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First time seeing FDIC Insurance come in use as bank is being shutdown Tc: 250k #tech #bayarea #usatoday
Most of Svb customers aren’t poor folks like us. It’s the bank account for all these startups with millions and millions.
What happens to these start ups? They just lose access to millions? Why would every company not have dozens of accounts then? So confusing to me
If no one bails out SVB and these startups can’t raise funding to bridge gap, they die. Only $250k will be available on Monday. The same goes for private individuals that have money there (not all are super wealthy btw)
Would be good to know list of startups using svb!
Maybe a great opportunity to buy the market, stock only goes up
Lot of founders and gps have personal accounts too. Apparently 90% of funds aren't insured. Read that Rippling was scrambling to move for one.
It’s not individuals who banked with them that’s the issue. It’s all the startups and tech companies who have millions of dollars deposited with them. There will be a big impact from this.
Can i get the list of those companies? I’ll avoid interviewing them
I’m sure most tech companies had some money there. They spread their cash around many different banks. More will be known in the coming weeks.
Is it total bankruptcy or did jerome rescue them? Fed taking them over sounds like a rescue
Rescue to avoid further damage I guess
Oh so no domino effect?
Yes, my startup has 11m in SVB
Not a big amount I guess unless your startup is pretty new start up (seed funding). Hope all goes well
Above 250k would be a risk on one account. Multiple accounts type in same bank or multiple accounts with different bank would be a good idea
Pretty sure it’s per bank and not per account.
Tar46 is right.. for example cd and savings are too different account types in same Babb