Open Links In New Tab
Mobile Archives Site News
Techmeme
March 11, 2023, 5:20 AM
Mediagazer memeorandum WeSmirch
Home River Leaderboards About Sponsor Events Newsletter

Top News

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, CNN, Fortune, Bloomberg, TechCrunch, Sifted, Associated Press, ZeroHedge, Newcomer, The Wrap, TechCrunch, The Information, CoinDesk, The Economic Times, Financial Times, The Verge, CNBC, Insider, Globe and Mail, Los Angeles Times, MARK MCQUEEN'S BLOG, Raising the Bar, Joseph's Thoughts, dot.LA, PYMNTS.com, CryptoSlate, QUANTUMTRENDS's Newsletter, and JAG Capital Partners …
LinkedIn: Scott Albro, Brian Gong, Janet Mui, Caroline Wharton, and Andrea Lisi
Mastodon: @ummjackson@mastodon.social, @wbm312@infosec.exchange, @briankrebs@infosec.exchange, @fj@mastodon.social, @wbm312@infosec.exchange, @Popehat@mastodon.social, @dangillmor@mastodon.social, @wbm312@infosec.exchange, @srepetsk@social.ridetrans.it, @mattblaze@federate.social, @ddayen@mastodon.online, @dymaxion@infosec.exchange, @ummjackson@mastodon.social, and @maria@thelife.boats
Tweets: @parkerconrad, @grdecter, @htaneja, @repswalwell, @roshanpatei, @bhargreaves, @bhargreaves, @lulumeservey, @fdicgov, @thestalwart, @unusual_whales, @tier10k, @tier10k, @robblackwellab, @cramertracker, @garrytan, @ericnewcomer, @wallstcynic, @justinwolfers, @apatelthompson, @oneunderscore__, @alexandrascaggs, @zerohedge, @alistairmbarr, @thetranscript_, @nikitabier, @ellebeyoud, @cz_binance, @brendanpedersen, @watcherguru, @shaig, @alexrkonrad, @sama, @xenollamas, @balajis, @ericnewcomer, @kevinyun, @lulumeservey, @bhargreaves, @immad, @mollyjongfast, @nmasc_, @bhargreaves, @jamespmcleod, @cjc, @brianroemmele, @amitranjan, @justinwolfers, @adamscochran, @kashhill, @edzitron, @alistairmbarr, @hugh_son, @tracyalloway, @erikvoorhees, @jenwieczner, @regulatorynerd, @jessicalessin, @smtuffy, @chopracfpb, @amir, @jasondebolt, @goldman, @dancow, @marietjeschaake, @adamscochran, @mikeisaac, @thebondfreak, @wideofthepost, @jason, @zachweinberg, @byclairew, @0xc0le, @stevenkelly49, @anthony, @parikpatelcfa, @pinboard, @kgreifeld, @sruhle, @jamesgrickards, @thresh, @litcapital, @nytimesbusiness, @ow, @lopp, @cate_long, @jeffjohnroberts, @kendrawrites, @jsrailton, @thebondfreak, @brendanpedersen, @52kskew, @pitdesi, @grdecter, @msuster, @packym, @bigblackjacobin, @hhorsley, @semil, @shaig, @modestproposal1, @sifill_, @jasonzweigwsj, @danprimack, @pt, @bucknsf, @unusual_whales, @flying_mom, @bondhack, @nicoleperlroth, @scobleizer, @max_fisher, @johnpaczkowski, @justinwolfers, @oxdeadbeef_, @bhargreaves, @mikebutcher, @stshank, @schuldensuehner, @teroterotero, @mvpeers, @jamesclayton5, @msuster, @jp_koning, @shonaghosh, @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, @autismcapital, @carnage4life, @espiers, @nickatfp, @jessicalessin, @danprimack, @charlesarthur, @hannahdlang, @davetroy, @fvogelstein, @dnak, @twobitidiot, @fdicgov, @brendanpedersen, @elidourado, @growing_daniel, @business, @heylizelle, @adamscochran, @jgreco, @mikeisaac, @arlanwashere, @kateclarktweets, @katienotopoulos, @functi0nzer0, @pkedrosky, @arrington, @californiadfpi, @adamscochran, @ericnewcomer, @donmiami3, @macconwell, @rafat, @edzitron, @parkerconrad, @luke_metro, @etxeba, @jordanschachtel, @lexnfx, @pinboard, @jamestitcomb, @sarthakgh, @sullycnbc, @kiarichards_, @amir, @taylorlorenz, @josephpolitano, @seawolfcap, @eug_ng, @taylorlorenz, @nickadobos, @chriscamillo, @decloet, @kateclarktweets, @luke_broyles, @asanwal, @teroterotero, @balajis, @modestproposal1, @zosegal, @caro, and @business
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?”
Frank Chaparro / The Block:
Circle says $3.3B of ~$40B USDC reserves remain at Silicon Valley Bank and it will follow guidance provided by state and federal regulators  —  - After being largely silent on Friday, Circle said it has $3.3 billion in exposure to Silicon Valley Bank, which collapsed earlier in the day and was placed in FDIC receivership.
Krisztian Sandor / CoinDesk:
Circle's USDC sees $1B in net redemptions since SVB's shutdown and has lost its $1 peg, 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.
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 …
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
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
Giovanni Colantonio / Digital Trends:
A look at Sumplete, a game ChatGPT claimed it “invented” after being prompted to create Sudoku-like puzzles and is identical to at least one other mobile game  —  ChatGPT can add another job to its résumé: game developer.  With just a few simple prompts from a user …
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 …

