March 10, 2023, 9:30 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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Matt Levine / Bloomberg:
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?”
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:
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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