DIRS.INFO The most relevant business & tech news

☆ Yellen says uninsured deposits may be at risk in future bank failures. Here’s how FDIC coverage works
▼ + stars: | 2023-03-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

How FDIC coverage worksThe limit for FDIC coverage is $250,000 per depositor, per bank, in each account ownership category. The majority of Americans are going to be covered by FDIC insurance. For example, a married couple with a business may have up to $250,000 insured in an account in one spouse's name, up to $250,000 insured in an account in the other spouse's name and up to $250,000 insured in a business account. How to check, boost FDIC protectionIf you want to know whether your deposits are FDIC-insured, check your bank statement, Jenkin said. Not all accounts provide FDIC coverage, Jenkin noted.

☆ Four days of panic: How startup execs navigated SVB's meltdown and prepared for the worst
▼ + stars: | 2023-03-15 | by ( Ari Levy | ) www.cnbc.com time to read: +8 min

A Silicon Valley Bank worker talks with people lining up outside of the bank office on March 13, 2023 in Santa Clara, California. Refreshing GoogleOtter.ai founder and CEO Sam Liang spent Monday driving to SVB branches in Silicon Valley to try and retrieve millions of dollars of his company's money. "I checked Google like 20 times an hour, watched [Treasury Secretary Janet] Yellen talking about not bailing out Silicon Valley Bank." Silicon Valley Bank customers listen as FDIC representatives, left, speak with them before the opening of a branch SVBs headquarters in Santa Clara, California on March 13, 2023. "But at the moment, as long as Silicon Valley Bridge Bank is 100% federally guaranteed, there's no need to diversify.

☆ Are Taxpayers on the Hook for SVB and Signature Bank Deposits?
▼ + stars: | 2023-03-14 | by ( David Harrison | ) www.wsj.com time to read: 1 min

A Silicon Valley Bank branch in Menlo Park, Calif., after the bank’s collapse. Federal regulators over the weekend guaranteed that all depositors of failed Silicon Valley Bank and Signature Bank would get their money back. That prompted questions about whether the government support amounts to a bailout and whether taxpayer funds are at risk. Here is a look at some of those questions.

☆ Stocks making the biggest moves midday: BuzzFeed, First Republic, Meta and more
▼ + stars: | 2023-03-14 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

(Photo by Justin Sullivan/Getty Images)BuzzFeed — Share of the internet media company lost about 10% on a weak first-quarter revenue outlook. Buzzfeed expects first-quarter revenue of $61-$67 million, compared to expectations of $83.6 million, according to FactSet. Meta Platforms — Meta shares gained 6% after CEO Mark Zuckerberg said Tuesday the social media company plans to cut 10,000 employees. First Republic , PacWest Bancorp, Western Alliance Bancorp , Comerica — Regional banks rallied sharply Tuesday after being hit hard last Friday and Monday. Shares of San Francisco-based First Republic rose about 50%, while PacWest jumped more than 60% and Western Alliance Bancorp gained more than 40%.

☆ When Silicon Valley Bank imploded it took a $70 billion loan portfolio with it. Competitors are already stepping in to fill the gap.
▼ + stars: | 2023-03-14 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +7 min

Silicon Valley Bank had more than $70 billion in credit lines on its books when it failed. He's one of many who now stand to benefit from the sudden disappearance of one of Silicon Valley's most reliable lenders. Venture debt, like a typical venture-capital investment, involves betting big on fledgling startups that may be far off from profitability. Another person in SVB's venture debt business said that employees are working hard to maintain "business as usual" so as to make SVB's loan portfolio more attractive to a potential buyer. An opportunity for the competitionNone of this has stopped other lenders from stepping up to try to win some of SVB's debt business.

☆ ‘The next AOL?’: Meta’s massive layoffs raise questions about Zuckerberg’s strategy as company morale sinks
▼ + stars: | 2023-03-14 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

Coupled with the new cuts, Meta will have cut about 24% of its workforce, or one in four employees, in just about half a year. Nevertheless, the layoff announcements have naturally sent morale at the Menlo Park-headquartered company plummeting. Zuckerberg indicated that the job cuts will not be complete until the end of May. “You can cut your way to profitability in the short term,” the former tech CEO said. “But you can’t cut your way to growth.

