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March 12, 2023, 10:15 AM
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memeorandum
WeSmirchTop News
| Bloomberg: |
SVB draws support from 300+ VC firms, including General Catalyst, while 1,200+ founders and CEOs sign a Y Combinator petition asking the US Congress to act — More than 100 venture capital and investing firms have signed a statement supporting Silicon Valley Bank, part of mounting industry calls …
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Livemint, Y Combinator Blog, TechCrunch, TechCrunch, The Economic Times, Cointelegraph, TechCrunch, Insider, Cryptopolitan, and CoinDesk
Tweets:
@htaneja, @garrytan, @reprokhanna, @deitaone, @katie_roof, @tfadell, @_jeremyflores, @jeffnolan, @ksimm, @kevinrose, @can, @paulg, @ranjanxroy, @crv, @ronconway, and @m2jr
| Bloomberg: |
Sources: the FDIC is racing to sell SVB's assets and make 30% to 50% or more of clients' uninsured deposits available as soon as Monday — US regulators overseeing the emergency breakup of SVB Financial Group are racing to sell assets and make a portion of clients' uninsured deposits available …
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Finbold, The Rational Walk, Livemint, The Grumpy Economist, Reuters, The Block, The Hill, Insider, and CNN
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| Om Malik / On my Om: |
More than a bailout, SVB needs a white knight, someone who can come in and take over the bank that has been at the heart of the US innovation economy — After three decades of being part of the Silicon Valley ecosystem — as a reporter, writer, entrepreneur, and investor — I thought I had seen it all.
More:
Washington Post, The Economic Times, and Financial Times
Tweets:
@danprimack, @metacurity, and @salimismail
| Semafor: |
Sources: some hedge funds are offering to buy startups' deposits at SVB for 60 to 80 cents on the dollar; filing: ~96% of deposits as of Dec. 31 were uninsured — Hedge funds are offering to buy startups' deposits stranded at Silicon Valley Bank for as little as 60 cents on the dollar …
More:
Financial Times, The Information, Insider, Reuters, and Bloomberg
Mastodon:
@chockenberry@mastodon.social and @DataDrivenMD@fedified.com
| Rob Wile / NBC News: |
In an email to sellers, Etsy warns that the SVB collapse is causing delays in processing payments; one seller says it would be “catastrophic” for his business — Etsy is warning sellers that the collapse of Silicon Valley Bank on Friday is causing delays in processing payments … | CBS News: |
US Treasury Secretary Janet Yellen on the SVB failure: we are trying to meet the needs of depositors, but are not looking to bail out owners of large banks — The following is a transcript of an interview with Treasury Secretary Janet Yellen that aired on “Face the Nation” on Sunday, March 12, 2023.
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Financial Times, TechCrunch, Reuters, Associated Press, and Tech Xplore
| TechCrunch: |
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New York Times, NPR, The Information, Livemint, Matthew's Newsletter, Michael Kuenne, Bloomberg, The Economic Times, Mashable, Forbes, GeekWire, What's Hot in Enterprise IT/VC, Reuters, TechPowerUp, Politico, CNBC, and Washington Post
Mastodon:
@DataDrivenMD@fedified.com. Tweets:
@billackman, @lcmichaelides, @ddisparte, @davidsacks, @sumukhsridhara, @garrytan, @garrytan, @fordm, @rokhanna, @om, @ericnewcomer, @jenn_elias, @jenn_elias, @nikitabier, @karaswisher, @modestproposal1, @nycsouthpaw, @buccocapital, @fluentinfinance, @om, @scobleizer, @clarajeffery, @aoc, @silvermanjacob, @vkhosla, @valaafshar, @livefromvr, @epsilontheory, @semaforben, @danprimack, @kateclarktweets, @pt, @howardlindzon, @__aston__, @wolfejosh, @rolfewinkler, @rolfewinkler, @jasonfurman, @s_mikhailovich, @eliotwb, @karaswisher, @film_girl, @karaswisher, @heidibraun, @nils_gilman, @1markmoss, @garrytan, @lorenasgonzalez, @kateclarktweets, @stanleyroberts, @amir, @hblodget, @martinsfp, @apatelthompson, @scott_wiener, @katie_roof, @kateclarktweets, @jsrailton, @jsrailton, @alexweprin, @brianroemmele, @cpa_trendlines, @yoda, @nmasc_, @dominicmadori, @cullend, @alex, and @bayareawriter
| Bloomberg: |
