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March 10, 2023, 7:30 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.
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?”
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 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 …
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  —  Venture investment firm Greenoaks Capital Partners warned its startup founders of potential problems at SVB Financial Group's Silicon Valley Bank …
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.
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 …
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.

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From Mediagazer

Katie Deighton / Wall Street Journal:
WME is selling sports marketing agency 160over90 to Publicis Groupe for, sources say, $500M+; WME bought the agency in 2018 for about $200M

Variety:
Sources: the legal team for Paramount President Jeff Shell has engaged in preliminary talks about a possible exit from the company, where he was hired in 2024

Erik Wemple / New York Times:
Judges have now cited verbal attacks on the press by Trump and appointees when ruling against the US government in at least three cases involving news outlets

More News

Earlier Picks

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
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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