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March 10, 2023, 8:40 PM
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CNBC:
California regulators close SVB and name the FDIC as the receiver to protect insured deposits; SVB ended 2022 with ~$209B in assets and $175.4B in deposits  —  Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced Friday …
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Matt Levine / Bloomberg:
As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality  —  Programming note: Money Stuff was supposed to be off today, but: bank run!  —  SVB
TechCrunch:
How startup founders are reacting to Silicon Valley Bank's collapse, as some worry about frozen funds, operating expenses, and paying employees full salaries  —  Engineers at Polymath Robotics were working late Wednesday night on multiple projects when co-founder and CEO Stefan Seltz-Axmacher noticed chatter …
Jesse Pound / CNBC:
Sources: Silicon Valley Bank parent company SVB Financial fails to find a buyer as a bank run outpaced the sales process, after SVB failed to raise $2.25B  —  SVB Financial , parent of Silicon Valley Bank, is in talks to sell itself, sources told CNBC's David Faber.
Marc Rubinstein / Net Interest:
A closer look at the collapse of Silicon Valley Bank, the 16th largest US bank whose unrealized losses snowballed from $0 in June 2021 to $16B by September 2022  —  The Rapid Collapse of the 16th Largest Bank in America  —  “When you're not working, what do you do to de-stress?”
Todd Spangler / Variety:
Filing: Roku held ~26% of its $1.9B in cash and equivalents at SVB, “largely uninsured”, and says the remaining amount will be sufficient for at least 12 months  —  About one-fourth of Roku's cash and equivalents — nearly half a billion dollars — has been held in Silicon Valley Bank …
Dan Primack / Axios:
The FDIC says SVB clients with deposits above $250K will get “an advance dividend within the next week”; many SVB clients need to meet their payroll on March 15  —  The U.S. government on Friday assumed control of Silicon Valley Bank and its billions of dollars in customer deposits …
Lizette Chapman / Bloomberg:
VC firm Greenoaks warned its founders of potential problems at Silicon Valley Bank in a November 2022 email; a source says 12+ portfolio startups withdrew ~$1B
Chris Stokel-Walker / Wired:
Leaked docs: Twitter's API access Enterprise Packages start at $42K/month for 50M tweets, or ~0.3% of its monthly output, 25K filters, and 50K archive queries  —  Tiers will start at $500,000 a year for access to 0.3 percent of the company's tweets.  Researchers say that's too much for too little data.
Wall Street Journal:
Sources: Meta plans multiple rounds of layoffs over the coming months that in total would be roughly the same magnitude as its ~13% cut in November 2022  —  New layoffs at Meta Platforms would follow cuts of around 11,000 employees started last year  —  Facebook-parent Meta Platforms Inc …
Casey Newton / Platformer:
Meta is exploring a standalone decentralized social network for sharing text updates; the app, codenamed P92, will reportedly let users log in with Instagram  —  Is this the Twitter replacement we've been waiting for? … Twitter's decline is paving the way for other platforms to build next-generation replacements.
Filipe Espósito / 9to5Mac:
Kuo: Apple plans to unveil a redesigned HomePod with a built-in 7-inch display in H1 2024, enabling tighter integration with Apple's other hardware products  —  Apple this year introduced a new HomePod that looks exactly like the original model announced in 2017 and discontinued in 2021.

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From Mediagazer

Amol Sharma / Wall Street Journal:
Sources: Comcast plans to announce Wednesday that it will be spinning off its NBCUniversal cable TV networks including MSNBC and CNBC, with Mark Lazarus as CEO

Bron Maher / Press Gazette:
The Economist, The Week, ITV News, and others have joined Bluesky in the past week, while Politico, Semafor, Tortoise have resumed their activity on the site

Kanis Leung / Associated Press:
Apple Daily founder Jimmy Lai testifies for the first time in his years-long national security trial; he is already serving a jail term for a fraud conviction

More News

Earlier Picks

Financial Times:
Sources: after lobbying by Apple, Foxconn, and others, India's Karnataka state now allows two-shift production and 12-hour shifts, similar to practices in China
CoinDesk:
New York's AG sues KuCoin, alleging the Seychelles-based crypto exchange offers tokens, such as ETH, that meet the definition of a security, without registering
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