🌎 Silicon Valley Bank is broke

Plus: Apple’s tart on shareholder proposals
🌎 Silicon Valley Bank is broke

Good morning, Quartz readers!

Here’s what you need to know

A major tech firm lender revealed it’s in deep trouble. Silicon Valley Bank’s 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 $400,000—himself included—as 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 doesn’t 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 Apple’s racial and gender pay gap reporting at the Cupertino company’s annual general meeting, a virtual gathering scheduled for today (March 10).

Apple thinks it’s already doing enough and has called on shareholders to vote against the proposal—in fact, Apple is urging shareholders to vote against all proposals. Ananya Bhattacharya looks at what’s on the table, and who objects to Al Gore’s board seat.

Image for article titled 🌎 Silicon Valley Bank is broke
Graphic: Ananya Bhattacharya

It’s already way too hot in India

Pop quiz: India just witnessed its hottest February in…

A. 2 years
B. 40 years
C. 93 years
D. 122 years

Find the answer in Niharika Sharma’s Quartz story, which also explains why a hot February is sparking fears of widespread power cuts this summer.

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Correction: Yesterday’s email incorrectly said that Sen. Bernie Sanders subpoenaed Starbucks CEO Howard Schultz. Sanders only threatened to subpoena Schultz.

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