$100 Billion of Deposits Were Slated to Leave SVB the Day It Failed
Regulators testified before a Senate committee on Tuesday, shedding more light on how SVB failed.
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Apple Launches “Pay Later” Installment Loans
The launch makes Apple the latest entrant in the crowded installment lending field.
Sam Bankman-Fried Charged With Paying $40 Million to Bribe Chinese Official
After the bribe was paid, Alameda regained access to $1 billion in funds that it used to help fund trading activities.
Amazon Opens ‘Sidewalk’ Wireless Network to Outside Developers
Several outside developers also revealed Sidewalk-enabled devices, including a natural gas alarm, a smart lock and a supply chain tracking device.
Meta to Lower Bonus Payments, Add More Reviews
The company said the move "aligns with our continued focus on maintaining a high-performance culture."
Virgin Orbit Extends Operation Pause As Funding Talks Sputter
A $200 million investment from Matthew Brown has reportedly fallen through
Alibaba to Split Into Six Business Units in Major Restructuring
The move comes as Alibaba is struggling to boost investor confidence after the company's stock fell sharply over the past few years.
Zoom Adds OpenAI Productivity Features, Launches Digital Assistant
Zoom has been developing its own AI features for transcribing speech and summarizing meetings, but now it is also using tech from OpenAI.
Ten Private Equity Firms Contacted Sumo Logic Before Buyout
Francisco Partners won out with a deal to acquire Sumo Logic for $1.7 billion
Lyft CEO Steps Down, Likely to Spark Sale Speculation
Robotaxi developers seem to be the most logical potential acquirers of the beleaguered ride hailing firm.
Snap Hires Microsoft Exec in Key Ad Sales Role
Snap has hired Rob Wilk, former head of global advertising at Microsoft, as its new president of Americas.
CFTC Sues Binance for Violating Trading and Compliance Laws
The charges filed against Binance include operating an unregistered derivatives exchange and failing to implement customer compliance procedures.
Elliott Backs Off Plan to Nominate Candidates for Salesforce’s Board
Salesforce's recently announced focus on efficiency appears to have satisfied Elliott but it's not clear what the other activists in Salesforce stock think.
Baidu Cancels Public Launch of ChatGPT-Like Product
Considered a leader in China’s AI development, Baidu has been rushing to deploy a chatbot amid a rush to find China’s generative AI.
Jack Ma Returns To China
China’s most famous entrepreneur, the founder of Alibaba, was spotted traveling in his hometown, according to local media reports.
First Citizens to Buy SVB’s Deposits, Loans From Government
The FDIC has been seeking a buyer since SVB failed March 10.
Apple Insiders Debate Prospects for Mixed Reality Headsets
Meta Platforms has had to cut the price of its high end virtual reality headset, which was priced well below what Apple is expected to charge for its mixed reality headset.
Twitter Valued at $20 Billion in New Employee Stock Grant
The offer of stock reflect an effort by Musk to retain Twitter’s remaining talent.
Amazon Starts Latest Round of 9,000 Layoffs
Divisions that are being hit in the ongoing round of cuts include Amazon Web Services, advertising, human resources and the streaming site Twitch.
Nasdaq to Launch Crypto Custody Service By End of June
The crypto custody business will focus first on bitcoin and ethereum and would be Nasdaq’s first major entrance into crypto.
Weekday mornings
The Information AM by The Information Staff
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