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

Jonah Hill. Photo by AP

Musk-Twitter Drama Jumps the Shark

By Martin Peers · May 17, 2022 5:00pm PDT

We’re now at that part of the Elon Musk–Twitter drama where—as happens for some long-running TV shows—the plotline has gone off the rails. Of course, this isn’t a TV show, although there likely will be one, and I nominate Jonah Hill to play Elon Musk. And what seems off the wall is just life in Musk’s world. It’s a little like the alternate... We’re now at that part of the Elon Musk–Twitter drama where—as happens for some long-running TV...

Elon Musk. Photo by Bloomberg.

Musk Throws Shade at Twitter CEO (and Securities Rules)

By Martin Peers · May 16, 2022 5:00pm PDT · 1 comment

It’s day 43 in the Elon Musk–Twitter saga—and things are getting even weirder. Today we witnessed the bizarre spectacle of Elon Musk tweeting a poop emoji at Parag Agrawal after the Twitter CEO tried to clarify the company’s procedures for keeping spam bots at bay. A short time later, Bloomberg reported that Musk had told a private conference in... It’s day 43 in the Elon Musk–Twitter saga—and things are getting even weirder. Today we witnessed...

Elon Musk. Photo by Bloomberg.

Musk’s Latest Twitter Move May Not Be as Crazy as It Seems

By Martin Peers · May 13, 2022 5:00pm PDT

What would business journalists do without Elon Musk? It’s a Friday, after all, when business news tends to be scarce. So we appreciate Musk’s decision to liven up our day with his early morning tweets, declaring the Twitter acquisition to be “on hold” and then proclaiming his continued commitment to it. What’s going on? The simplest explanation... What would business journalists do without Elon Musk? It’s a Friday, after all, when business...

Masayoshi Son. Photo by Bloomberg.

SoftBank’s Masa Son Sobers Up

By Martin Peers · May 12, 2022 5:00pm PDT

Masayoshi Son. Photo by Bloomberg.

SoftBank’s Masa Son Sobers Up

By Martin Peers · May 12, 2022 5:00pm PDT

Here’s a life tip: If someone called Masayoshi Son comes knocking on your door offering to manage your money anytime soon, don’t let him in. In fact, call the police and ask them to escort him from the premises. Here’s a guy who, as head of SoftBank and its two Vision Funds, decided to spend $135 billion in investment capital when asset prices... Here’s a life tip: If someone called Masayoshi Son comes knocking on your door offering to manage...

Traders on the floor of the New York Stock Exchange last month. Photo by Bloomberg.

A Dethroned Apple and More Wall Street Porn

By Martin Peers · May 11, 2022 5:00pm PDT

How much more air can be let out of the tech balloon? News that Apple has lost its crown as the world’s most valuable company to oil behemoth Saudi Aramco symbolizes just how many investment dollars have fled the tech sector in recent weeks. But Apple’s fall from the top perch doesn’t come close to capturing the full extent of the recent value... How much more air can be let out of the tech balloon? News that Apple has lost its crown as the...

A Peloton store earlier this year. Photo by Bloomberg.

Peloton’s Covid Hangover Lingers

By Martin Peers · May 10, 2022 5:00pm PDT

How long does the average hangover last—24, 48 hours? It depends on the intensity of the drinking binge, of course. However long, it pales with the post-pandemic hangover many of the companies whose businesses boomed during the early part of the outbreak are going through, as we saw from Peloton’s March-quarter results today. The fitness... How long does the average hangover last—24, 48 hours? It depends on the intensity of the drinking...

Uber CEO Dara Khosrowshahi. Photo by Bloomberg.

What Uber CEO’s Cost-Cutting Memo Reveals

By Martin Peers · May 9, 2022 5:00pm PDT

The relentless stock market drop is starting to spook tech CEOs. Over the weekend, Shopify’s CEO Tobi Lütke, perhaps irritated by his stock’s 75% drop so far this year, questioned whether Wall Street analysts were held accountable for their work. Even more telling was Uber CEO Dara Khosrowshahi’s staff memo—first reported by CNBC—revealing his... The relentless stock market drop is starting to spook tech CEOs. Over the weekend, Shopify’s CEO...

