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Techmeme
March 13, 2023, 12:25 AM
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Top News

U.S. Department of the Treasury:
The US Treasury, Federal Reserve, and the FDIC: all Silicon Valley Bank depositors will be “fully” protected, and their money will be available on March 13  —  WASHINGTON, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen …
Bloomberg:
SVB draws support from 500+ VCs, including General Catalyst and Sequoia, while 5,000+ founders and CEOs sign a Y Combinator petition asking US Congress to act  —  More than 100 venture capital and investing firms have signed a statement supporting Silicon Valley Bank, part of mounting industry calls …
Financial Times:
Sources: the UK is seeking a buyer for SVB's British arm, which had nearly £7B in deposits on March 10, with an UAE-based company as the “lead white knight”  —  ‘Lead white knight’ eyeing British arm of tech lender that had billions in deposits
Bloomberg:
Founders fear that the collapse of SVB, which had branches in the UK, Canada, China, Germany, India, Israel, and more, could wipe out startups around the world  —  The fallout from the collapse of Silicon Valley Bank is beginning to spread around the world.
CNBC:
New York shuts down Signature Bank as US regulators cite a “systemic risk exception” like for SVB, announcing all of Signature's depositors will be “made whole”  —  U.S. regulators said Sunday it shut down New York-based Signature Bank, a second financial institution …
Frank Chaparro / The Block:
Circle says $3.3B of its ~$40B USDC reserves remain at Silicon Valley Bank and that the crypto payments firm will follow state and federal regulators' guidance
New York Times:
SVB's implosion leads to finger-pointing and factionalism, as crypto advocates blame centralized banking and investors argue crypto collapses led to the crisis
Bloomberg:
Coinbase and Binance temporarily suspend conversions of USDC; USDC depegged and traded at ~$0.90 as investors reacted to Circle's SVB exposure
Financial Times:
Sources: Tim Cook has pressed ahead with an MR headset debut in 2023, overruling Apple designers who wanted to wait until the tech catches up with their vision  —  New launch will be first steered entirely by CEO and under direction of operations team  —  When Tim Cook unveils Apple's new …
Simon Willison / Simon Willison's Weblog:
A developer runs Meta's 13B LLaMA model, considered to be competitive with GPT-3, on his laptop, showing local language models are feasible on consumer hardware  —  The open release of the Stable Diffusion image generation model back in August 2022 was a key moment.
Rob Wile / NBC News:
Etsy warns sellers that SVB's collapse is causing payment processing delays and hopes to pay them via its other partners “within the next several business days”  —  Etsy is warning sellers that the collapse of Silicon Valley Bank on Friday is causing delays in processing payments …
Sarah Perez / TechCrunch:
Roblox and other companies disclose their exposure to SVB in SEC filings; Roblox says ~5% of its $3B cash and securities balance was at SVB as of February 28
John Sakellariadis / Politico:
Worried that cloud giants offer concentrated hacking targets, the US plans to regulate the security practices of Amazon, Microsoft, Google, Oracle, and others  —  Governments and businesses have spent two decades rushing to the cloud — trusting some of their most sensitive data to tech giants …

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From Mediagazer

Matthew Belloni / Puck:
Sources: David Ellison told execs he will move Paramount out of California if AG Rob Bonta doesn't negotiate a settlement of the WBD antitrust case by October 1

Wall Street Journal:
Ari Emanuel's Mari agrees to buy British theater group ATG Entertainment from PE firm Providence, sources say in a deal valuing ATG at ~£4.5B including debt

Reuters:
RTL reports H1 revenue up 4% YoY to €2.9B and raises its FY revenue forecast to between €7.1B and €7.2B, accounting for the June acquisition of Sky Deutschland

More News

Marie Woolf / Globe and Mail:
Meta plans to block Canadians' ability to view or share written and broadcast news on Facebook and Instagram if the country passes its proposed Online News Act

Earlier Picks

James Vincent / The Verge:
LinkedIn's decision to start publishing “AI-powered conversation starters” to provoke discussions is a milestone and may herald semiautomated social networks
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