Customers of crypto-focused bank Silvergate Capital withdrew $8.1 billion in the fourth quarter of 2022, forcing the bank to sell debt securities at a deep loss in order to meet the surge in withdrawals, the bank announced Thursday. The sales of debt securities totaled $5.2 billion and resulted in a loss on the sales of $718 million for the fourth quarter. Additionally, the bank wrote down the...
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Meta Declares ‘Year of Efficiency’ as Revenue Stagnates
We’re in the middle of Chinese New Year celebrations at the start of the Year of the Rabbit. At Meta Platforms, though, it’s the “year of efficiency,” as CEO Mark Zuckerberg declared Wednesday on announcing fourth-quarter results. Investors such as Altimeter Capital, which last fall called on Meta to streamline, will be happy. It’s just a pity that Meta, like much of big tech, appears to have...
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Meta Declares ‘Year of Efficiency’ as Revenue Stagnates
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