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March 10, 2023, 8:55 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
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Decrypt, The Information, Insider, Los Angeles Times, CoinDesk, CNBC, Vox, Financial Times, The Atlantic, Yahoo Finance, DeviceSecurity.io, Fortune, Washington Post, New York Post, and Mercury News
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@carlquintanilla, @thestalwart, @dancow, @mckonomy, @annmlipton, @tcarmody, @stilichoreads, and @silviakillings
| 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.
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CoinDesk, Newcomer, CNBC, The Information, Forbes, Crunchbase News, TechCrunch, The Economic Times, Watcher Guru, Insider, Bloomberg, The Verge, VICE, PYMNTS.com, Inc42 Media, Bitcoin News, CoinGape, NBC Bay Area, New York Post, and Crypto Briefing
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@anthony@journa.host and @jack_daniel@mastodon.social
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@jyarow, @danprimack, @jsrailton, @slate_akita, @anthony, @bobbrinker, @lopezlinette, @jonwu_, @amir, @peteryared, @business, @danprimack, @silviakillings, and @robinwigg
| 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?”
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The Economist, Financial Times, Bloomberg, Out of Carbon, Forbes, New York Times, CoinGape, PYMNTS.com, and Juan Aranovich
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@ernie@writing.exchange. Tweets:
@econompic, @sarthakgh, @mikeisaac, @jacobtamme, @nanduan, @film_girl, and @themaxburns
| 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 …
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@44@macaw.social, @maxkennerly@mstdn.social, @jank0@sfba.social, @mimsical@mastodon.social, @joshsternberg@mstdn.social, @felix@saturation.social, and @jerry@infosec.exchange
Tweets:
@circle, @anthony, @jsrailton, @jsrailton, @cpa_trendlines, @yoda, @brianroemmele, and @alex
| 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 …
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SEC.gov, Engadget, CNBC, Insider, San Francisco Business Journal, Reuters, PitchBook, Fast Company, Bloomberg, Deadline, New York Post, and The Hollywood Reporter
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@xpangler and @stephennellis
| 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 …
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TechCrunch, GeekWire, The Register, Financial Times, Insider, Exit Fuel 🛢️, NBC Bay Area, Bitcoin News, Silicon Valley Business …, and Crowdfund Insider
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@danprimack, @pitdesi, @rabble, @danprimack, @besttrousers, @bcmerchant, @axios, @davidmwessel, and @alexjamesfitz
| Sarah Wynn / The Block: |
Filing: crypto lender BlockFi, which filed for bankruptcy protection in November 2022, has $227M in uninsured funds in Silicon Valley Bank — - Crypto lender Blockfi has millions in uninsured funds because the cash is a money market mutual fund, according to a bankruptcy document filed on Friday.| Lizette Chapman / Bloomberg: |
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The Information and CNBC
Mastodon:
@joshsternberg@mstdn.social and @TNLNYC@mastodon.social
Tweets:
@robinwigg, @fedguy12, @anshublog, @amir, @fedguy12, @0xfbifemboy, @fedguy12, @du09btc, and @jamespmcleod
| 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.
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Twitter is Going Great!, My Social Portal's …, and Mashable
Mastodon:
@paul@tapbots.social and @rodhilton@mastodon.social
Tweets:
@sparklingruby, @epro, @chrismessina, @ryanmaue, @stokel, @marshallk, and @0mgould. Thanks:@stokel
| Carly Page / TechCrunch: |
Cloud software company Blackbaud settles with the SEC for $3M over its “misleading disclosures” about a May 2020 ransomware attack that affected 13K+ customers — Software house Blackbaud has agreed to pay $3 million to settle charges related to a May 2020 ransomware attack … | 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 …
More:
The Information, Insider, Reuters, and The Verge
Tweets:
@susanlitv, @donnie_thedd, and @sal19
| 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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Mastodon:
@Gargron@mastodon.social. Tweets:
@deepsekharc, @deepsekharc, @epro, @giancarlochaux, and @ignactro
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