Champ Bennett News Today

Silicon Valley Bank collapse: SVB's stunning collapse has led to the freezing of tens of billions of dollars stored there by startups and their private equity backers, raising fears of a wider tech sector fallout.

96 percent of SVB's total $173 billion in deposits was uninsured

Some see in the back-to-back failure of two banks an example of the financial systems precariousnes

FDIC takes over Silicon Valley Bank, a major lender of US startups, sparking fears of widespread economic fallout

Silicon Valley Bank's stunning collapse has led to the freezing of tens of billions of dollars stored there by startups and their private equity backers,

Phhhoto’s founders claimed that Zuckerberg & executives downloaded their app and approached them for a partnership

Facebook Chief Executive Officer Mark Zuckerberg downloaded a popular new app, Phhhoto, on Aug. 8, 2014, and took a selfie. Other Facebook executives and product managers soon followed suit.

Antitrust lawsuit claims that Mark Zuckerberg apparently downloaded an used a photo app that was later cloned and crushed by Facebook (FB) 

The suit, filed by the now defunct photo start-up Phhhoto, accused the social network of stalling on a deal and then putting it out of business.

The founders of the photo-looping app Phhhoto say Facebook strung them along with the promise of a partnership that never materialized.