☆ Hedge funds offering to buy startup deposits stuck at Silicon Valley Bank -Semafor
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] The main entrance of Silicon Valley Bank is seen in Menlo Park, California U.S. March 10, 2023. REUTERS/Michaela Vatcheva NO RESALESMarch 11 (Reuters) - Hedge funds are offering to buy startup deposits stranded at Silicon Valley Bank (SVB) for as little as 60 cents on the dollar, Semafor reported on Saturday, citing people familiar with the matter. Traders from investment firm Jefferies are also contacting startup founders with money stuck at the bank, offering to buy their deposit claims at a discount, The Information reported separately. Jefferies is offering at least 70 cents on the dollar for deposit claims, the report said, citing several people with direct knowledge of the matter. Silicon Valley Bank imploded after depositors, concerned about the lender's financial health, rushed to withdraw their deposits.

☆ Founders swarmed SVB’s Bay Area branches looking for answers after bank's historic failure
▼ + stars: | 2023-03-11 | by ( Jennifer Elias | ) www.cnbc.com time to read: +5 min

A Brinks armored truck sits parked in front of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. In Santa Clara on Friday morning, SVB customers arrived frustrated and angry, many donning blank and tired faces. Zoom In Icon Arrows pointing outwards Toward the end of the day, startup founders trickled in less and less to the Menlo Park office promenade in hopes of catching a representative. ‘I'm trying to get a check!’In Menlo Park, Teslas filed into SVB's Sand Hill Road parking lot Friday. At the Menlo Park branch, one person, wearing a Patagonia jacket, posed for a picture in front of the SVB logo.

At some Silicon Valley Bank branch locations in California, depositors gathered early Friday to attempt to get their cash out, fearing it could be inaccessible in the coming days. It has had financial relationships with a who’s who of Silicon Valley firms over the years, including Snapchat's parent Snap Inc (SNAP.N). A locked door to a Silicon Valley Bank (SVB) location on Sand Hill Road is seen in Menlo Park, California, U.S. March 10, 2023. A Silicon Valley Bank spokeswoman didn't immediately respond to a request for comment sent Friday. As of Friday, FarmboxRx’s funds were still tied up with Silicon Valley Bank.

☆ How SVB employees are coping after being ordered to leave the office, from polishing their resumes to hitting the bar: 'We're pretty much in the dark'
▼ + stars: | 2023-03-10 | by ( Emmalyse Brownstein | Rebecca Ungarino | Carter Johnson | ) www.businessinsider.com time to read: +6 min

It read: "Operations of the SVB Securities broker dealer are distinct from the receivership of SVB Financial." The SVB Securities employee called the whirlwind leading up to SVB's meltdown as "scary, scary stuff." Kevin Heal, senior analyst at Argus Research, said he sees both SVB Securities and SVB Private being sold. SVB bought the healthcare investment bank Leerink Partners in 2018, renaming it SVB Leerink and then SVB Securities. PATRICK T. FALLON/AFP via Getty ImagesHeal thinks the investment banking operations could be purchased by a smaller investment banking firm that doesn't have tech or healthcare prowess, like US Bancorp or PNC.

☆ Silicon Valley investors and founders express shock over SVB's collapse, describe struggles to get money out
▼ + stars: | 2023-03-10 | by ( Jonathan Vanian Ashley Capoot Jordan Novet Annie Palmer | Jonathan Vanian | Ashley Capoot | ) www.cnbc.com time to read: +9 min

Nikolas Kokovlis | Nurphoto | Getty ImagesVenture capitalists and technology executives are scrambling to make sense and account for the potential repercussions of the sudden implosion of Silicon Valley Bank on Friday. The Federal Deposit Insurance Corp. said Friday that U.S. federal regulators shut down Silicon Valley Bank , the premiere financial institution for Silicon Valley tech startups for the past 40 years. On Friday, Yang returned to the Silicon Valley Bank branch 15 minutes before it opened to remove the remaining money. One person showed a tweet on their phone suggesting that bank employees had been instructed not to come to work. Watch: CEO's react to the closure of Silicon Valley Bank

March 10 (Reuters) - The sudden collapse of Silicon Valley Bank on Friday sent shockwaves through the startup community, which has come to view the lender as a source of reliable capital, particularly for some of tech’s biggest moonshots. It has had financial relationships with a who’s who of Silicon Valley firms over the years, including Snapchat's parent Snap Inc (SNAP.N)Snap declined to comment. A Silicon Valley Bank spokeswoman didn't immediately respond to a request for comment sent Friday. Uncertainty swept through Silicon Valley as startup founders and venture capital firms worried they could, among other things, fail to make payroll. As of Friday, FarmboxRx’s funds were still tied up with Silicon Valley Bank.

