Saturday☕️

Mar 11, 2023 • 3 min read

Trending:

Markets/Economies:

Silicon Valley Bank:

Silicon Valley Bank has officially failed.
Here's what we know:
After Thursday's 60% stock drop, the trading of the stock was suspended.
Before its collapse, the bank held $210 billion in assets, which placed it as the 16th largest bank in the USA.
The news of SVB's financial troubles (With bond/MBS product position losses) triggered panic among companies that held funds in the bank, leading to a bank run.
As a result, regulators and FDIC took over control of SVB, and it was revealed that only 7% of deposits were fully insured, with 93% exceeding the $250k FDIC insurance limit.
Total bank/customer losses are still unknown. More info will be released as this is a developing story.

China:

Xi Jinping was elected to his third five-year term as the President of the People's Republic of China and the head of the Central Military Commission.
The Chinese president is elected by the National People's Congress (NPC), a legislative body of around 3,000 members.

Business:

Anthropic, an AI startup and a competitor of OpenAI raised $300 million in funding at a valuation of $4.1 billion.
The Federal Trade Commission (FTC) is requesting internal documents from Twitter pertaining to its CEO and owner Elon Musk. This is due to concerns that the social media company may be unable to safeguard users' data adequately.
American Airlines CEO Robert Isom has informed the company's pilots that they will receive pay raises similar to those received by Delta's pilots in a new contract.

Statistic: