing to...

Container ships and bulk carriers offshore from Singapore. Photo by Bloomberg

Startup Powering China’s Consumer Export Blitz in Talks to Raise $800 Million

By Juro Osawa · Jan 24, 2022 12:28pm PST

Xingyun Group, a seven-year-old startup that helps Chinese makers of everything from Bluetooth speakers to laundry detergent sell directly to overseas consumers, is in talks with investors to raise $800 million, and it is seeking a pre-money valuation of $5 billion, according to two people with knowledge of the matter. The startup is... Xingyun Group, a seven-year-old startup that helps Chinese makers of everything from Bluetooth...

Art by Mike Sullivan

Tech’s Great Headhunter Shortage: Employers Shower Recruiters With Better Pay, Benefits

By Mark Matousek · Jan 24, 2022 6:00am PST · 2 comments

In the middle of 2020, not long after the Covid-19 pandemic began sparking layoffs across the country, Joe Price watched as eight members of the recruiting department at an automotive software company he worked for lost their jobs. It turned out to be a fleeting downturn in his field. By the end of the year, tech companies were bombarding Price... In the middle of 2020, not long after the Covid-19 pandemic began sparking layoffs across the...

Image: Gopuff

Inside Gopuff’s Ambitious and Costly Bid to Dominate European Instant Delivery

By Mark Di Stefano and Berber Jin · Jan 21, 2022 6:00am PST

Image: Gopuff

Inside Gopuff’s Ambitious and Costly Bid to Dominate European Instant Delivery

By Mark Di Stefano and Berber Jin · Jan 21, 2022 6:00am PST

Executives at Gopuff, a U.S. instant-delivery company that has planned to go public this year, recently told investors that its foray into Europe, which began last year, has topped expectations: The business is on pace to generate $100 million in annual revenue there, or about 5% of its overall revenue currently, and is growing three times... Executives at Gopuff, a U.S. instant-delivery company that has planned to go public this year,...

Nick Tran. Photo by Hulu. Art by Mike Sullivan

TikTok’s Global Marketing Chief Abruptly Departs

By Jessica Toonkel and Sarah Krouse · Jan 18, 2022 1:50pm PST

TikTok’s leaders have pushed out Nick Tran, the company’s head of global marketing, two people familiar with the situation told The Information. Since joining in 2020, Tran has spearheaded TikTok’s efforts to build hype by helping top video creators launch non-fungible tokens, promoting new ways for users to interact with... TikTok’s leaders have pushed out Nick Tran, the company’s head of global marketing,...

Art by Mike Sullivan

Inside the Battle for Streaming’s Home Screens: Hollywood Egos Collide With Algorithms

By Jessica Toonkel · Jan 18, 2022 6:00am PST · 2 comments

Last summer, executives at Eurosport—a London-based live sports TV network owned by U.S. media company Discovery—couldn’t believe their eyes. Discovery+, a new streaming service from Eurosport’s parent company, wasn’t promoting live events from the Tokyo Olympics on the home screen of the service in European... Last summer, executives at Eurosport—a London-based live sports TV network owned by U.S....

An Amazon worker receives a Covid-19 vaccine. Photo by Bloomberg.

Amazon Paying U.S. Workers $40 to Get Vaccine Booster

By Mark Di Stefano · Jan 13, 2022 1:23pm PST · 1 comment

Faced with the Omicron wave of infections, Amazon will pay its U.S. warehouse workers $40 to get the vaccine booster shot. One of the country’s biggest employers, Amazon is continuing to use financial incentives to ensure that low-paid hourly workers are fully vaccinated. Amazon told its army of hourly workers, which includes some 750,000... Faced with the Omicron wave of infections, Amazon will pay its U.S. warehouse workers $40 to get...

Illustration by Jesus Escudero

When the Crypto Founder Is Real but the Name Is Fake

By Kate Clark · Jan 12, 2022 6:00am PST · 5 comments

Illustration by Jesus Escudero

When the Crypto Founder Is Real but the Name Is Fake

By Kate Clark · Jan 12, 2022 6:00am PST · 5 comments

Last year, Nader Al-Naji, founder of a crypto startup called BitClout, began using a pseudonym online—Diamondhands—to mask his true identity. In fact, he was so determined to conceal his real name that he bought a $500 piece of hardware to manipulate his voice so no one would recognize him during podcast and press interviews. ... Last year, Nader Al-Naji, founder of a crypto startup called BitClout, began using a pseudonym...

Nisa Leung, managing partner at Qiming Venture Partners. Photo by Bloomberg.

After China Tech Bloodbath, Top VC Tests U.S. Appetite For $1.2 Billion Fund

By Juro Osawa and Shai Oster · Jan 11, 2022 6:00am PST

Are American investors going to keep putting money into China? Western investors and Chinese entrepreneurs are anxious about the world’s second-largest tech startup market after a bruising six months in which Beijing’s crackdown on domestic tech companies escalated and political tensions between the U.S. and China grew. Americans are... Are American investors going to keep putting money into China? Western investors and Chinese...

