When Rivian Automotive (NASDAQ: RIVN) went public in November 2021, it revealed that Amazon (NASDAQ: AMZN) was its largest stakeholder. At the end of 2022, Amazon still owned 17% of Rivian's Class A shares. As a result, Amazon posted an overall net loss of $2.7 billion in 2022, compared to a net profit of $33.4 billion in 2021. Read More...
Reuters
Small U.S. banks see record drop in deposits after SVB collapse
Borrowings at small banks, defined as all but the biggest 25 commercial U.S. banks, increased by $253 billion to a record $669.6 billion, the Fed’s weekly data showed. “As a result, small banks had $97 billion more in cash on hand at the end of the week, suggesting that some of the borrowing was to build war chests as a precautionary measure in case depositors asked to redeem their money,” Capital Economics’ analyst Paul Ashworth wrote. SVB collapsed after it was unable to meet a swift and massive run by depositors who took out tens of billions of dollars in a matter of hours.
