I heard Silicon Valley Bank was shut down by regulators and I wanted to hear other peoples opinions and thoughts on the matter. Is your company impacted and how ? How do you see this effecting the tech industry ?
I'm pretty impacted.
Dude what’s it like ? Also sorry
sorry, hope you will get something better soon
A colleague just mentioned how their company sent out an email to assure them they aren't impacted, even though the company has deposits with them. I'm sure this is gonna effect the tech world.
Pv v b m.
.. ..ee eddde.rrr,dr
SVB is a lender for many startups, many no-name setups. Such startups are like lower middle-class surviving on paycheck to paycheck with collateral in SVB or other form of securities in their lending agreement. SVB incurred losses on bonds, first it was unrealized but then had to sell at loss upon non-retailer depositors seeking withdrawals.
The loan facilities from SVB might not be the major issue. The cash that startups have deposited would likely to be mostly frozen and possible that only a fraction of the deposits will be recovered eventually
Yes, so how are companies with deposits in SVB doing payroll ? ~97% of money is not fdic insured
I heard circle/USDC had a lot of money in them. Rumored to be a billion…
Also zip recruiter, cloudera, Pinterest to name a few
I am fucked
Im sorry :(
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I've never even heard of them until now.
Lots of tech startups use the bank. Also companies that use rippling for pay roll
Not just startups.