In the US today, The Federal Deposit Insurance Corp. continued the auction process for the beleaguered Silicon Valley Bank, with final bids due by Sunday afternoon, according to Bloomberg. Any agreed sale may not be known until late Sunday, if at all. It’s still possible that no deal will be reached and the bank will
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Welcome to The Interchange! If you received this in your inbox, thank you for signing up and your vote of confidence. If you’re reading this as a post on our site, sign up here so you can receive it directly in the future. Every week, I’ll take a look at the hottest fintech news of the previous week.
An auction for the remaining assets of the failed Silicon Valley Bank is reportedly underway, with final bids due this afternoon and a result potentially arriving late Sunday, according to Bloomberg. Bloomberg says that the U.S. Federal Deposit Insurance Corp. (FDIC), which stepped in and shut down SVB on Friday as it was experiencing an unprecedented
The dust has yet to settle in the largest bank run in U.S. history, a collapse that in just 48 hours dismantled the tech startup-focused Silicon Valley Bank. But already a debate is raging in the venture capital community and investors are picking sides. On Friday, a group of more than two dozen venture capital
Brex CEO Henrique Dubugras is currently working to raise over a billion dollars in a weekend to help fund an emergency bridge credit line that he believes will help startup customers impacted by Silicon Valley Bank’s collapse be able to make payroll next week. Dubugras declined to comment on how much capital has been committed
Bloomberg’s Mark Gurman joins Ed Ludlow to discuss how Apple is gearing up to launch its next slate of laptops and desktops, including a new iMac. ——– Like this video? Subscribe to Bloomberg Technology on YouTube: https://www.youtube.com/channel/UCrM7B7SL_g1edFOnmj-SDKg Watch the latest full episodes of “Bloomberg Technology” with Caroline Hyde and Ed Ludlow here: https://tinyurl.com/ycyevxda Get the
Serial entrepreneur and venture capitalist Garry Tan is less than three months into his new job as the CEO of Y Combinator, one of the most famed accelerator programs in tech. And it seems like it’s been an eventful onboarding process thus far. Along with pretty much every other corner of the startup world, YC
Brett Adcock Contributor Brett Adcock is the founder of Figure, an AI robotics company building a general-purpose humanoid robot. Previously, he founded Archer Aviation, an urban air mobility company that went public at $2.7B and Vettery, a machine learning-based talent marketplace that was acquired for $110M. Yesterday, the U.S. experienced its second-largest bank failure in
W elcome to the TechCrunch Exchange, a weekly startups-and-markets newsletter. It’s inspired by the daily TechCrunch+ column where it gets its name. Want it in your inbox every Saturday? Sign up here. Enterprise cloud spend is holding up well, but large companies are looking into vendor consolidation. This makes cloud marketplaces an increasingly relevant sales
Welcome to Startups Weekly, a nuanced take on this week’s startup news and trends by Senior Reporter and Equity co-host Natasha Mascarenhas. To get this in your inbox, subscribe here. Writer’s note: We’re breaking from our usual formatting this week because there was a once-in-a-generation collapse of one of the biggest banks in the country.
As of late Thursday night and Friday morning, the fallout from the shutdown of Silicon Valley Bank in the US had reached the shores of the UK and Europe. Yesterday afternoon, the Bank of England sought a court order to place Silicon Valley Bank UK Limited — the UK arm of the US institution —
The fallout from the collapse of Silicon Valley Bank is impacting a range of startups and larger firms including, as we know now from SEC filings, publicly traded companies like Roku, Roblox, Quotient, and others. Roku said in a filing that it had around $487 million held at SVB, representing around 26% of its cash
Engineers at Polymath Robotics were working late Wednesday night on multiple projects when co-founder and CEO Stefan Seltz-Axmacher noticed chatter about Silicon Valley Bank in a YC founder WhatsApp group. The conversation was related to an article published that day about SVB’s plan to launch a $2.25 billion share sale and an agreement by General
The sudden collapse of Silicon Valley Bank, which served as lifeblood for startups, is also impacting firms 8,000 miles away. Dozens of young Indian startups backed by the likes of YC, Accel, Sequoia India, Lightspeed, SoftBank and Bessemer Venture Partners banked with Silicon Valley Bank, sometimes as their only banking partner, and couldn’t take out
Meta is planning a fresh round of layoffs and will cut thousands of employees as soon as this week. Ed Ludlow reports for Bloomberg Technology. #jobs #technology #bloomberg #metaverse #facebook Like this video? Subscribe to Bloomberg Technology on YouTube: https://www.youtube.com/channel/UCrM7B7SL_g1edFOnmj-SDKg Watch the latest full episodes of “Bloomberg Technology” with Emily Chang here: Get the latest
