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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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LinkedIn: Arjun Sethi, Caroline Wharton, Andrea Lisi, Scott Albro, Brian Gong, Janet Mui, John Stepek, Eunice Ajim, and Sahil Mansuri
Mastodon: @dymaxion@infosec.exchange, @Popehat@mastodon.social, @mattblaze@federate.social, @ummjackson@mastodon.social, @briankrebs@infosec.exchange, @nikhileshde@journa.host, @dangillmor@mastodon.social, @ummjackson@mastodon.social, @maria@thelife.boats, @srepetsk@social.ridetrans.it, @wbm312@infosec.exchange, @wbm312@infosec.exchange, @wbm312@infosec.exchange, @fj@mastodon.social, @ddayen@mastodon.online, @steventdennis@journa.host, @ukuku@mstdn.social, and @downey@floss.social
Tweets: @davidsacks, @grdecter, @parkerconrad, @bhargreaves, @bhargreaves, @repswalwell, @lulumeservey, @fdicgov, @thestalwart, @unusual_whales, @tier10k, @tier10k, @robblackwellab, @cramertracker, @garrytan, @ericnewcomer, @justinwolfers, @apatelthompson, @oneunderscore__, @roshanpatei, @alexandrascaggs, @zerohedge, @alistairmbarr, @thetranscript_, @nikitabier, @ellebeyoud, @brendanpedersen, @wallstcynic, @watcherguru, @shaig, @jeffjohnroberts, @alexrkonrad, @jsrailton, @dancow, @twobitidiot, @xenollamas, @cz_binance, @danprimack, @nmasc_, @ericnewcomer, @kevinyun, @immad, @jamespmcleod, @cjc, @brianroemmele, @amitranjan, @justinwolfers, @adamscochran, @kashhill, @edzitron, @alistairmbarr, @hugh_son, @tracyalloway, @erikvoorhees, @jenwieczner, @regulatorynerd, @jessicalessin, @smtuffy, @chopracfpb, @amir, @jasondebolt, @goldman, @marietjeschaake, @adamscochran, @mikeisaac, @thebondfreak, @wideofthepost, @jason, @zachweinberg, @byclairew, @0xc0le, @stevenkelly49, @anthony, @parikpatelcfa, @pinboard, @kgreifeld, @sruhle, @jamesgrickards, @thresh, @litcapital, @ow, @lopp, @cate_long, @kendrawrites, @thebondfreak, @brendanpedersen, @52kskew, @pitdesi, @grdecter, @msuster, @packym, @bigblackjacobin, @hhorsley, @semil, @shaig, @bhargreaves, @modestproposal1, @sifill_, @jasonzweigwsj, @danprimack, @pt, @bucknsf, @flying_mom, @bondhack, @nicoleperlroth, @scobleizer, @max_fisher, @johnpaczkowski, @justinwolfers, @oxdeadbeef_, @bhargreaves, @mikebutcher, @stshank, @schuldensuehner, @teroterotero, @mvpeers, @jamesclayton5, @msuster, @jp_koning, @shonaghosh, @bhargreaves, @film_girl, @lulumeservey, @startupljackson, @jonwu_, @josh_young_1, @rickasaurus, @scobleizer, @ciovaccocapital, @tier10k, @film_girl, @applehelix, @antoniogm, @dkthomp, @gunjanjs, @cfarivar, @thestalwart, @eperlste, @shaig, @bamabonds, @acityinohio, @jeffreyatucker, @maxkennerly, @iwriteok, @ellenhuet, @carnage4life, @espiers, @nickatfp, @jessicalessin, @danprimack, @charlesarthur, @hannahdlang, @davetroy, @fvogelstein, @dnak, @twobitidiot, @fdicgov, @brendanpedersen, @ruima, and @elidourado
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
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?”
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 …
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.

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From Mediagazer

Sara Fischer / Axios:
Source: Bari Weiss is planning to create a masthead for CBS News as part of a broader overhaul of standards and procedures

Todd Spangler / Variety:
Comcast extends Mike Cavanagh's contract through January 1, 2029, and grants a ~$35M performance-based stock package; he's set to become co-CEO in January 2026

Alex Weprin / The Hollywood Reporter:
WBD's board says it will “carefully review and consider” Paramount's revised offer, which includes a full backstop personally guaranteed by Larry Ellison

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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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