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Oculus Co-Founder Nate Mitchell to Leave Facebook

Oculus co-founder Nate Mitchell is leaving Facebook, according to a memo sent to employees that was seen by The Information. Mr. Mitchell was the head of product management for virtual reality and the last co-founder of Oculus still working at Facebook since the virtual reality startup was acquired for $2 billion in 2014. “It was a difficult decision, but now feels like the right time for a...

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Free Agents startups
On the Market: The Founders Who Joined Microsoft, Spotify, Coinbase and Twitter
Clockwise from top left: Julie Bornstein, Esther Crawford, Mark Hammond, Max Cutler, Kağan Sümer. Photos via Julie Bernstein, Robert Cowherd, Microsoft, Wikimedia and Kağan Sümer.
Call them acqui-fires. Several founders who took positions at the bigger tech companies that bought their startups recently lost their jobs when layoffs rolled through Silicon Valley. That means managers and engineers who also have the entrepreneurial bug are now on the market. Twitter’s most recent round of job cuts included at least four such founders, including the entrepreneurs behind...
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Amazon Laying Off 9,000 More Employees, Including in AWS, Ads, Twitch
FDIC Sets Deadline for SVB Bids
China Investigates Former Head of Top Chipmaking Firm for Graft
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Jamie Dimon, chief executive officer of JPMorgan Chase. Photo by Bloomberg.
Exclusive markets startups
How JPMorgan Maneuvered During the Fall of Silicon Valley Bank
When Silicon Valley Bank was crumbling last week, eyes turned to the biggest lender in the country—the bank that had stepped in to save failing competitors during the financial crisis in 2008, whose CEO has been called “America’s banker” and whose views and decisions influence the corporate world.
Sarah Nagy gives a demo of her startup, Seek.ai, at an AI event at the San Francisco Wine Society in January. Photography by Laura Morton
First Look startups ai
Boom Times in San Francisco’s AI Underground
Not even a banking crisis could chill the fever sweeping San Francisco. Last Wednesday, as the tech industry recoiled from the collapse of Silicon Valley Bank, a party was scheduled at the offices of Maverick Ventures in an old army hospital in the Presidio.
YC CEO Garry Tan. Photo: Bloomberg.
Deals startups venture capital
Y Combinator to End Late-Stage Startup Fund, Lays Off Staff
Silicon Valley startup accelerator Y Combinator won’t raise another continuity fund, which backs mature private tech companies, two people familiar with the matter said.
Customers and bystanders from a line outside a Silicon Valley Bank branch on Monday, March 13, 2023, in Wellesley, Mass. Photo by AP.
markets
SVB’s Failure Means ‘Easiest Money’ for Startups Is Gone
After Chris Herndon raised $9 million from venture capitalists for his travel startup The Guild five years ago, he wanted to take out a loan to pad the firm’s finances.
Cover art and portraits by Clark Miller
The Big Read
The Instant Oral History of the Silicon Valley Bank Collapse
On a cosmic level, the collapse of Silicon Valley Bank was a mere blip. The murmurs about trouble began last Wednesday, the panic spread via group texts and Twitter threads on Thursday, the bank went under on Friday, the government got its act together on Saturday, and on Sunday every current and former customer of SVB could breathe a cautious sigh of relief.
FDIC member Dedra Dorn (center left) speaks with individuals in line outside Silicon Valley Bank's headquarters in Santa Clara, Calif., on Monday, March 13, 2023. Photo by AP.
Opinion economy
Where the Venture Community Goes From Here
March 9, 2023, will be remembered as a sad day in Silicon Valley’s history. We have been through crises before—the Japan Inc.