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March 10, 2023, 7:30 AM
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| Financial Times: |
Silicon Valley Bank launches a $2.25B share sale after losing ~$1.8B on its ~$21B of US Treasuries and mortgage-backed securities; SIVB drops 60%+ pre-market — Technology-focused lender suffered loss on $21bn portfolio of Treasuries and mortgage-backed securities
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| Erin Woo / The Information: |
Some VC firms are encouraging their portfolio companies to pull funds out of Silicon Valley Bank while others are advising startups to keep no more than $250K — Silicon Valley Bank CEO Greg Becker on Thursday told top venture capitalists in Silicon Valley to “stay calm” …
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| Lizette Chapman / Bloomberg: |
Email: VC firm Greenoaks warned founders of potential problems at SVB in November 2022; a source says over 12 portfolio companies withdrew ~$1B in recent months — Venture investment firm Greenoaks Capital Partners warned its startup founders of potential problems at SVB Financial Group's Silicon Valley Bank …
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Insider, The Economic Times, Moneycontrol, PitchBook, and South China Morning Post
| 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.
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| 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.| 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 — A press release said the lawsuit was part of ongoing “efforts to crack down on unregistered cryptocurrency platforms.”
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| Alex Hern / The Guardian: |
Meta's Head of WhatsApp, Will Cathcart, says the service would refuse to comply with the UK's Online Safety Bill requirements to remove end-to-end encryption — Meta's head of chat app says it would not comply with the requirements set out in online safety bill
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BBC, Signal Blog, Wired, The Verge, Silicon Republic, dropsafe, MediaNama, UKTN, SiliconANGLE, and Bloomberg
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@signalapp, @alecmuffett, @realhamed, @mullvadnet, @openrightsgroup, @_andyburrows, @arusbridger, @s8mb, @kkomaitis, @mikeisaac, @koush, @profwoodward, @szhang_ds, @aselawaid, and @kkomaitis
| Bloomberg: |
Researchers call for transparency on AI tools' carbon footprint; training GPT-3 took an estimated 1.287 GWh of electricity, or what ~120 US homes use in a year — Artificial intelligence has become the tech industry's shiny new toy, with expectations it'll revolutionize trillion-dollar industries from retail to medicine.| Karissa Bell / Engadget: |
Report: Meta pauses Reels Play bonuses in the US; launched in 2021, the program promised Facebook and Instagram creators up to $35K a month based on view counts — Meta seems to be phasing out one of the key initiatives that helped Reels creators on Facebook and Instagram get paid.| Washington Post: |
An investigation details how a group of conservative Colorado Catholics spent millions to buy mobile app tracking data to identify priests using gay dating apps — A group of philanthropists poured money into a Denver nonprofit that obtained dating and hookup app data and shared … | Lingling Wei / Wall Street Journal: |
A look at China's “golden shares”, initially meant to reduce Beijing's role in the economy and now used to quietly control the country's biggest tech companies — The state takes company stakes that are often small but give it a board seat and power to ensure that corporate behavior hews to the party agenda| Arjun Kharpal / CNBC: |
Bitcoin falls ~8% to ~$19,900, a near two-month low, and ether falls 8%+ to ~$1,400, after a selloff of US stocks, rising interest rates, and troubles at SVB — - Bitcoin fell below $20,000 on Friday hitting a near-two month low after a stock market sell-off in the U.S.
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Decrypt, CoinDesk, Wccftech, Bloomberg, Bloomberg, CoinDesk, and Cointelegraph
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@ap_abacus, @milkyway16eth, @lookonchain, and @wublockchain
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