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NEW YORK, March 10 (Reuters Breakingviews) - Nearly three years with no U.S. bank failures just came to an unseemly end. The bank owned by SVB Financial (SIVB.O) relied more heavily on large, and therefore, uninsured, deposits than other banks. A buyer – say, a bank that covets SVB’s relationship with upwardly mobile entrepreneurs – might swoop in and buy the whole thing. Other depositors would receive certificates of receivership, which entitle them to dividends payable from the proceeds of selling the bank’s assets. SVB had around $165 billion in deposits as of Feb. 28, it said in a presentation on March 8.
Venture capitalists swap Paris Hilton for Al Gore
  + stars: | 2023-03-03 | by ( Anita Ramaswamy | ) www.reuters.com   time to read: +4 min
LOS ANGELES, March 3 (Reuters Breakingviews) - Venture capitalists are trading reality stars for policy wonks. Hundreds of top venture capitalists flocked to Los Angeles this week to congregate at a two-day, invite-only soirée for tech’s elite. For 2022, venture-backed companies collected nearly $240 billion for their coffers, 31% lower than the record $345 billion in 2021, according to Reuters. Crowds piled into the theater at the Museum of Motion Pictures to hear a reality check on climate change from former Vice President Al Gore. CONTEXT NEWSThe 10th annual Upfront Summit took place in Los Angeles on March 1 and 2.
Efforts to recoup them will highlight major flaws in political donations. On Thursday, former Chief Executive Sam Bankman-Fried was hit with additional criminal charges, including an accusation that he conspired with two former FTX executives to make more than 300 illegal political donations. Ray is hoping to add politicians’ returned donations to his coffers, and past blowups suggest he will have some luck. Madoff and Stanford’s political contributions, totaling hundreds of thousands of dollars each, pale in comparison to the $84 million-plus FTX executives gave campaigns. No other FTX executives, including Ryan Salame and Nishad Singh, have been charged with campaign finance violations at this time.
Silly Meta, Roblox isn’t just for kids
  + stars: | 2023-02-15 | by ( ) www.reuters.com   time to read: +2 min
NEW YORK, Feb 15 (Reuters Breakingviews) - Video-game and social-media hub Roblox (RBLX.N) isn’t playing around when it comes to expanding its audience. The company behind MeepCity and Royale High has been racing alongside Meta Platforms (META.O) to turn the metaverse into more than just a vague buzzword. Despite being unprofitable and considerably smaller than Facebook’s owner, it is putting up a solid fight. Meta is mulling ways to attract younger users, including maybe opening the game up to minors older than 13. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Fintech giant’s bad wedding leads to happy divorce
  + stars: | 2023-02-14 | by ( Anita Ramaswamy | ) www.reuters.com   time to read: +3 min
NEW YORK, Feb 14 (Reuters Breakingviews) - Many mergers fail, but executives are rarely humble enough to admit it. They have a point – FIS paid $3 billion more for Worldpay than the combined companies’ market value today. These are worlds apart from the staid financial institutions which patronize FIS’s core software business. As a stand-alone company the payments firm could also borrow more to fuel future purchases without imperiling its former parent’s credit rating. FIS also announced a $17.6 billion writedown on the value of the business and lowered its profit guidance for 2023.
Data could help save crypto’s image
  + stars: | 2023-02-03 | by ( ) www.reuters.com   time to read: +2 min
NEW YORK, Feb 3 (Reuters Breakingviews) - Cryptocurrency could use a reputational boost right now. So it’s problematic that those who could help legitimize the business aren’t going gangbusters. But a string of bankruptcies in the business has clients cutting back on spending – and some disappearing completely. While Chainalysis, backed by GIC, says it plans to grow overall headcount in 2023, the cuts are the wrong sign for those who use its services. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Thrive Capital kicks off bestie race
  + stars: | 2023-01-24 | by ( ) www.reuters.com   time to read: +2 min
NEW YORK, Jan 24 (Reuters Breakingviews) - Josh Kushner is getting some help from friends. Thrive sold that same small stake to Goldman Sachs (GS.N) in mid-2021, then bought it back last December. If Kushner has trouble raising capital down the road, it’ll help having wealthy friends with an established rolodex. As the venture market faces a downturn the likes of Kushner haven’t seen, a seasoned set of confidants will be needed. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Parafin, launched in 2020, works with so-called platform partners, or companies that other small businesses sell their products through. All the cofounders knew was that they wanted to build technology that would help small businesses. And they may not get their first contract payment from the government for as long as 120 days," Reed, the startup's CEO, told Insider. Helping small businesses manage their taxesComplYant's founder Shiloh Jackson wants to help people be present in their bookkeeping. HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTechCrunch: While FTX and SBF are the obvious villains in this story, so many parties were involved in enabling their misconductAnita Ramaswamy, reporter at TechCrunch and co-host of the "Chain Reaction" podcast, discusses the latest revelations from the collapse of FTX, and the effect it could have on corporate governance in the cyrpto industry.
Parafin, launched in 2020, works with so-called platform partners, or companies that other small businesses sell their products through. All the cofounders knew was that they wanted to build technology that would help small businesses. And they may not get their first contract payment from the government for as long as 120 days," Reed, the startup's CEO, told Insider. Helping small businesses manage their taxesComplYant's founder Shiloh Jackson wants to help people be present in their bookkeeping. HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.
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