Chinese tech giants Tencent and ByteDance are implementing a new round of layoffs that affect thousands of employees, The Wall Street Journal reported. Tencent’s job cuts are hitting its core businesses such as videogames and the WeChat social messaging app. ByteDance, which owns TikTok and its Chinese equivalent Douyin, is laying off staff in its videogame and education businesses, according...
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SVB Is Dead. Long Live SVB.
We all know how it began. It started on March 9, when the run on Silicon Valley Bank made the innovation economy totter and threatened a global financial crisis. It continued on March 10, when SVB failed and it became clear that anyone who hadn’t gotten their money out yet was stuck, facing payroll in just five days with no clear way to meet it. I cannot recall how many times I told...
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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.