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| Financial Times: |
Sources: Tim Cook is pressing ahead with the MR headset debut this year, overruling designers' objections, and Apple expects to sell ~1M units in the first year — New launch will be first steered entirely by CEO and under direction of operations team — When Tim Cook unveils Apple's new …
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MacRumors, 9to5Mac, AppleInsider, and iThinkDifferent
| Frank Chaparro / The Block: |
Circle says $3.3B of its ~$40B USDC reserves remain at Silicon Valley Bank and that the crypto payments firm will follow state and federal regulators' guidance — - After being largely silent on Friday, Circle said it has $3.3 billion in exposure to Silicon Valley Bank …
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Circle Blog, Decrypt, TechCrunch, Bloomberg, The Block, Bitcoinist.com, Cointelegraph, The Block, CNBC, Inside Bitcoins, CryptoGlobe, Financial Times, Wall Street Journal, Watcher Guru, Wu Blockchain, Engadget, CoinDesk, Fortune, Bitcoin News, The Information, Ethereum World News, Cryptonews, CryptoGlobe, Crypto Daily, Bitcoinist.com, CoinGape, CryptoSlate, Reuters, and Coinmonks
Mastodon:
@jerry@infosec.exchange. Tweets:
@binance, @circle, @jerallaire, @circle, @kobeissiletter, @adamscochran, @wublockchain, @mariuscrypt0, @ddisparte, @evgenygaevoy, @mikeisaac, @lexnfx, @allnick, @pitdesi, @northrocklp, @wublockchain, @asvanevik, @unusual_whales, @michaeljordaan, @edzitron, and @cryptowendyo
| New York Times: |
More:
Insider and Bitcoin News
Mastodon:
@Jhorwitzz@mastodon.online, @stevetex@mastodon.social, @guacamayan@journa.host, @ncweaver@thecooltable.wtf, and @maxkennerly@mstdn.social
Tweets:
@moshaikhs, @berkeleylaw, @carnage4life, @chasemadar, @w3sobeefy, @hblodget, and @jossytweets
| Bloomberg: |
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The Guardian, CoinDesk, The Block, Inside Bitcoins, Cryptonews, CryptoPotato, Wu Blockchain, Watcher Guru, Ethereum World News, Bitcoin News, PBN3's Substack, CoinGape, Cointelegraph, CryptoSlate, crypto.news, Crowdfund Insider, Cryptopolitan, Reuters, Web3 is Going Just Great, Coinpedia Fintech News, Decrypt, NewsBTC, Decrypt, ZyCrypto, Metaverse Post, Weekly Cryptocurrency …, and Emage 兆.耳
Tweets:
@coinbase, @coinbase, @matthew_d_green, @petergyang, @simonpb, and @edzitron
| Sarah Wynn / The Block: |
More:
Cryptopolitan, Bitcoinist.com, Web3 is Going Just Great, crypto.news, and Cryptonews
Tweets:
@laurenshirsch, @justafamilyman_, @frances_coppola, and @bowtiedbull
| Ben Cohen / Wall Street Journal: |
A look at Bring a Trailer, a classic car blog from 2007 that became a marketplace, facilitated $1.37B in 2022 sales, and held its 100,000th auction on March 7 — Bring a Trailer is where obsessives buy, sell and geek out over classic cars. The company pops open its hood after 100,000 auctions to explain why.| Financial Times: |
Sources: the UK is seeking a buyer for the British arm of SVB, which had ~£7B in deposits on Friday, with an UAE-based company as the “lead white knight” — ‘Lead white knight’ eyeing British arm of tech lender that had billions in deposits
More:
Financial Times and eFinancialCareers …
| John Sakellariadis / Politico: |
Worried that cloud giants offer concentrated targets, the US plans to regulate the security practices of cloud providers like Amazon, Microsoft, and Google — Governments and businesses have spent two decades rushing to the cloud — trusting some of their most sensitive data to tech giants …
More:
Investor's Business Daily, WebProNews, Slashdot, and Metacurity
Mastodon:
@metacurity@infosec.exchange. Tweets:
@johnnysaks130, @quinnypig, @swagitda_, @xxcurt2905xx, @dangoldin, @vxzulu, @politicoeurope, @alfonslopeztena, @marcwrogers, @p1z4t, @stollmeyereu, @josourcing, @ericgeller, @usrealitycheck, @politico, and @incognetllc
| Darrell Etherington / TechCrunch: |
An interview with Gowalla co-founder and CEO Josh Williams as he re-launches his location-based social networking app at SXSW, 14 years after its debut — One of the original location-based social apps is relaunching at SXSW - 14 years after its debut — Gowalla co-founder and CEO Josh Williams …
Tweets:
@jw
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