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March 10, 2023, 9:30 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 …
More: FDIC, Wall Street Journal, New York Times, The Department …, Bloomberg, Newcomer, The Wrap, ZeroHedge, The Information, Associated Press, TechCrunch, PYMNTS.com, Bloomberg, Financial Times, CoinDesk, CNN, Fortune, TechCrunch, Sifted, The Verge, CoinDesk, Reuters, Insider, Watcher Guru, TechCrunch, CNBC, Joseph's Thoughts, Sifted, Globe and Mail, CoinJournal, Associated Press, CryptoSlate, Newcomer, Livemint, MARK MCQUEEN'S BLOG, Fortune, Newser, Ethereum World News, Heretic Speculator, Finextra, New York Post, dot.LA, WRAL TechWire, Crunchbase News, and Investor's Business Daily
LinkedIn: Arjun Sethi, Scott Albro, John Stepek, Brian Gong, Eunice Ajim, and Sahil Mansuri
Mastodon: @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
Tweets: @grdecter, @parkerconrad, @bhargreaves, @bhargreaves, @repswalwell, @lulumeservey, @fdicgov, @thestalwart, @roshanpatei, @unusual_whales, @tier10k, @tier10k, @robblackwellab, @cramertracker, @garrytan, @ericnewcomer, @justinwolfers, @apatelthompson, @oneunderscore__, @alexandrascaggs, @zerohedge, @alistairmbarr, @thetranscript_, @nikitabier, @ellebeyoud, @brendanpedersen, @wallstcynic, @watcherguru, @shaig, @alexrkonrad, @jeffjohnroberts, @xenollamas, @cz_binance, @jsrailton, @dancow, @twobitidiot, @nmasc_, @ericnewcomer, @danprimack, @kevinyun, @immad, @jamespmcleod, @cjc, @brianroemmele, @amitranjan, @justinwolfers, @adamscochran, @kashhill, @edzitron, @alistairmbarr, @hugh_son, @tracyalloway, @erikvoorhees, @jenwieczner, @regulatorynerd, @jessicalessin, @smtuffy, @chopracfpb, @amir, @jasondebolt, @goldman, @marietjeschaake, @adamscochran, @mikeisaac, @thebondfreak, @wideofthepost, @jason, @zachweinberg, @byclairew, @0xc0le, @stevenkelly49, @anthony, @parikpatelcfa, @pinboard, @kgreifeld, @sruhle, @jamesgrickards, @thresh, @litcapital, @ow, @lopp, @cate_long, @kendrawrites, @thebondfreak, @brendanpedersen, @52kskew, @pitdesi, @grdecter, @msuster, @packym, @bigblackjacobin, @hhorsley, @semil, @shaig, @bhargreaves, @modestproposal1, @sifill_, @jasonzweigwsj, @danprimack, @pt, @bucknsf, @flying_mom, @bondhack, @nicoleperlroth, @scobleizer, @max_fisher, @johnpaczkowski, @justinwolfers, @oxdeadbeef_, @bhargreaves, @mikebutcher, @stshank, @schuldensuehner, @teroterotero, @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, @maxkennerly, @iwriteok, @ellenhuet, @carnage4life, @espiers, @nickatfp, @jessicalessin, @danprimack, @charlesarthur, @hannahdlang, @davetroy, @fvogelstein, @dnak, @twobitidiot, @fdicgov, @brendanpedersen, @ruima, @elidourado, @growing_daniel, @business, @heylizelle, @adamscochran, @jgreco, @mikeisaac, @arlanwashere, @kateclarktweets, @katienotopoulos, @functi0nzer0, @pkedrosky, @arrington, and @californiadfpi
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?”
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 …
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 …
Krisztian Sandor / CoinDesk:
Circle's USDC sees $1B in net redemptions since SVB's shutdown and is slightly depegged, after Circle said SVB is one of six banks managing USDC cash reserves  —  Stablecoin issuer Circle held an undisclosed amount of USDC's cash reserves at now-failed 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 …
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
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 …
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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From Mediagazer

TMZ.com:
Sources: Paramount told the offices of LA Mayor Karen Bass and CA AG Rob Bonta the company would announce Tuesday it was leaving the state; no announcement came

Caitlin Huston / The Hollywood Reporter:
Amazon Music now lets creators insert video ads into their shows and expands video podcasts to subscribers in Canada, the UK, Mexico, Brazil, and Japan

Mark Stenberg / Adweek:
Politico plans to launch Decoded, a daily tech policy briefing and its second subscription offering, on October 5, to be paywalled in Q1 2027 and cost ~$1K/year

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Earlier Picks

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
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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