Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
Silicon Valley Bank, or SVB, collapsed on Friday, sending shock waves through the tech industry, which often turned to SVB for startup lending. It’s the largest bank collapse since 2008, though its downfall was a classic scenario: SVB was suddenly upside down on its books, investors caught wind, and a run on the bank followed….
LATEST March 10, 3:10 p.m. Rippling relied on Silicon Valley Bank to process its customers’ employee paychecks, but when the bank suddenly collapsed, the human resources startup had to quickly pivot. The firm’s CEO, Parker Conrad, posted an update Friday afternoon, saying that though SVB’s systems indicated that payments were processed, money hadn’t actually gone…
Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced Friday, in what is the largest U.S. bank failure since the global financial crisis more than a decade ago. The collapse of SVB, a key player in the tech and venture capital community, leaves companies and…
Download this press release (PDF) SAN FRANCISCO – The California Department of Financial Protection and Innovation (DFPI) announced today that, pursuant to California Financial Code section 592, it has taken possession of Silicon Valley Bank, citing inadequate liquidity and insolvency. The DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of Silicon Valley Bank….
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The chief executive of Silicon Valley Bank SIVB, -60.41% cashed out stock and options for a $2.27 million net gain in the weeks before Friday’s collapse, public filings show. CEO Greg Becker exercised stock options — meaning he paid money to convert his options into stock — and then immediately sold the stock on Feb….
Over the course of his life, Alejo Lopez de Armentia has played video games for a variety of reasons. There was the thrill of competition, the desire for companionship, and, at base, the need to pass the time. In his 20s, feeling isolated while working for a solar panel company in Florida, he spent his…
Screenshot the from “Bitcoin Clean Energy Initiative Memorandum” You have probably heard it said that bitcoin is really bad for the environment. You might have heard it said that mining it — ie the computer processing that is required to produce new “coins” — is more energy-intensive than [insert increasingly large nation state]. It’s one…
Facebook, which along with Google accounts for around 60% of advertiser spending online, has knowingly built some of its astonishing success on incorrect data, newly unsealed court documents allege. Incidentally, this may pose a problem for a business which generates of its revenue from selling ads. In a nutshell, this class action suit, which was…
Facebook has just announced the full details of its Libra cryptocurrency venture, including details of the founder members of the Libra Association, among them Visa, Mastercard, Uber and Spotify. Its mission, it says, is to make payments cheaper and more accessible. Whether we can trust them about that is another matter. Libra could be a social-good venture…