Box CEO Aaron Levie. Photo by Bloomberg.

The Rare Winner and Many Losers of This Year’s Tech Stock Market

By Martin Peers · May 6, 2022 5:00pm PDT

Box CEO Aaron Levie. Photo by Bloomberg.

The Rare Winner and Many Losers of This Year’s Tech Stock Market

By Martin Peers · May 6, 2022 5:00pm PDT

Quick quiz: What’s one of the only tech stocks to have risen in price so far this year? (Leave aside the companies, like Twitter, that are getting bought.) If you guessed Box, give yourself a pat on the back. You’ve been paying attention. Yes, the enterprise software stock that was out of favor—to put it mildly—during the boom times has come... Quick quiz: What’s one of the only tech stocks to have risen in price so far this year? (Leave...

Elon Musk. Photo by Bloomberg.

What Is Musk’s Band of Twitter Backers Expecting?

By Martin Peers · May 5, 2022 5:00pm PDT · 1 comment

Say this for Elon Musk: He gets stuff done. His disclosure today that he has lined up $7.1 billion in investor commitments to help fund his Twitter bid, including a commitment from Saudi Prince Alwaleed bin Talal to roll over his current 4.5% stake in the company as Musk takes it private, should put to rest questions about whether the deal will... Say this for Elon Musk: He gets stuff done. His disclosure today that he has lined up $7.1...

Meta CEO Mark Zuckerberg. Photo by Bloomberg.

Layoffs, Hiring Freeze Spread Through Tech

By Martin Peers · May 4, 2022 5:00pm PDT

Things really are turning brutal for tech workers. We scooped the news today that Cameo laid off a quarter of its workforce, just the latest example of the layoffs spreading through tech. Also today, Business Insider reported that Meta Platforms has instituted a hiring freeze through the end of this year (more on that from us here), while The... Things really are turning brutal for tech workers. We scooped the news today that Cameo laid off...

Photo by Bloomberg.

Airbnb Cleans Up in Q1 While Lyft Stalls

By Martin Peers · May 3, 2022 5:00pm PDT

Talk about a tale of two startups. Two original members of the gig economy generation, Lyft and Airbnb, reported their first-quarter updates today. Both were hit by Covid-19 but are now performing very differently. Airbnb is going from strength to strength. Its first-quarter revenue was 79% above what it was in the first quarter of 2020, while... Talk about a tale of two startups. Two original members of the gig economy generation, Lyft and...

A Wall Street trader during last week's sell off. Photo by Bloomberg.

Covid Winner Stocks Enjoy a Day in the Sun

By Martin Peers · May 2, 2022 5:00pm PDT

A Wall Street trader during last week's sell off. Photo by Bloomberg.

Covid Winner Stocks Enjoy a Day in the Sun

By Martin Peers · May 2, 2022 5:00pm PDT

Uh-oh, put that mask back on: The stock market is acting like Covid-19 is back. Amid a topsy-turvy day on the stock market, when a big sell-off gave way to a modest rally, one group of companies rallied strongly—the Covid winners. Zoom Video, Pinterest, Peloton, Spotify, Shopify, Roku and Netflix—all of which got pummeled mercilessly in recent... Uh-oh, put that mask back on: The stock market is acting like Covid-19 is back. Amid a...

Elon Musk. Photo by Bloomberg.

The Next Hurdle for Musk’s Twitter Plans

By Martin Peers · Apr 29, 2022 5:00pm PDT

Elon Musk is slowly filling in the blanks on his Twitter purchase. It turns out that while we were all wondering if he would sell more of his Tesla shares to fund the $44 billion acquisition, he was doing just that! But after raising $8.4 billion, he’s done selling shares in the electric car maker, he tweeted Thursday night. That should be good... Elon Musk is slowly filling in the blanks on his Twitter purchase. It turns out that while we...

An Amazon warehouse in Staten Island, New York. Photo by Bloomberg

Amazon’s Post-Pandemic Hangover; Apple Avoids Carnage

By Nick Wingfield · Apr 28, 2022 4:17pm PDT

Greetings!Headed into this earnings season, there was a lot of concern that big tech companies would be reporting ugly quarters left and right. So far, though, Amazon is the only one to truly lay an egg. We’re not talking about the $3.8 billion net loss the company reported for the first quarter, a paper-only loss due to a drop in the value of... Greetings!Headed into this earnings season, there was a lot of concern that big tech companies...

