March 10, 2023, 5:35 PM

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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.
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?”
Matt Levine / Bloomberg:
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 …
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 …
How founders are reacting to Silicon Valley Bank's collapse, as some worry about operating expenses and paying employees their full salaries  —  Engineers at Polymath Robotics were working late Wednesday night on multiple projects when co-founder and CEO Stefan Seltz-Axmacher noticed chatter …
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.
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.
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  —  - Bitcoin fell below $20,000 on Friday hitting a near-two month low after a stock market sell-off in the U.S.

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