SVB depositors backstopped, First Republic falls ~62%, YC scales back its growth-stage team
SVB depositors backstopped, First Republic falls ~62%, YC scales back its growth-stage team
The US Treasury Department announced that the FDIC would make all Silicon Valley Bank and Signature Bank depositors whole - Link
Shares of First Republic Bank were down ~62% on Monday after the bank announced it had received additional funding from the Fed and JP Morgan Chase - Link
Y Combinator cut 17 employees (~20% of staff), scaling back its growth-stage investment team; it will not raise another Continuity Fund - Link
GitLab Q4 earnings: revenue: $122.9M (+58% y/y), operating loss: $46.3M, net loss: $38.7M; shares are down >30% in after-hours trading - Link
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Jason kicks off Monday by recapping this weekend’s chaos caused by the collapse of Silicon Valley Bank (1:45). Then, he advises founders on preventing a scare like this from happening again before interviewing Andrew R McHugh of Wist Labs, who is building a platform to capture and relive memories in AR and VR (13:40). - Link
Platformer sources: As part of its recent round of layoffs impacting 10K employees, Microsoft cut its entire AI ethics team, which was tasked with assessing risks associated with OpenAI integrations - Link
Bloomberg sources: Chinese self-driving startup WeRide has confidentially filed for a US IPO, aiming to raise $500M; WeRide was most recently valued at $4.4B - Link
PE firm Silver Lake acquired Qualtrics for $12.5B, the largest private equity buyout of 2023 so far; Qualtrics generated $1.5B in revenue last year - Link
HSBC purchased SVB UK for £1; the Bank of England said that due to the purchase, the wider banking system is now safe; SVB UK had loans of 5.5B pounds and ~6.7B pounds in deposits - Link
E1697: Silicon Valley Bank collapse recap + Wist CEO on capturing XR memories
E1696: EMERGENCY POD: $SVIB implodes, contagion risk, advice for founders, and what’s next?
E1695: Stripe to raise $6B, $SIVB drops 60%, generative AI funding
E1694: Ask an Angel! Startup funding overview, investor red flags, negotiating early-stage terms
E1693: ANGEL: Threshold VC’s Emily Melton on market distortion, healthcare investing & culture
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