Tag: billion
Brex CEO is trying to raise over $1 billion in a weekend for SVB-related bridge loans
Brex CEO Henrique Dubugras is currently working to raise over a billion dollars in a weekend to help fund an emergency bridge credit line that he believes will help startup customers impacted by Silicon Valley Bank’s collapse be able to make payroll next week. Dubugras declined to comment on how much capital has been committed […]
Brex CEO is trying to raise over $1 billion in a weekend for SVB-related bridge loans by Natasha Mascarenhas originally published on TechCrunch
Scrutiny Falls On $43 Billion USDC Stablecoin’s Cash Reserves At Failed SVB
Circle said last week it had cut ties with Silvergate Bank, the crypto-friendly bank that halted operations and said it would “voluntarily liquidate” its assets earlier this week. Signature Bank’s holding company’s (SI) shares have dropped 12% on the news about SVB’s shutdown. Signature said in December that it would reduce deposits tied to crypto firms by as much as $10 billion. Simon Dixon, CEO of online investment platform BnkToTheFuture, tweeted that Circle’s chief executive Jeremy Allaire said the firm held “most of their cash is in BNY Melon,” while sharing a screenshot from March 2. BnkToTheFuture is an investor and shareholder in Circle.
Read more of this story at Slashdot.
US recorded music revenues up 6% to $15.9 billion in 2022
‘Pig Butchering’ Scams Are Now a $3 Billion Threat
UK recorded music revenues up 4.7% to £1.32 billion in 2022, BPI confirms
FTX determines around $9 billion in customer funds are missing
![FTX logo](https://helios-i.mashable.com/imagery/articles/05wEPSbhCESfQxikURnaRFk/hero-image.jpg)
It’s official: FTX is missing a lot of its customers’ funds.
How much is a lot? Try around $9 billion.
In a preliminary analysis released by the bankrupt crypto exchange on March 2, FTX laid out its current findings for stakeholders. And it confirmed the worst: a “massive shortfall,” as only around $2.2 billion in customers’ assets have been located. Furthermore, even less of that amount – $694 million – is in liquid assets such as cash, stablecoins, Bitcoin or Ether.
One of the reasons FTX ended up in this predicament involved the borrowing of customers’ funds by its trading firm, Alameda Research. The presentation claims that Alameda had been provided with $9.3 billion from FTX customers. A further $191 million was borrowed by Alameda from customers of the US-based exchange, FTX US.
While the disgraced FTX co-founder and ex-CEO Sam Bankman-Fried once claimed FTX US was completely isolated from FTX’s problems, the company’s latest analysis found that FTX US has a shortfall in the hundreds of millions as well.
“It has taken a huge effort to get this far,” said John J. Ray III, FTX’s current CEO who took over amidst the bankruptcy, in a statement. “The exchanges’ assets were highly commingled, and their books and records are incomplete and, in many cases, totally absent. For these reasons, it is important to emphasize that this information is still preliminary and subject to change. We believe it is more important to provide transparency to stakeholders by making this information public now than to wait until we can achieve certainty.”
FTX was once one of the largest crypto exchanges in the world. However, in November of last year, reports emerged saying that its sister company, Alameda Research, was insolvent. Soon after, competitor Binance sold off its holdings of FTX’s cryptocurrency, FTT token. Over the next few days, billions of dollars were withdrawn from the exchange by its customers. Within a week, FTX filed for bankruptcy. Evidence was soon unveiled that Bankman-Fried had been improperly using customer funds, which led to his arrest and indictment for securities fraud.
Caroline Ellison, the CEO of Alameda Research, pled guilty to a number of fraud charges in December. She faces up to 120 years in prison. Ellison also agreed to cooperate with prosecutors as they build their case against Bankman-Fried.
Apple to Spend 1 Billion Euros on Munich Silicon Design Center Expansion
Apple says the investment will go towards the design and construction of a “state-of-the-art research facility” at Seidlstrasse, where Apple’s R&D teams can “come together in new ways, enhancing collaboration and innovation.”
“Our R&D teams in Munich are critical to our efforts to develop products delivering greater performance, efficiency, and power savings,” said Johny Srouji, Apple’s senior vice president of Hardware Technologies. “The expansion of our European Silicon Design Center will enable an even closer collaboration between our more than 2,000 engineers in Bavaria working on breakthrough innovations, including custom silicon designs, power management chips, and future wireless technologies.”
In addition to Apple’s new Seidlstrasse facility, teams will occupy several additional R&D spaces at Denisstrasse and Marsstrasse as part of the Silicon Design Center expansion. The three new sites are located across the street from Apple’s recently opened R&D facility at Karlstrasse. Together with engineering sites at Arnulfstrasse and Hackerbrücke, the new facilities form Apple’s European Silicon Design Center, centrally located in Munich’s Maxvorstadt neighbourhood.
The announcement builds on Apple’s previous 1 billion euros investment commitment from 2021, when Apple established Munich as the headquarters of its European Silicon Design Center.
Apple says it has spent over 18 billion euros with more than 800 German companies, supporting job creation, community development, and workforce opportunities throughout the country over the past five years.
This article, “Apple to Spend 1 Billion Euros on Munich Silicon Design Center Expansion” first appeared on MacRumors.com
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The White House’s $39 billion chip-making giveaway starts today
When President Joe Biden signed the CHIPS and Science Act into law in 2022, it put $52 billion in tax credits and funding on the table to help bolster the semiconductor industry in the US, with $39 billion specifically earmarked for semiconductor manufacturing incentives. Now, we’re starting to see how that initiative is going to play out: The Biden Administration has officially launched the first CHIPS for America funding opportunity, laying out the application process for “projects to construct, expand or modernize commercial facilities for the production of leading-edge, current-generation and mature-node semiconductors.”
The “first” in first funding opportunity is the key word here: At the start, CHIPS for America is specifically looking to fund projects that align with the program’s “vision for success” that seeks to have a number of leading-edge logic fabrication facilities and DRAM chip manufacturers by the end of the decade, as well as hitting specific production capacity goals for “current-generation and mature-node” semiconductors. The program plans to offer more funding opportunities for R&D and manufacturing equipment facilities at a later date. Applications for those programs won’t launch until late Spring and Fall of 2023, but the CHIPS Program Office is open to receiving statements of interest from hopeful applicants.
The program also includes strict guardrails for how funding is used. Applicants who are awarded CHIPS funding will be prohibited from using the payments for stock buybacks or to pay out dividends, and payments will be tied to meeting specific milestones. It’ll be awhile before the first recipients of CHIPS funding are announced, but hopeful projects can begin submitting applications on March 31, 2023. Want all the details? Check out the full CHIPS for America announcement right here.
This article originally appeared on Engadget at https://www.engadget.com/the-white-houses-39-billion-chip-making-giveaway-starts-today-210717470.html?src=rss