Sponsor Posts

Tribe AI:
Build AI products that matter  —  Tribe AI helps organizations rapidly deploy AI solutions that have real business impact.  We bring together world class AI talent and tooling to drive differentiated results.
Prospect:
A running list of the best startups to join  —  We've analyzed thousands of startups using the same data VCs use and distilled our list down to the top 2%.  Discover and join the next Stripe, Airbnb, or Coinbase today.
Zoho:
From orders to alerts with Zoho Inventory and Zoho Cliq integration  —  Running a business is challenging, especially when it comes to managing incoming orders from online sales channels.
Techmeme Leaderboards:
Discover the top reporters on AI, VR, policy, and much more  —  We've analyzed Techmeme's news crawl to identify the most influential and prolific writers on 48 news topics.  Download reports immediately for just $100.
Sponsor Techmeme
The Kevin Rose Show:
 Carolina Reis Oliveira & Alessandra Zonari | OneSkin: Aging Myths, Senescent Cells, and How to Age Slower (#56)
Gain unconventional wisdom and insights through conversations with top expert in AI, investing, wellness, technology, and culture.
Techmeme Ride Home:
 Thu. 05/09 - The Weird Apple Ad Backlash
The day's tech news, every day at 5pm ET. Fifteen minutes and you're up to date.
Subscribe via Apple Podcasts, Spotify, or RSS.
Sponsor this podcast
 

About This Page

This is a Techmeme archive page. It shows how the site appeared at 5:20 AM ET, March 11, 2023.

The most current version of the site as always is available at our home page. To view an earlier snapshot click here and then modify the date indicated.

From Mediagazer

Rick Edmonds / Poynter:
Gannett fires an experienced editor overseeing 26 community newspapers for “sharing proprietary information” with a “competing media company”, which was Poynter

Georg Szalai / The Hollywood Reporter:
WBD reports a $86M profit in Q1 for its DTC unit, which includes streaming, up from $50M in Q1 2023, and 99.6M streaming subscribers, up from 97.7M in Q4 2023

Sara Fischer / Axios:
Vice Media plans to create a joint venture with Savage Ventures, which will invest “tens of millions of dollars”, to relaunch its sites, including Vice.com

Earlier Picks

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
Mediagazer memeorandum WeSmirch
Home River Leaderboards About Sponsor Events Newsletter