Meta CEO Mark Zuckerberg during an event last year. Photo by Bloomberg.

Meta's Bleak Q1; Spotify's Netflix Moment

By Martin Peers · Apr 27, 2022 5:00pm PDT

Score one for Meta Platforms, the company formerly known as Facebook, for accurately predicting how bad its first-quarter performance was going to be. The social media giant this afternoon reported what by any standards were dismal results, with revenue up just 7%. What’s more, Meta projected growth would be even weaker in the second quarter.... Score one for Meta Platforms, the company formerly known as Facebook, for accurately predicting...

Alphabet CFO Ruth Porat. Photo by Bloomberg.

Microsoft, Alphabet Push the Power of Positive Thinking

By Martin Peers · Apr 26, 2022 5:00pm PDT

Alphabet CFO Ruth Porat. Photo by Bloomberg.

Microsoft, Alphabet Push the Power of Positive Thinking

By Martin Peers · Apr 26, 2022 5:00pm PDT

What a day! For the second time in three days, the stock market plunged off a cliff, a reminder that anxiety about the economy and rising interest rates remain as intense as ever. The recovery in stocks we saw starting in mid-March is now just a distant memory. The Nasdaq’s closing level today was its lowest all year and was 22% below the high... What a day! For the second time in three days, the stock market plunged off a cliff, a reminder...

Elon Musk. Photo by Bloomberg.

Twitter Embraces Musk—Will He Live to Regret It?

By Martin Peers · Apr 25, 2022 5:00pm PDT

Wow. It took Twitter’s board less than two weeks to traverse all five stages of grief—from denial to bargaining to acceptance—and reach a deal with Elon Musk for control of Twitter. In the end, there really was no alternative. Twitter’s routinely disappointing performance, both as a stock and as a business, truly made Musk’s offer the “best path... Wow. It took Twitter’s board less than two weeks to traverse all five stages of grief—from denial...

What to Expect From Next Week’s Tech Earnings Onslaught

What to Expect From Next Week’s Tech Earnings Onslaught

By Martin Peers · Apr 22, 2022 5:00pm PDT

Farewell, FAANG. With its stock price collapse this week, Netflix became the second member of the iconic group of high-flying big tech stocks—Facebook, Apple, Amazon, Netflix and Google—to get kicked to the curb this year. The other, of course, was Facebook parent Meta Platforms, whose stock was pummeled after its bleak fourth-quarter earnings... Farewell, FAANG. With its stock price collapse this week, Netflix became the second member of the...

Evan Spiegel. Photo by Bloomberg.

Snap’s Downbeat Q2 Outlook; Elon Musk’s Twitter “Financing”

By Martin Peers · Apr 21, 2022 5:00pm PDT

Well, next week is shaping up to be grim, at least when it comes to big tech earnings reports. Snap kicked off the digital ad sector’s first-quarter report today with what looked like a solid result of 38% higher revenue than a year earlier. But Snap executives rained on their own party with a relatively gloomy projection of just 20% to 25%... Well, next week is shaping up to be grim, at least when it comes to big tech earnings reports....

A Netflix office in Los Angeles. Photo by Bloomberg.

Netflix Is Now Just Another TV Firm in Wall Street’s Eyes

By Martin Peers · Apr 20, 2022 5:03pm PDT · 1 comment

A Netflix office in Los Angeles. Photo by Bloomberg.

Netflix Is Now Just Another TV Firm in Wall Street’s Eyes

By Martin Peers · Apr 20, 2022 5:03pm PDT · 1 comment

What goes around, comes around. Netflix’s stunning 35% collapse on the stock market today should be a lesson to investors in all high-flying companies (I’m thinking of you, Tesla shareholders). The same investors who rush in helter-skelter while a business is expanding, happily paying any price, rush right back out again as soon as growth comes... What goes around, comes around. Netflix’s stunning 35% collapse on the stock market today should...