The Information

Snap CEO Evan Spiegel. Photo by Flickr/TechCrunch.

How Snap Is Guarding Against IPO Lawsuits

By Alfred Lee · Jan 30, 2017 7:01am PST

In the world of corporate law, Snap will set a precedent with its expected IPO. It will likely be the first company to go public with a novel legal defense against an increasingly common kind of IPO-related lawsuit, one sparked when a company’s stock price falls after the public offering. Snap added a provision to its charter last October... In the world of corporate law, Snap will set a precedent with its expected IPO. It will likely be...

Fitbit products on display. Photo by Flickr/Mike Mozart.

Fitbit To Cut Jobs After Weak Q4

By Reed Albergotti · Jan 29, 2017 5:16pm PST · 12 comments

Fitbit is to cut between 5% and 10% of its employees, the company will announce on Monday, while disclosing that its fourth-quarter results were below expectations. The disclosures are the latest sign of a slowdown in the wearables market, according to two people briefed on the news. About 1,600 people work at Fitbit so the job cuts affect... Fitbit is to cut between 5% and 10% of its employees, the company will announce on Monday, while...

Jawbone CEO Hosain Rahman. Photo by Bloomberg.

Jawbone Was Late Paying Employees

By Reed Albergotti · Jan 27, 2017 2:25pm PST · 4 comments

Jawbone was about a week late paying employees this month, according to people familiar with the matter, news that is sure to feed uncertainty about the company’s future.At least some employees didn’t get paid at the company’s last scheduled pay date in the middle of the month, the people said. The payment was eventually made... Jawbone was about a week late paying employees this month, according to people familiar with the...

Stan Meresman and his wife, Sharon, at a Meals on Wheels gala in 2015. Photo by Drew Altizer Photography.

Snap’s IPO Whisperer

By Tom Dotan · Jan 26, 2017 7:00am PST

Stan Meresman and his wife, Sharon, at a Meals on Wheels gala in 2015. Photo by Drew Altizer Photography.

Snap’s IPO Whisperer

By Tom Dotan · Jan 26, 2017 7:00am PST

Six months before LinkedIn went public in 2011, the company tapped a longtime Silicon Valley financial executive, Stanley Meresman, to join its board. As head of the audit committee, Mr. Meresman played a key role in preparing the company for the rigors of being publicly traded, said one former LinkedIn board member.Nearly six years later, Mr.... Six months before LinkedIn went public in 2011, the company tapped a longtime Silicon Valley...

Greg Duffy. Photo by Flickr/TechCrunch.

Dropcam’s Greg Duffy Joins Apple

By Reed Albergotti · Jan 25, 2017 11:30am PST · 2 comments

Greg Duffy, a former Nest manager who famously called Nest co-founder Tony Fadell a “tyrant bureaucrat,” has joined Apple—the company where Mr. Fadell made his name. Mr. Duffy’s hiring was confirmed by an Apple spokeswoman. His role couldn’t be learned. But given his background, starting security camera firm... Greg Duffy, a former Nest manager who famously called Nest co-founder Tony Fadell a “tyrant...

Tilt CEO James Beshara. Photo by Bloomberg.

Airbnb In Talks To Buy Payments Company Tilt

By Cory Weinberg · Jan 24, 2017 8:31am PST · 2 comments

Airbnb is nearing a deal to buy Venmo-competitor Tilt, said two people briefed on the discussion, for a price said to be between $10 million and $20 million. The deal would be a stunning comedown for a company that has raised a total of $62 million in equity, at a reported valuation most recently of $400 million.But Airbnb is buying Tilt for its... Airbnb is nearing a deal to buy Venmo-competitor Tilt, said two people briefed on the discussion,...

Magic Leap CEO Rony Abovitz. Photo by Bloomberg.

Magic Leap Stock Takes a Tumble

By Alfred Lee and Reed Albergotti · Jan 24, 2017 7:01am PST

Investors have slashed the price they’re willing to pay for Magic Leap stock in the secondary market by about 20% in recent weeks, say stockbrokers, a turnabout for one of last year’s most coveted private tech stocks.The stock slump follows a critical report in The Information in early December that called into question the mixed... Investors have slashed the price they’re willing to pay for Magic Leap stock in the...

