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March 10, 2023, 6:50 PM
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WeSmirchTop News
| 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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FDIC, CNBC, The Department …, TechCrunch, New York Times, Wall Street Journal, Fortune, ZeroHedge, Bloomberg, CoinDesk, Bloomberg, Bank Automation News, TechCrunch, TechCrunch, TechCrunch, CoinDesk, Sifted, Insider, CNN, Financial Times, The Verge, The Information, Associated Press, Sifted, dot.LA, Daring Fireball, Globe and Mail, Newcomer, MARK MCQUEEN'S BLOG, BetaKit, crypto.news, UKTN, Finextra, Axios, Newser, Ethereum World News, Heretic Speculator, New York Post, PYMNTS.com, WRAL TechWire, Crunchbase News, and Investor's Business Daily
LinkedIn:
Caroline Wharton, Andrea Lisi, Scott Albro, Brian Gong, Janet Mui, Arjun Sethi, John Stepek, Eunice Ajim, and Sahil Mansuri
Mastodon:
@steventdennis@journa.host, @ukuku@mstdn.social, and @downey@floss.social
Tweets:
@davidsacks, @laurenshirsch, @grdecter, @parkerconrad, @bhargreaves, @bhargreaves, @lulumeservey, @thestalwart, @repswalwell, @unusual_whales, @tier10k, @fdicgov, @tier10k, @ericnewcomer, @apatelthompson, @alistairmbarr, @oneunderscore__, @robblackwellab, @cramertracker, @garrytan, @justinwolfers, @roshanpatei, @alexandrascaggs, @thetranscript_, @nikitabier, @ellebeyoud, @xenollamas, @danprimack, @brendanpedersen, @wallstcynic, @tracyalloway, @watcherguru, @espiers, @jasonzweigwsj, @katienotopoulos, @bondhack, @teroterotero, @zachweinberg, @alistairmbarr, @amir, @jessicalessin, @taylorlorenz, @brendanpedersen, @business, @modestproposal1, @mikeisaac, @nmasc_, @ericnewcomer, @erikvoorhees, @cate_long, @karlbode, @charlesarthur, @shaig, @maxkennerly, @cz_binance, @kendrawrites, @kevinyun, @anthony, @lexnfx, @immad, @jamespmcleod, @cjc, @brianroemmele, @amitranjan, @justinwolfers, @adamscochran, @kashhill, @edzitron, @hugh_son, @jenwieczner, @regulatorynerd, @smtuffy, @chopracfpb, @amir, @jasondebolt, @goldman, @marietjeschaake, @adamscochran, @mikeisaac, @thebondfreak, @wideofthepost, @jason, @byclairew, @0xc0le, @stevenkelly49, @anthony, @parikpatelcfa, @pinboard, @kgreifeld, @sruhle, @jamesgrickards, @thresh, @litcapital, @ow, @lopp, @thebondfreak, @brendanpedersen, @52kskew, @pitdesi, @grdecter, @msuster, @packym, @bigblackjacobin, @hhorsley, @semil, @shaig, @bhargreaves, @modestproposal1, @sifill_, @danprimack, @pt, @bucknsf, @flying_mom, @nicoleperlroth, @scobleizer, @max_fisher, @johnpaczkowski, @justinwolfers, @oxdeadbeef_, @bhargreaves, @mikebutcher, @stshank, @schuldensuehner, @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, @iwriteok, @zerohedge, @ellenhuet, @carnage4life, @nickatfp, @jessicalessin, @danprimack, @hannahdlang, @davetroy, @fvogelstein, @dnak, @twobitidiot, @fdicgov, @ruima, @elidourado, @growing_daniel, @business, @heylizelle, @adamscochran, @jgreco, @arlanwashere, @kateclarktweets, @functi0nzer0, @pkedrosky, @arrington, @californiadfpi, @adamscochran, @ericnewcomer, @donmiami3, @macconwell, @rafat, @edzitron, @parkerconrad, @luke_metro, @etxeba, @jordanschachtel, @pinboard, @jamestitcomb, @sarthakgh, @sullycnbc, @kateclarktweets, and @kiarichards_
| 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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| 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| 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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Financial Times, Bloomberg, Out of Carbon, Forbes, Associated Press, New York Times, PYMNTS.com, Juan Aranovich, CoinGape, and Market Economy's Substack
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@jacobtamme, @themaxburns, @econompic, @sarthakgh, @mikeisaac, @nanduan, and @film_girl
| 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, The Verge, Fortune, Exit Fuel 🛢️, NBC Bay Area, Bitcoin News, Silicon Valley Business …, and Crowdfund Insider
