š Silicon Valley Bank is broke
Good morning, Quartz readers!
Hereās what you need to know
A major tech firm lender revealed itās in deep trouble. Silicon Valley Bankās share price tanked 60% after announcing it needs to raise $2.25 billion to offset a $1.8 billion loss on some bond sales.
The White House proposed tax hikes on the rich. President Joe Biden wants to increase taxes on those earning more than $400,000āhimself includedāas well as corporations, setting up a fight with Republican leaders.
General Motors announced voluntary redundancies. Thousands of workers in the US and abroad can opt to get paid to quit.
Reddit is killing its Clubhouse-style feature. The platform doesnāt have the resources to keep Reddit Talk going without the help of its third-party vendor, which is shutting down.
What to watch for
An activist investor plans to challenge Appleās racial and gender pay gap reporting at the Cupertino companyās annual general meeting, a virtual gathering scheduled for today (March 10).
Apple thinks itās already doing enough and has called on shareholders to vote against the proposalāin fact, Apple is urging shareholders to vote against all proposals. Ananya Bhattacharya looks at whatās on the table, and who objects to Al Goreās board seat.
Itās already way too hot in India
Pop quiz: India just witnessed its hottest February inā¦
A. 2 years
Find the answer in Niharika Sharmaās Quartz story, which also explains why a hot February is sparking fears of widespread power cuts this summer.
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Construction workers are commuting via private jet. Itās another perk of the tight labor market.
Pistol shrimp claws snap as fast as a bullet flies. Their grabbers can produce a shockwave that also emits a burst of light.
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Correction: Yesterdayās email incorrectly said that Sen. Bernie Sanders subpoenaed Starbucks CEO Howard Schultz. Sanders only threatened to subpoena Schultz.