First Citizens to Buy SVB’s Deposits, Loans From Government
The FDIC has been seeking a buyer since SVB failed March 10.
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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.
Taking Aim at OpenAI, Databricks Releases ‘Dolly’ Language Model
Cloud database startup Databricks, which sells tools for building machine learning models, makes a splashy entry to the discussion around large-language models.
UK Says Microsoft’s Activision Bid Won’t Harm Console Market, Dealing Blow to Sony
The decision marks a blow to Sony, which previously asked the CMA to block the deal on the grounds that Microsoft could pull Call of Duty from Playstation.
Heated Reaction in China to TikTok CEO’s U.S. Testimony
China's state media and online users criticized the U.S. after TikTok CEO Shou Zi Chew was grilled by U.S. lawmakers in a hearing before Congress.
Utah Passes Bills to Restrict Minors’ Social Media Use
Utah's move comes amid Washington's scrutiny of influential social media platforms that lawmakers say could have a particularly negative impact on minors.
U.S. Prosecutors Charge Do Kwon with Fraud after Arrest in Montenegro
Kwon was arrested in Montenegro Thursday after Montenegro officials disclosed he used falsified travel documents.
Mysten Labs to Buy Back Investment From FTX for $96 Million
FTX Ventures invested roughly $101 million into Mysten in exchange for equity and $1 million for token warrants.
Slack’s Sales Chief Departing Salesforce Next Month
Bob Frati, who worked at Salesforce for a decade before joining Slack in 2016, helped the workplace chat company sell more software to large companies.
Apple to Spend $1 Billion Per Year on Movies to Release in Theaters
Apple plans to spend $1 billion a year on movies that will release in theaters in the hopes of raising its profile in Hollywood and marketing Apple TV+.
TikTok CEO Stresses App’s Separation from China
Chew is seeking to dissuade Congress that TikTok’s Chinese parent ByteDance poses a national security risk.
Block Shares Crash 20% After Short Seller Alleges Fraud
Hindenburg Research claimed that the company’s Cash App business failed to identify and stop fraud.
SEC Sues Tron Founder Justin Sun, Lindsay Lohan and Other Celebrities Over Crypto
The SEC accused Sun, the Tron Foundation, BitTorrent Foundation and Rainberry of scheming to distribute billions in crypto assets and artificially pumping up trading volume.
Kraken To Suspend ACH Transfers
The collapse of Silvergate and other banks connected to the crypto industry has limited the fiat-crypto bridges available to crypto companies.
Coinbase Says it Received Wells Notice From SEC
Coinbase said it believes that potential enforcement actions would focus on its spot market, staking service Coinbase Earn, prime brokerage service Coinbase Prime and Coinbase Wallet products.
Virgin Orbit Nears $200 Million Funding Deal
Virgin Orbit will resume some operations on Thursday, the company said
Amazon Tests Palm-Scanning Technology at Panera Bread
The service, called Amazon One, will allow customers to connect their palmprint to their credit or debit cards, as well as to a Panera loyalty program.
Weekday mornings
The Information AM by The Information Staff
Start your morning with the important global tech news of the day, covered by The Information team across five time zones.
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