FTX Sues Liquidators of Bahamas Unit
The company also delayed its auction for LedgerX, the U.S. derivatives exchange it bought in 2021.
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Flagstar Acquires Most of Signature Bank, Excluding Crypto Business
The bank had a significant crypto business with clients that included Coinbase and Gemini.
Amazon Laying Off 9,000 More Employees, Including in AWS, Ads, Twitch
The layoffs will take place in the coming weeks, CEO Andy Jassy said, adding to the 18,000 employees Amazon had already cut starting in November.
FDIC Sets Deadline for SVB Bids
The FDIC said it has gotten substantial interest for the bank, though it noted it could still be parceled out.
China Investigates Former Head of Top Chipmaking Firm for Graft
Tsinghua Unigroup Chairman Zhao Weiguo’s case has been handed over to prosecutors, the latest example of high-profile corruption allegations in China’s $100 billion chip effort.
Rippling Raises $500 million to Ease SVB-Linked Payroll Crunch
The round shows how the sudden failure of Silicon Valley Bank snarled the network of relationships between tech startups and the financial institution.
Coinbase Exploring Overseas Derivatives Trading Platform
The move would help Coinbase more closely with Binance, which has a dominant share in derivatives trading.
Silicon Valley Bank Parent, SVB Financial, Files for Bankruptcy
SVB's securities and capital arms aren't included in the filing.
U.S. to Investigate ByteDance Surveillance of Journalists
The U.S. Department of Justice is looking into how TikTok was used to track journalists from the Financial Times and Buzzfeed who broke stories about the popular app.
Tiger Global Writes Down Value of its Venture Funds by 33%
The hedge fund cut about $23 billion from the value of its venture capital funds in 2022.
OpenAI Co-Founder: ‘We Were Wrong’ to Share Research
Recent comments from one of OpenAI's co-founders demonstrate how far it has moved from its initial focus as a research lab.
Microsoft Announces OpenAI-Powered “Copilot” in Office 365 Software
Microsoft hopes the new automation tools will help it generate more revenue and fend off competitors.
Virgin Orbit Pauses Operations Amid Cash Crunch
The company plans to give an update “in the coming weeks.”
YouTube TV Hikes Prices, Cites Rising Content Costs
YouTube's live TV service plans to raise prices from $64.99 to $72.99 per month, starting in April, as TV content costs continue to rise.
Wall Street Banks Rescue First Republic
The federal government helped stitch together a rescue of First Republic Bank.
Shopify-Backed Klaviyo Cuts 10% of Headcount
The marketing platform had seen a boost in growth following restrictions on sharing customer data with advertisers.
Robinhood Chief Operating Officer Stepping Down
Gretchen Howard will stay on as an advisor through the end of the year
Amazon Tests Rite Aid Deliveries in Instacart Challenge
The service, which is being piloted in Newark, NJ and Burbank, Calif., marks a push by Amazon onto Instacart's territory.
FTX Says SBF, Other Founders Received $3.2 Billion from Alameda and Other Entities
Nishad Singh, Gary Wang and Caroline Ellison have all pleaded guilty to federal fraud charges related to the FTX collapse, and Bankman-Fried is awaiting trial.
Weekday mornings
The Information AM by The Information Staff
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