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March 10, 2023, 5:35 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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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?”
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
Lizette Chapman / Bloomberg:
Email: VC firm Greenoaks warned its founders of potential problems at Silicon Valley Bank in November 2022; a source says 12+ portfolio startups withdrew ~$1B  —  Venture investment firm Greenoaks Capital Partners warned its startup founders of potential problems at SVB Financial Group's 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 …
TechCrunch:
How founders are reacting to Silicon Valley Bank's collapse, as some worry about operating expenses and paying employees their full salaries  —  Engineers at Polymath Robotics were working late Wednesday night on multiple projects when co-founder and CEO Stefan Seltz-Axmacher noticed chatter …
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.
Arjun Kharpal / CNBC:
Bitcoin falls ~8% to ~$19,900, a near two-month low, and ether falls 8%+ to ~$1,400, after US stocks drop and Silvergate Capital and Silicon Valley Bank implode  —  - 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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From Mediagazer

Wall Street Journal:
Sources: the DOJ closed an investigation of Paramount's bid for WBD before career staffers who were concerned about the acquisition had an opportunity to object

Todd Spangler / Variety:
Netflix expands its iHeartMedia partnership to stream video episodes of podcasts from Martha Stewart and others; the episodes will no longer be on YouTube

Kerry Flynn / Axios:
Substack hires former Roku exec Dan Robbins as its first head of brand sponsorships, and launches Creator Kits for publishers interested in brand collaborations

More News

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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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