Earlier this week, venture investors and startups ran from Silicon Valley Bank, a financial institution that started the week solvent and closed it being shut down by regulators. While its failure affects the accounts of startups and venture investors that banked with it, SVB’s demise also has an impact on another service startups frequently used
To get a roundup of TechCrunch’s biggest and most important stories delivered to your inbox every day at 3 p.m. PST, subscribe here. Hi, Crunchers, Today, there’s only one story on everyone’s lips: The sudden and dramatic collapse of Silicon Valley Bank (SVB), the 40-year-old Silicon Valley institution. With $209 billion of assets under management
Like all of its peers in the tech industry, Microsoft has a carbon pollution problem. The software giant’s emissions are on the rise, in spite of a pledge from the company to be carbon negative by 2030. This ticking clock explains Microsoft’s latest deal to address its environmental toll: It’s turning to Running Tide to
The U.K.’s Competition and Markets Authority (CMA) won’t be pursuing an anticompetition collusion case against Google and Facebook’s parent Meta, following a similar decision made by its counterparts in the Europe Union. However, Google will remain under the CMA’s spotlight, with parts of the Google-Meta case now being bundled with a separate ongoing antitrust against
At Spotify’s Stream On event today in LA, the company introduced a significant redesign of its app, which capitalizes on its investments in personalization technology while also adopting a similar short-form video feed as the one popularized by TikTok. In the updated Spotify mobile app, users and subscribers will gain access to a handful of
No one can predict the follow-on effects of a moment like this. We are in uncharted territory. I write this twice-weekly newsletter on a tight deadline, so when I saw a press release that started with “Silicon Valley Bank, Santa Clara, California, was closed today,” I realized I might need to pivot. To protect SVB’s
TechCrunch is currently busy reporting the hell out of the SVB crisis, but as we sort out the competitive landscape and learn more about how founders and their VC partners are reacting, I have a question: How are startups going to pay for stuff while the mess is sorted out? According to the government, “insured
Secure messaging apps are lining up to oppose measures in the U.K. government’s Online Safety Bill (OSB) they argue will do the opposite of promoting online safety by undermining the robust encryption web users rely upon to safeguard their communications. Meta-owned WhatsApp, the not-for-profit Signal Foundation behind the Signal app, and Element, which operates the
According to analyst Ming-Chi Kuo, Apple could be working on a new HomePod device that would feature a built-in display for 2024. The rumor seems to be based on third-party supply chain companies, such as Tianma, a Chinese display manufacturer. This new product in the HomePod lineup would look completely different from existing HomePods as
Roku and Best Buy announced today that as part of their new first-to-market partnership, Roku gets access to Best Buy’s advertising platform. Also, Best Buy customers have exclusive access to Roku-branded TVs. The relationship is a first for Best Buy since it’s never partnered with a TV streaming platform to provide its first-party sales data.
Mythic, an AI chip startup that last November reportedly ran out of capital, rose from the ashes today with an unexpected injection of fresh funds. Mythic this morning announced that it closed a $13 million financing round led by existing investors Atreides Management, DCVC and Lux Capital alongside new investors Catapult Ventures and Hermann Hauser
Shares of Silicon Valley Bank are down sharply Thursday in the wake of the company’s announcement that it is raising additional capital by selling stock, taking a charge to roll over an asset portfolio to higher-yielding assets and extending its term-borrowing capacity. Given recent banking-related carnage in the tech and tech-adjacent worlds, there’s concern in
In addition to news related to its mobile app’s revamp and the introduction of TikTok-style music and podcast discovery feeds, Spotify announced podcast-focused news at its Stream On event in LA this morning. The company showed off a redesigned version of its Spotify for Podcasters dashboard, which will now work to better organize its tools
Bloomberg’s Caroline Hyde comes back on the week’s big news: a jury convicted South Carolina lawyer Alex Murdaugh of murdering his wife and son back in 2021 – a conviction announced just days after the release of a Netflix documentary series on the topic. ——– Like this video? Subscribe to Bloomberg Technology on YouTube: https://www.youtube.com/channel/UCrM7B7SL_g1edFOnmj-SDKg
It may go down in the history books about Silicon Valley: the time that its most prominent bank, a bank founded nearly 40 years earlier, inflicted such grievous injury on itself that it had to be rescued by another bank or else risk going down in flames in a single day. We don’t yet know
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