LeEco co-founder Jia Yueting. Photo by Bloomberg.

LeEco Loses High Profile Marketing Exec

By Amir Efrati · Jan 23, 2017 3:32pm PST

LeEco co-founder Jia Yueting. Photo by Bloomberg.

LeEco Loses High Profile Marketing Exec

By Amir Efrati · Jan 23, 2017 3:32pm PST

Todd Pendleton, a high-profile former Samsung marketing executive who joined Chinese consumer electronics firm LeEco in the first quarter of last year, has quit the company, The Information has learned.Mr. Pendleton was the highest-profile hire made by LeEco as part of an aggressive recruiting push in the San Francisco Bay Area last year. The... Todd Pendleton, a high-profile former Samsung marketing executive who joined Chinese consumer...

Hotel Tonight CEO Sam Shank. Photo by Bloomberg.

Why Priceline Has Passed On Hotel Tonight—So Far

By Cory Weinberg · Jan 19, 2017 7:00am PST · 7 comments

In late 2015, Priceline held discussions with Hotel Tonight about possibly buying the smaller hotel-booking rival. Executives at Priceline liked the startup’s young, affluent user base and boutique hotel selection. But Hotel Tonight was on pace to lose $37 million that year on revenue of just $33 million. Priceline executives didn’t... In late 2015, Priceline held discussions with Hotel Tonight about possibly buying the smaller...

Google CEO Sundar Pichai launching Android One in India in 2014. Photo by Bloomberg.

Google’s New Stab at Boosting Android Brand in U.S.

By Amir Efrati · Jan 17, 2017 4:30pm PST · 4 comments

Google is expanding its “Android One” program for low-cost smartphones to the U.S in coming months, promising phone makers major new promotional dollars if they play by its rules, say three people briefed on the plan.The first phone to launch in the U.S. with Google’s Android One seal of approval, backed by an ad campaign... Google is expanding its “Android One” program for low-cost smartphones to the U.S in...

Lyft co-founder and president John Zimmer. Photo by Bloomberg.

Lyft’s 2016 Financials Show Business Gains

By Amir Efrati · Jan 12, 2017 1:26pm PST · 2 comments

Lyft, the ride-hailing app that’s a distant No. 2 to Uber in the U.S., lost about $600 million last year after generating $700 million in revenue, according to data reviewed by The Information and people with knowledge of the company’s finances.Despite the size of the loss, the 2016 results were a big improvement on the previous year... Lyft, the ride-hailing app that’s a distant No. 2 to Uber in the U.S., lost about $600...

Art by Matt Vascellaro

Washio’s Tumble and the Decline of On-Demand

By Tom Dotan · Jan 9, 2017 7:00am PST · 9 comments

Art by Matt Vascellaro

Washio’s Tumble and the Decline of On-Demand

By Tom Dotan · Jan 9, 2017 7:00am PST · 9 comments

Of all the on-demand businesses that swept through tech in the past couple of years, few were as hyped and strange as laundry. At the center of that spin cycle was Washio, a Los Angeles startup that promised to be an “Uber for Laundry.” Customers could use an app to order their dirty laundry picked up and returned clean the next... Of all the on-demand businesses that swept through tech in the past couple of years, few were as...

Oracle Cloud Hardware Exec Departs

By Kevin McLaughlin · Jan 5, 2017 6:25pm PST

Scott Genereux, an Oracle senior vice president in charge of hardware sales in North America, recently left the company, said two people with knowledge of the matter. He will join storage vendor Veritas Technologies later this month as executive vice president of worldwide field operations, a Veritas spokeswoman said. Mr. Genereux, who joined... Scott Genereux, an Oracle senior vice president in charge of hardware sales in North America,...

Amazon CEO Jeff Bezos. Photo by Bloomberg.

