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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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@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
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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
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Decrypt, The Information, Insider, Los Angeles Times, CoinDesk, CNBC, Vox, Financial Times, The Atlantic, Yahoo Finance, DeviceSecurity.io, Fortune, Washington Post, New York Post, and Mercury News
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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.
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| 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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| 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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@circle, @anthony, @jsrailton, @jsrailton, @cpa_trendlines, @yoda, @brianroemmele, and @alex
| 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 …
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SEC.gov, Engadget, CNBC, Insider, San Francisco Business Journal, Reuters, PitchBook, Fast Company, Bloomberg, Deadline, New York Post, and The Hollywood Reporter
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@xpangler and @stephennellis
| 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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@danprimack, @pitdesi, @rabble, @danprimack, @besttrousers, @bcmerchant, @axios, @davidmwessel, and @alexjamesfitz
| Sarah Wynn / The Block: |
Filing: crypto lender BlockFi, which filed for bankruptcy protection in November 2022, has $227M in uninsured funds in Silicon Valley Bank — - Crypto lender Blockfi has millions in uninsured funds because the cash is a money market mutual fund, according to a bankruptcy document filed on Friday.| Lizette Chapman / Bloomberg: |
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The Information and CNBC
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@joshsternberg@mstdn.social and @TNLNYC@mastodon.social
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@robinwigg, @fedguy12, @anshublog, @amir, @fedguy12, @0xfbifemboy, @fedguy12, @du09btc, and @jamespmcleod
| 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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Twitter is Going Great!, My Social Portal's …, and Mashable
Mastodon:
@paul@tapbots.social and @rodhilton@mastodon.social
Tweets:
@sparklingruby, @epro, @chrismessina, @ryanmaue, @stokel, @marshallk, 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 … | 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 …
More:
The Information, Insider, Reuters, and The Verge
Tweets:
@susanlitv, @donnie_thedd, and @sal19
| 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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@deepsekharc, @deepsekharc, @epro, @giancarlochaux, and @ignactro
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