Morning Brew Daily SVB finally acquired, Twitter $20B valuation & ChatGPT dinner reservations
Mar 27, 2023
First Citizens has acquired a substantial portion of Silicon Valley Bank, stirring discussions on the banking ecosystem's future. The unrest in Israel raises questions about its economic stability. Meanwhile, Twitter's valuation has plummeted under Elon Musk, leading to concerns over its management. In tech news, ChatGPT introduces plugins for easier dinner reservations. The podcast also debates the future of remote work, reflecting on trends, job opportunities, and economic indicators.
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Pickleball in Central Park
- An ice skating rink in Central Park is converting into 14 pickleball courts.
- The courts will cost $80–$120 per hour to rent.
SVB Acquisition
- First Citizens Bank acquired a large part of Silicon Valley Bank (SVB) for $72 billion.
- The FDIC retained the remaining assets and SVB's equity holders lost everything.
First Citizens Bank
- First Citizens Bank, known for acquiring failed banks, bought SVB.
- The combined entity is now one of the top 25 largest banks in the US.