Amazon Courts Retailers To Use Its Mobile App

By Cory Weinberg · Jan 5, 2017 1:59pm PST

Amazon.com is planning to let competing retailers integrate with its mobile app, as part of a broader effort to power more shopping outside its digital walls, according to a person briefed by the company.The service, which Amazon is calling “place cards,” would let a consumer click on an email from a store that takes them to an app... Amazon.com is planning to let competing retailers integrate with its mobile app, as part of a...

Fiat Chrysler CEO Sergio Marchionne. Photo by Bloomberg.

Fiat’s Secret Self-Driving Car Shows How Industry May Evolve

By Amir Efrati · Dec 29, 2016 1:02pm PST · 3 comments

Fiat Chrysler has garnered outsized headlines for becoming the first traditional carmaker to make electric minivans with self-driving technology designed by Alphabet’s Waymo. Behind the scenes, however, Fiat Chrysler is developing its own autonomous vehicles so that it won’t be just a metal bender for tech companies like Waymo, The... Fiat Chrysler has garnered outsized headlines for becoming the first traditional carmaker to make...

Art by Matt Vascellaro.

Amazon Echo and the Hot Tub Murder

By Tom Dotan and Reed Albergotti · Dec 27, 2016 7:01am PST · 6 comments

Art by Matt Vascellaro.

Amazon Echo and the Hot Tub Murder

By Tom Dotan and Reed Albergotti · Dec 27, 2016 7:01am PST · 6 comments

Be careful what you say around your Amazon Echo. Your words may be recorded and used against you in court.In what may be the first case of its kind, police investigating a murder in Bentonville, Arkansas, issued a warrant to Amazon.com to turn over audio and other records from an Echo. The device in question belongs to James Andrew Bates, who... Be careful what you say around your Amazon Echo. Your words may be recorded and used against you...

Alphabet CEO Larry Page. Photo by Bloomberg.

Employee Lawsuit Accuses Google of ‘Spying Program’

By Reed Albergotti · Dec 20, 2016 1:15pm PST · 5 comments

A Google product manager is suing the company over its internal confidentiality policies, saying they breach California labor laws. Among other things, the lawsuit alleges Google runs an internal “spying program” which relies on employees voluntarily reporting other employees who might have leaked information.The lawsuit alleges that... A Google product manager is suing the company over its internal confidentiality policies, saying...

Source: PitchBook

Fidelity Slows Private Tech Deals

By Alfred Lee · Dec 20, 2016 7:00am PST

Fidelity Investments made fewer private tech investments this year in part because it couldn’t agree with companies over the level of their valuations, according to Andy Boyd, Fidelity’s head of global equity capital markets. Fidelity had sought to invest at lower valuations that companies would not accept, Mr. Boyd told The... Fidelity Investments made fewer private tech investments this year in part because it...

Uber CEO Travis Kalanick. Photo by Bloomberg.

Uber’s Loss Decelerates, Reflecting China Exit

By Amir Efrati · Dec 19, 2016 12:55pm PST

Uber lost more than $800 million in the third quarter of this year, before interest, taxes and stock-based compensation, according to people familiar with its finances. But Uber’s departure from China in the middle of the quarter helped slow the growth rate of its losses to less than 25% year over year, down from 34% year over year in the... Uber lost more than $800 million in the third quarter of this year, before interest, taxes and...

Waymo CEO John Krafcik. Photo by Bloomberg.

Google’s Car Diaspora

By Amir Efrati · Dec 13, 2016 9:53am PST · 2 comments

Waymo CEO John Krafcik. Photo by Bloomberg.

Google’s Car Diaspora

By Amir Efrati · Dec 13, 2016 9:53am PST · 2 comments

At least a dozen senior members of the Google autonomous car team have departed in the past year, most of them to Uber and to a self-driving car startup that’s right next door to Google’s campus in Mountain View. (Scroll down for the list.) The unit, which Alphabet said on Tuesday would become its own division called... At least a dozen senior members of the Google autonomous car team have departed in the past year,...