Not all unicorns are in trouble, just a lot of them

Equity

TechCrunch

Entrepreneurship, Business News, News, Business, Technology

4.2 • 372 Ratings

🗓️ 27 March 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Alex had a lot of ground to cover from the weekend, so let's get started. Here's the rundown: The global stock market is mixed today, if leaning positive. Some concerns about global banks appear to be settling. In contrast, things are quiet on the crypto front. Salesforce is getting a reprieve from certain activist pressure after it took a cleaver to its staffing. The Silicon Valley Bank crisis is slowly coming to a close. TechCrunch has the latest on the sale of the former startup-friendly bank's commercial banking operations. In other tech news: France is cracking down on TikTok and other social apps, and some of Twitter's source code made its way onto GitHub. Finally, Turo is doing fine and could, ahem, drive us toward a reopening of the IPO market. Maybe more unicorns than we thought are going to be ok? How about we have a relaxed week? That would be nice. Something slow and calm to end the quarter? We deserve it, after all! For episode transcripts and more, head to Equity’s Simplecast website. Equity drops at 7 a.m. PT every Monday, Wednesday and Friday, so subscribe to us on Apple Podcasts, Overcast, Spotifyand all the casts. TechCrunch also has a great show on crypto, a show that interviews founders, one that details how our stories come together and more! 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:17.0	Hello friends and welcome back to Equity, the Tech Runch podcast, where we unpacked the numbers and the nuance behind the headlines. Today is Monday, March 27th, 2023, and that means yes, this is the last Monday show of the quarter I hope that you have hit all of your
0:26.0	okay ours and your kPS are simply gorgeous now there's a lot of big news this morning so
0:31.4	enough for me let's get into it.
0:33.6	And we're going to start as we always do with money.
0:38.9	So what's going on in the stock market? Well shares are mixed in Asia today down in China up in Japan over
0:45.6	in Europe stocks are up perhaps on a lack of new bad banking news and here in the
0:50.9	US shares are set to open higher.
0:53.1	Now, why?
0:54.1	Well, there is some reporting that deposit outflow from smaller banks is slowing,
0:58.8	that's good news, and it could indicate that the overall market is calming down, really frankly a good sign for a domestic economy that has had its fair share of ill tidings lately.
1:09.0	What's helping stocks this morning? Well, small news, but news that matters. After mass cuts to its
1:14.4	staffing sales force has come to an agreement with an external investor that had
1:18.5	been pressuring the company and in what I presume is related news, over the weekend, Salesforce's COO said that there may be more cuts coming.
1:27.0	So the bleeding has not yet reached a stanching point at this particular big tech company, and I presume at others as well.
1:34.5	And while the Trad Economy has been nothing if not turbulent in recent weeks,
1:38.7	crypto had a pretty chill weekend and from a price perspective pretty chill week.
1:44.0	Price movements for one and seven day intervals amongst major
1:47.1	cryptocurrencies are remarkably flat and therefore boring.
1:51.4	And meanwhile the NFT boomlet does continue to deflate and that's kind of the weekend in crypto. Now let's talk banks.
1:58.0	And when I say let's talk about banks, what do I mean? Well, I really mean Silicon Valley Bank or the entity formerly known as
2:07.3	S. V. So S. V. B. news from this weekend. Well, First Citizens is buying the commercial banking assets of Silicon Valley Bank.
2:15.6	That means 17 S. V. B branches will reopen as First Citizen branches today.
	...

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