Hello, It’s the start of a new week, and for the global startup ecosystem, the continuation of its test of resilience amid the Silicon Valley Bank implosion. Over the weekend, venture capital firms, technology executives, and startup founders raced to contain the aftermath of the SVB collapse. American venture capital firm Khosla Ventures sent an email to founders saying it would cover payroll for some of its portfolio companies if they had shortfalls because of funds tied up with SVB. Meanwhile, US Treasury Secretary Janet Yellen said she was working with regulators to respond to the crisis but ruled out a bailout. Closer home, Union Minister Rajeev Chandrasekhar on Sunday acknowledged the disruption caused by SVB’s closure, tweeting that he will be meeting startup founders this week to understand the impact on their business. ICYMI: Elon Musk now wants to build his own town. According to a report by The Wall Street Journal, the billionaire businessman has purchased thousands of acres of pasture and farmland outside Austin, Texas. Musk and his employees have met landowners and real-estate agents, describing “a sort of Texas utopia along the Colorado River, where his employees could live and work”, added the report. Oh, and it may be called…wait for it…snailbrook in reference to The Boring Company’s mascot. Last but not least, someone asked ChatGPT to create a new game and well, it complied. Scottish software engineer Daniel Tait prompted the AI to generate a ‘unique game’ for Sudoku fans. The result: Sumplete. In today’s newsletter, we will talk about - Discount brokerage Fyers in fast lane
- Ecosystem rallies around SVB fall
- Persian cuisine beyond kebabs
Here’s your trivia for today: How many moons does the dwarf planet Pluto have?
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