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
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
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
Sources: long before its collapse, SVB remained technologically stagnant, including failing to integrate Stripe's tech and biometric authentication on mobile
CNN wins its first Oscar for Navalny, in the documentary feature film category, about Russian dissident Alexei Navalny and commissioned by CNN Films and HBO Max
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”
The closure of SVB, Silvergate, Silvergate Exchange Network, and Signature adds stress to a troubled crypto industry; fiat conversion costs may rise by 20%-40%
Signature closing means its real-time payment platform Signet can no longer serve crypto clients, a blow after SEN closed; BTC jumps ~7% and USDC regains peg
As AI explodes, humanity must accelerate its adaptation or reach a collective, enforceable decision to slow the development of these technologies
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
Netflix wins six Oscars, including the Best International Feature Film for All Quiet on the Western Front and the Best Animated Feature Film for Pinocchio
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
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
A look at the unprecedented level of executive turnover at Apple, which lost 11 key people, most just below Senior Vice President, since the second half of 2022
Twitter is in decline and less stable under Elon Musk, echoing LiveJournal and Tumblr falling apart under new ownership that didn't understand their communities
Worried that cloud giants offer concentrated hacking targets, the US plans to regulate the security practices of Amazon, Microsoft, Google, Oracle, and others
An interview with Gowalla co-founder and CEO Josh Williams as he re-launches his location-based social networking app at SXSW, 14 years after its debut
The first 6 founder deep dives are live!— Justin Gordon (@justingordon212) March 13, 2023
Intentionally have an even split of men and women
I'm sharing their stories, how they started and grew their companies, and lessons we can all learn from them
Each takes 20-25 hours of research and writing
Who should be next? pic.twitter.com/LaRWCAff9I
Definitely something we've thought about. Need a few more features like outbound wires, multi-user support etc.— Brian Armstrong (@brian_armstrong) March 13, 2023
Non-fractional reserve "banking" is definitely looking more attractive right now.
What are the key features you'd want?
Our defence editor chooses seven good books on spying— The Economist (@TheEconomist) January 26, 2023
Now that a bank run is avoided, we can finally get back to inflation destroying our economy.— Douglas A. Boneparth (@dougboneparth) March 13, 2023
A lawsuit was filed against the father of Masha Moskaleva to restrict his parental rights & put her in an orphanage because she drew an anti-war picture in school & her father was arrested for making anti-war statements on social media.— Mikhail Khodorkovsky (English) (@mbk_center) March 13, 2023
Alexei Moskalev faces up to 3 years in jail pic.twitter.com/08TxZTUY3G
I average 3,000 reps of calisthenics each morning. Yet each day: I emphasize something a little different. One day heavy on squats. Another heavy on push-ups. Another big on burpees. In this way? 1) Workouts are never boring. And 2) They keep your body guessing & growing. TRY IT.— Jeff Sekerak (@jeffsekerak) March 13, 2023
Delaying hard decisions kill startups.— Andrew Gazdecki (@agazdecki) March 13, 2023
Feature not working? Sunlight it.
Employee not working out? Let em go.
Go to market not working? Fix it.
If something is not working please do what you know you have to do as a founder because you don't have forever.
Too small to fail is the new too big to fail.— Jeff Jarvis (@jeffjarvis) March 13, 2023
The Fed may or may not realize it but it has created a two-tier banking system:— David Sacks (@DavidSacks) March 12, 2023
1. Tier 1: Systemically Important Banks. These are the "too big to fail" biggest banks. If you have money there, it's a true deposit. You can't lose it.
2. Tier 2: Everyone Else. If you have money… https://t.co/RFTF9kjeUS
Pairs well with our two tiered judicial system, our two tiered education system and our two tiered legal system.— Shelby Varney 𝝅 (@nyxxiana) March 12, 2023