Benzinga - The collapse of SVB Financial Group (NASDAQ: SIVB)-owned Silicon Valley Bank dominated the weekend chatter, with analysts and pundits weighing in on the potential ramifications.
Here's a recap of a few major headlines that hit the wire over the weekend:
1. Government To Rescue SVB Depositors: Federal agencies, including the Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation, released a joint statement Sunday outlining measures to help sanity return to the banking system. While Wall Street largely welcomed the move to protect depositors, preferring to not brand it as a "bailout," Main Street raised the scepter of taxpayers impacted in an indirect way.
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2. Shiba Launches Shibarium Beta: Pseudonymous Shiba Inu (CRYPTO: SHIB) developer Shytoshi Kusama announced the launch of the beta version of the layer-2 scaling solution Shibarium. Shibarium is an Ethereum-based layer-2 blockchain that allows developers to create fast, inexpensive and highly scalable applications.
3. More Job Cuts At Meta? Social media giant Meta Platforms, Inc. (NASDAQ: META) could be preparing for more layoffs, with multiple rounds of cuts planned in the coming months, Wall Street Journal reported. The company is reportedly aiming to let go of the same number of employees as it did last year.
4. Companies Exposed To SVB: Several companies, including Roku, Inc. (NASDAQ: ROKU) and Bill Holdings, Inc. (NYSE: BILL), disclosed that they have exposure to SVB. Analysts expect more skeletons to come tumbling out of the closet, given the bank is considered the artery that supplied financing to startups, venture-backed companies and publicly-listed companies.
5. Musk’s Call To Free Chansley: Tesla CEO Elon Musk lent his support to “horn-sporting” Capitol Hill rioter Jacob Chansley. The billionaire also shared a video of Chansley urging protestors to leave, stating that Donald Trump had told so. Musk reasoned that he believed in the fairness of justice and suggested Chansley was falsely implicated.
What Else Bloomberg’s Mark Gurman highlighted several recent top-level executive departures at Apple, Inc. (NASDAQ: AAPL) and hinted at more could be hitting the exit button soon.
Florida Governor Ron DeSantis could be better off standing out of contention in the 2024 presidential polls, according to Trump’s niece Mary Trump. DeSantis should throw in his hat in 2028, instead.
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