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@danprimack, @pitdesi, @nmasc_, @danprimack, @mims, @georgenhammond, @alexjamesfitz, @besttrousers, @davidmwessel, @bcmerchant, @rabble, and @axios
| 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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Bloomberg, SFGATE, San Francisco Business Journal, Silicon Valley Business …, U.S. Department …, Axios, Fortune, CNBC, and Forbes
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@stephennellis, @alexweprin, @brianroemmele, @cpa_trendlines, @yoda, @dominicmadori, @cullend, @alex, and @bayareawriter
| 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 …
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The Information, The Economic Times, New York Times, Livemint, CNBC, and Technical.ly
Tweets:
@robinwigg, @fedguy12, @fedguy12, @0xfbifemboy, @fedguy12, @du09btc, @jamespmcleod, @ferrotv, @somospostpc, and @thetranscript_
| 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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Moneycontrol, TechCrunch, Engadget, Reuters, Techdirt, BBC, PCMag, MobileSyrup, ExtremeTech, Mashable, ZDNet, CoinDesk, Newser, CNN, Social Media Today, Observer, Coinmonks, SiliconANGLE, Cryptopolitan, crypto.news, ToolsForCrypto's Newsletter, CNBC, SlashGear, Gizmodo, Tech.co, and Watcher Guru
Mastodon:
@matt@isfeeling.social. Tweets:
@banklesshq, @epro, @stillgray, @originalspin, @giancarlochaux, @ignactro, @producthunt, and @chafkin
| 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 …
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The Information, Insider, Reuters, and The Verge
Tweets:
@sal19, @jeffhorwitz, @donnie_thedd, and @susanlitv
| 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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Mashable. Tweets:
@sparklingruby, @marshallk, @chrismessina, @epro, @ryanmaue, @stokel, 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 … | 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.Sponsor Posts
Google:
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Shopify:
Shopify's new AI commerce stack — Their VP of Product digs into just-launched products to help entrepreneurs and developers build with the latest AI and tech.
Shopify's new AI commerce stack — Their VP of Product digs into just-launched products to help entrepreneurs and developers build with the latest AI and tech.
Zoho:
Why eIDAS 2.0 might be the EU's boldest digital move yet — eIDAS: The first building block of digital trust More than a decade ago, the EU introduced the eIDAS regulation (Regulation [EU] No 910/2014) …
Why eIDAS 2.0 might be the EU's boldest digital move yet — eIDAS: The first building block of digital trust More than a decade ago, the EU introduced the eIDAS regulation (Regulation [EU] No 910/2014) …
IDrive:
Protecting your Cloud Applications Data — Backing up Office 365, Google Workspace, Dropbox & Box data is critical to preventing data loss or corruption, complying with laws and avoiding critical downtime in case of a disaster.
Protecting your Cloud Applications Data — Backing up Office 365, Google Workspace, Dropbox & Box data is critical to preventing data loss or corruption, complying with laws and avoiding critical downtime in case of a disaster.Featured Podcasts
Big Technology Podcast:
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A show about the tech industry's inside conversation, hosted by tech reporter Alex Heath and founder whisperer Ellis Hamburger.
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Lenny's Podcast:
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Channels with Peter Kafka:
"Neither Side Is Used to Losing." Lucas Shaw on What's Next for Netflix and Paramount in the Battle for Warner Bros.
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