In this engaging discussion, Devin Coldewey, a TechCrunch journalist known for his keen insights into technology, dives into some of 2023's most chaotic events. He examines the shocking collapse of Silicon Valley Bank and its surprising impact on fintech startups. The conversation then shifts to the dramatic upheaval at OpenAI, featuring Sam Altman's return amidst investor support. Finally, they touch on the lengthy and captivating trial of crypto mogul SBF, exploring its ripple effects throughout the industry.
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Fintech's SVB Opportunity
Fintech startups like Brex, Mercury, and Arc capitalized on the SVB crisis.
They offered alternative banking services to panicked SVB customers, experiencing significant user and deposit growth.
insights INSIGHT
Sustaining Fintech Growth
The long-term impact of the SVB crisis on fintech growth is uncertain.
While there was an initial surge, it's unclear if this represents sustained growth or a temporary bump.
question_answer ANECDOTE
FTX's Downfall
FTX's collapse stemmed from inaccurate balance sheets presented to the public.
Funds from FTX users were funneled into Alameda, SBF's crypto trading firm.
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This is the second of a two-part series looking back at 2023. Mary Ann and Alex called on two colleagues to help us chat through some of the year’s biggest events. Here’s what we got into!
The decline, fall of SVB: It’s a bit hard to believe, but the chaos at Silicon Valley Bank happened earlier this year. Yes, much has happened since, but the sudden, and shocking collapse of what was effectively the family bank of tech sent waves throughout the global technology landscape. Venture was impacted. Public companies were impacted, and some startups actually got a boost!
Chaos at OpenAI: Another weekend-powered period of high-drama in tech this year was the defenstration of Sam Altman from his role at OpenAI, only for the tide to entirely flip in short order, Altman back the co, and most of the folks who wanted him out gone themselves. This one is still developing, so we had Devin Coldewey on to help us understand what is coming next.
SBF’s trial: It was long. It was tedious. It was occasionally very interesting. But in the end, former FTX CEO Sam Bankman-Fried was found super-duper guilty for various financial crimes relating to his now-failed crypto exchange. We invited Jacquie Melinek back on the show to tell us more.
You can find part one of our year-end roundup here if you need even more! And don’t forget, Equity has even more great stuff coming your way, so stick close to your favorite podcast app.
Connect with Equity on X and Threads @EquityPods, and keep up with all of TechCrunch's podcasts @TechCrunchPods on TikTok.
Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.
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