I keep hearing about the drastic impact in the news, but I don't know anybody that's actually affected by them. Perhaps blind can shed some light? TC: 180k and dropping
SVB was a buy last month at $320. Now California regulators are closing its doors. Crazy.
Lol, we are living in such a great time 😂
TIL that the FDIC is an agency of the California government. 🙄
The second largest bank failure next to Washington Mutual
The big daddy banks are coming
They were hiring aggressively last few months, especially in SW engineering.
This has nothing to have with operational costs or profitability. They made a very stupid mistake
Like what?
I got fucked
Story time?
Sorry man
How did this happen?
Too many people were making cash withdrawals that SVB couldn't supply. Its called a bank run, and is historically a sign of economic panic.
Too many tech companies making withdraws to cover bills but not depositing more cash into the bank because most companies aren’t profitable.
Our startup has been using Silicon Valley Bank. Not sure what's going to happen.
97% of SVB deposits will not be insured by FDIC's $250k, so if your business needs more than a quarter million then it either needs to secure funding elsewhere or close its doors.
Wait why are they not insuring basically all SVB deposits? It’s literally FDIC insured
They will be insured. It’s in the FDIC statement. Please stop spreading lies
Spread what? Where is that money comes from FDIC? Magically appears? Printing money? Taxpayers money? Stupid shit bank. Nobody cares SVB, people care about the economical impact
It comes from bank insurance - explained here https://m.youtube.com/watch?v=TAE8i40A5uI&embeds_euri=https%3A%2F%2Fwww.fdic.gov%2F&feature=emb_title
Is there a way to find out SVB client list? Website has Datadog under customer stories
Shieeettt…
F
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Some startups will not be able to pay salaries in the following months
Probably weeks
Can you explain this to me I want to learn more about how it’s tied to startups (I don’t understand anything about funding)