Equity Not all unicorns are in trouble, just a lot of them
Mar 27, 2023
The global stock market shows mixed signals, with some stability returning to banks. Salesforce is shaking off activist pressure after major staffing cuts. France is tightening its grip on TikTok, while Twitter's source code has leaked. On a brighter note, Turo's potential IPO hints at some unicorns recovering better than expected. As we wrap up the quarter, a calm week would be a much-needed change!
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Stock Market Update
- Global stock markets are mixed, with Asian markets down and European markets up.
- US stocks are set to open higher due to reports of slowing deposit outflow from smaller banks.
Salesforce and Investor Pressure
- Salesforce reached an agreement with an investor after staff cuts.
- Salesforce's COO hinted at more cuts, suggesting the tech industry's struggles aren't over.
Silicon Valley Bank Acquisition
- First Citizens Bank acquired Silicon Valley Bank's commercial banking assets.
- The FDIC will retain some assets, and the failure is estimated to cost the FDIC's insurance fund about $20 billion.