☆ Half of Sequoia Capital's VC funds since 2018 have posted losses for the University of California's endowment
▼ + stars: | 2023-03-08 | by ( Ben Bergman | Darius Rafieyan | ) www.businessinsider.com time to read: +6 min

The University of California endowment has invested over $800 million in Sequoia funds since 2018. The returns show ten Sequoia funds across all stages and geographies are now underwater for the investor. The University of California's massive $28 billion endowment, a limited partner in 20 Sequoia Capital funds since 2018, is underwater on half those investments, according to documents obtained by Insider. Meanwhile ten of the Sequoia funds that UC Investments has invested in have been marked down in value on paper. One of UC Investment's largest commitments to Sequoia is $232 million earmarked for the 2022 Sequoia Capital Fund.

☆ Stocks making the biggest premarket moves: Meta, Rivian, WW International, KeyCorp and more
▼ + stars: | 2023-03-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

WW International — Shares of company formerly known as Weight Watchers jumped as much as 17.6% in premarket trading after announcing a deal to acquire telehealth firm Sequence. The Wall Street firm said the aircraft's weight has raised questions and led him to wonder if the design is "overly aggressive." Its price target of $39 implies 24.5% upside from Monday's close. The Wall Street firm said there is a large unmet need for resistant hypertension treatment and said Mineralys has "potential best-in-class" data. The Wall Street firm said Hensai "outshines peers, with its superior scale and margin, and its strong project pipeline."

☆ Microsoft, Kimbal Musk, NBA's Russell Westbrook invest in Brooklyn-based climate tech company BlocPower
▼ + stars: | 2023-03-02 | by ( Ian Thomas | ) www.cnbc.com time to read: +3 min

The round, which includes more than $24 million in Series B funding, was led by VoLo Earth Ventures. Microsoft Climate Innovation Fund, Credit Suisse, New York State Ventures, Kimbal and Christina Musk, and NBA player Russell Westbrook also were part of this equity round. The company also raised $130 million of debt financing led by Goldman Sachs, bringing BlocPower's total capital raised to-date to more than $250 million. BlocPower, a two-time CNBC Disruptor 50 company, has focused on improving the energy consumption and efficiency issues that many of the old buildings in the U.S. face. Since its founding in 2014, BlocPower says it has completed energy projects in more than 5,000 households, commercial buildings and houses of worship.

☆ From free meals to massages, here are 8 of the top perks enjoyed by Big Tech workers
▼ + stars: | 2023-02-26 | by ( Beatrice Nolan | Kate Duffy | ) www.businessinsider.com time to read: +5 min

The cost-cutting measures have caused some tech firms to cut back on employee perks. Here are some of the best office perks that employees have enjoyed in recent years. Big Tech companies such as Google and Meta have tried to cut costs by dropping perks and restricting work travel. From lavish lunches to on-site pampering, here are eight of the most indulgent company perks tech workers have received over the years. Google staff could enjoy on-site massagesGoogle is known for having on-site gyms and masseuses on some of its campuses.

☆ Meta's metaverse division leaders are reportedly gathering for a summit that includes a meeting called 'Must Go Faster'
▼ + stars: | 2023-02-24 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

Meta's metaverse division is scheduled to gather for a multi-day summit next week, Command Line reported. The division, also known as Reality Labs, is reportedly also canceling projects, Command Line said. Reality Labs lost $13.7 billion in 2022 and posted a fourth-quarter loss of more than $4 billion. The summit will focus on "road map and vision-setting presentations" with one meeting reportedly titled "Must Go Faster," Command Line said. "Cardiff," the codename for an upcoming version of the Quest headset, and "Hermosa," the moniker for another early-stage hardware prototype, according to Command Line.

☆ Meta is rolling out a new paid verification subscription service for Instagram and Facebook users
▼ + stars: | 2023-02-19 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Visitors take photos in front of the Meta (Facebook) sign at its headquarters in Menlo Park, California, on December 29, 2022. Meta is rolling out a new paid verification subscription service called Meta Verified, CEO Mark Zuckerberg announced in an Instagram update Sunday. Meta has historically granted verification to notable users like politicians, executives, members of the press and organizations to signal their legitimacy. The company's new subscription service is similar to Twitter's revamped service called Twitter Blue, which also grants users a verification badge if they pay a monthly fee. Twitter launched its updated Twitter Blue subscription service in December after the company's new owner Elon Musk pulled and delayed the initial launch in November.

☆ YouTube CEO Susan Wojcicki says she's stepping down
▼ + stars: | 2023-02-16 | by ( Jennifer Elias | ) www.cnbc.com time to read: +2 min

YouTube CEO Susan Wojcicki speaks during the opening keynote address at the Google I/O 2017 Conference at Shoreline Amphitheater on May 17, 2017 in Mountain View, California. YouTube CEO Susan Wojcicki said Thursday that she's stepping down. Wojcicki, 54, joined YouTube as the CEO in 2014. Wojcicki said she agreed with Alphabet CEO Sundar Pichai to, in the longer term, take on an advisory role across Google and Alphabet. "When I joined YouTube nine years ago, one of my first priorities was bringing in an incredible leadership team."

