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March 13, 2023, 9:35 AM
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| U.S. Department of the Treasury: |
The US Treasury, Federal Reserve, and the FDIC say 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 …
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| Iain Withers / Reuters: |
HSBC plans to acquire Silicon Valley Bank UK for £1, citing “strategic sense for our business”; as of March 10, SVB UK had ~£5.5B loans and ~£6.7B deposits — HSBC (HSBA.L) said on Monday it is acquiring the UK subsidiary of Silicon Valley Bank for 1 pound.
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| Sinead O'Sullivan / Financial Times: |
Having perfected the art of using hype to move markets, VCs managed to hype their own rumors to collapse SVB, accidentally slaying a much loved accomplice — After more than a decade of venture capitalists insisting they provide more than just cash to their portfolio companies, the moment to prove that finally arrived.
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| Michael Moritz / Financial Times: |
A eulogy for Silicon Valley Bank, a business partner to tech for 40 years, which offered services when established banks would not and was undone by its loyalty — Regardless of the reasons behind the bank's collapse, it leaves a huge hole for the start-up scene — The writer is a partner at Sequoia Capital
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| Ben Thompson / Stratechery: |
SVB bears responsibility for its demise, the outcome of disruption being tech's objective function, and the Silicon Valley myth could be the ultimate casualty — Banks are, at their core, facilitators: depositors lend their money to a bank, for which they are paid interest, and banks lend that money out, again for interest.| MacKenzie Sigalos / CNBC: |
Sources: long before its collapse, SVB remained technologically stagnant, including failing to integrate Stripe's tech and biometric authentication on mobile — - SVB's problems extended beyond its risk profile and a challenging economy. — An ex-manager and several clients …
Tweets:
@espiers
| 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 …
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@davidgerard@circumstances.run and @heidilifeldman@mastodon …
| MacKenzie Sigalos / CNBC: |
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@amacker, @laurawalkerkc, and @jimpethokoukis
| Vishal Chawla / The Block: |
Lending protocol Euler Finance lost $197M in a flash-loan attack, including $136M in stETH and $34M in USDC; Euler raised $32M in June 2022; EUL drops 45%+ — - Euler Finance was hit by a flash-loan attack that resulted in a loss of $197 million, according to security analysts.
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| 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 …
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@andrewjscott, @jetscott, @markgurman, and @binocularity
| Fortesa Latifi / Teen Vogue: |
A YouTuber who went viral as a toddler says she resents her family for monetizing her childhood, as some influencer parents take their children off social media — “Nothing they do now is going to take back the years of work I had to put in.” — Search Claire's name online … | Antoine Gara / Financial Times: |
US private equity firm Silver Lake and Canada's largest pension fund plan to acquire Qualtrics for $12.5B, or $18.15 per share, as SAP divests its 71% stake — Buyout with Canada's largest pension fund is expected to be one of biggest this year — US private equity group Silver Lake …
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TechCrunch, Silicon Republic, CIO.com, Reuters, GeekWire, Bloomberg, Qualtrics, and SAP SE. Tweets:
@antoinegara
| Ezra Klein / New York Times: |
As AI explodes, humanity must accelerate its adaptation or reach a collective, enforceable decision to slow the development of these technologies — In 2018, Sundar Pichai, the chief executive of Google — and not one of the tech executives known for overstatement — said …
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@dlepeska, @carnage4life, @aleighmp, @liron, @ahmalcolm, and @alex_panetta
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