Art by Mike Sullivan

Crypto Talent Wars Fuel Sweeter Salaries, Better Perks for Employees

By Mark Matousek · Jan 10, 2022 6:00am PST

It used to be that crypto startups could count on their missionary appeal to woo and retain top-notch talent, along with the possibility of a big payoff from tokens and equity they doled out to employees. In exchange, many employees didn’t mind missing out on some standard job perks or even taking slight haircuts on salary. Now though, as... It used to be that crypto startups could count on their missionary appeal to woo and retain...

The Athletic founder Alex Mather.

NYT To Buy The Athletic for $550 Million

By Jessica Toonkel · Jan 6, 2022 7:15am PST · 9 comments

The New York Times Co has agreed to acquire subscription sports site The Athletic in a deal valued at around $550 million, the company announced, confirming The Information's report earlier today. The deal is a major acquisition for the Times, giving it a new pocket of subscription customers to the New York Times, which has set an ambitious... The New York Times Co has agreed to acquire subscription sports site The Athletic in a deal...

From left: Will Smith and Jada Pinkett Smith, Blackstone's Joe Baratta, Kevin Mayer, Tom Staggs and Reese Witherspoon. Photos by Bloomberg; AP. Art by Mike Sullivan

Inside Blackstone’s Plans to Create an Entertainment Empire

By Jessica Toonkel · Jan 6, 2022 6:00am PST · 1 comment

From left: Will Smith and Jada Pinkett Smith, Blackstone's Joe Baratta, Kevin Mayer, Tom Staggs and Reese Witherspoon. Photos by Bloomberg; AP. Art by Mike Sullivan

Inside Blackstone’s Plans to Create an Entertainment Empire

By Jessica Toonkel · Jan 6, 2022 6:00am PST · 1 comment

Two years ago, Joe Baratta couldn’t figure out what Blackstone, the private equity giant he worked for, should do for its next move in media and entertainment. The big TV companies, such as ViacomCBS and Discovery, were bleeding viewers as people cut the cord to cable television and streaming powerhouses like Netflix grew ever bigger.... Two years ago, Joe Baratta couldn’t figure out what Blackstone, the private equity giant he...

Photo by AP.

Gopuff to Launch Private Label Products as DoorDash Rival Heads Toward IPO

By Berber Jin · Jan 5, 2022 1:58pm PST

Quick-delivery startup Gopuff is planning to sell more than a dozen of its own private-label goods as it expands its product offerings ahead of a public listing as early as the second half of this year, said a person with direct knowledge of the matter. The startup, last valued at $15 billion by investors, will first focus on selling its own... Quick-delivery startup Gopuff is planning to sell more than a dozen of its own private-label...

Simulation of Meta's Project Nazare augmented reality glasses. Credit: Meta

Meta Platforms Halts VR and AR Operating System Project

By Sylvia Varnham O'Regan · Jan 5, 2022 6:00am PST · 11 comments

Facebook parent company Meta Platforms has stopped development of a new software operating system to power its virtual reality devices and upcoming augmented reality glasses, according to two people familiar with the decision. Shelving the project, which had been underway for several years and involved hundreds of employees, marked a setback for... Facebook parent company Meta Platforms has stopped development of a new software operating system...

Will Smith. Photo by AP

Blackstone-backed Media Company Takes Stake in Will Smith’s Westbrook

By Jessica Toonkel · Jan 4, 2022 12:06pm PST

The Blackstone-backed media company led by former Disney executives Kevin Mayer and Tom Staggs is acquiring a minority stake in Will Smith and Jada Pinkett Smith’s entertainment company, Westbrook, according to people familiar with the situation. This is the latest in a string of deals for the two media veterans, who have been building out... The Blackstone-backed media company led by former Disney executives Kevin Mayer and Tom Staggs is...

Jonathan Kanter. Photo by Flickr/New America. Art by Mike Sullivan

Justice Department Eyes New Antitrust Enforcers, But Tensions Slow Hiring Process

By Josh Sisco · Jan 4, 2022 7:00am PST

Jonathan Kanter. Photo by Flickr/New America. Art by Mike Sullivan

Justice Department Eyes New Antitrust Enforcers, But Tensions Slow Hiring Process

By Josh Sisco · Jan 4, 2022 7:00am PST

Jonathan Kanter took over as head of the Justice Department’s antitrust division almost two months ago. So far, the division has been slow to hire staff to top jobs, potentially delaying Kanter’s aggressive enforcement and policy agenda, including its plans to rein in the power of the technology industry. The hiring holdups... Jonathan Kanter took over as head of the Justice Department’s antitrust division almost two...