☆ Robinhood wins dismissal of shareholder lawsuit over 2021 IPO
▼ + stars: | 2023-02-10 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

"Plaintiffs thus failed to plead that Robinhood did not disclose 'material factors' that would make an investment in Robinhood speculative or risky," Chen wrote. Shareholders in the proposed class action said Robinhood had concealed "severe deterioration" in the two months before the Menlo Park, California-based company's IPO. Chen also dismissed claims against Robinhood Chief Executive Vladimir Tenev, other company officials, and the IPO underwriters led by Goldman Sachs and JPMorgan. Robinhood reported on Wednesday a loss for 2022 of $1.03 billion, or $1.17 per share, on net revenue of $1.36 billion. The case is Sodha et al v Robinhood Markets Inc et al, U.S. District Court, Northern District of California, No.

☆ Amazon is the latest threat to Facebook as ad targeting suffers
▼ + stars: | 2023-02-10 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +11 min

"So many people start their shopping on Amazon," Hassett said in an interview. People take selfies in front of the logo of Facebook parent company Meta on November 9, 2022 in Menlo Park, California. Liu Guanguan | China News Service | Getty ImagesFor Loftie, Amazon and Google provide better value because a shopper is showing intent by searching for a particular item. "In the near term, we expect Meta ad share to decline further in '23 given macro headwinds and the pivot to Reels," they wrote. Rachel Tipograph, CEO of marketing technology firm MikMak, said there are other unforeseen costs tied to Amazon advertising.

☆ Robinhood revenues rises on higher rates, plans share buyback from Emergent
▼ + stars: | 2023-02-08 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

Robinhood also authorized the purchase of its shares from Sam Bankman-Fried's Emergent Fidelity Technologies, even as the ownership of the stock remains in flux amid multiple legal hurdles. Combined with worries of an economic slowdown, the brokerage's transaction-based revenue in the quarter declined 30%. Net loss in the quarter narrowed to 19 cents per share, compared with 49 cents per share last year. The Menlo Park, California-based company reported revenue of $380 million in the three months ended Dec. 31, compared with $363 million a year earlier. Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Four-time NBA champion Steph Curry joins his rich neighbors in opposing much-needed new housing near their Bay Area backyards
▼ + stars: | 2023-02-01 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

Steph and Ayesha Curry penned a letter opposing a townhouse development near their home in Atherton, California. "This is a tough thing for a community like Atherton to change," Atherton City Manager George Rodericks told NBC. Since 1969, California law has required cities to update their housing and land use needs, known as "Housing Elements," every eight years to ensure enough affordable housing is available to residents. Cities who fail to comply with the deadline could lose grant funding and face lawsuits from the state Attorney General. Cities spanning from San Francisco to Los Angeles have had their plans approved by state regulators, with many plans including efforts to increase density on developable land.

☆ ExxonMobil, Chevron's big cash shows cheap gas isn’t coming back
▼ + stars: | 2023-02-01 | by ( Tim Mullaney | ) www.cnbc.com time to read: +6 min

Big oil sees political pushback on buybacksFuel prices at a Chevron gas station in Menlo Park, California, on Thursday, June 9, 2022. In the market, and at the oil companies headquarters, it seems the opinions issued from the White House aren't much of a factor in setting financial priorities. The benchmark now is to spend roughly a third of operating cash flow on capital investment, a third on dividends and a third on stock buybacks. Exxon made $76.8 billion in operating cash flow, invested $18 billion back into the business, spent $14.9 billion on dividends and $15.2 billion in stock purchases, according to its cash flow statement. Oil production is increasing

☆ Layoffs at Google, Microsoft, Salesforce Teaching Tech Employees a Harsh Lesson
▼ + stars: | 2023-01-29 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +14 min

Tech workers are using all sorts of emotional phrases to describe the layoff wave that has gripped the industry and become the talk of the business world. "I'm shocked and hurt and still processing," Katie Olaskiewicz, a former human-truths strategist at Google, wrote on LinkedIn last week shortly after 12,000 Google employees were let go. Over the past two weeks, a total of 40,000 employees have been laid off from Amazon, Microsoft, and Google, a nightmare come true for tech workers. The tech layoffs have been starkly different from Wall Street, which has in recent months instituted its own rounds of job cuts. Wall Street realitiesIn many ways, tech workers are waking up to a reality that their peers in other high-flying industries have always known.

Search resuls for: "Menlo Park"

25 mentions found