https://twitter.com/CNBCOvertime/status/1634307044613189635 """ . @GarryTan CEO of @ycombinator calling the SVB fallout an "extinction level event for startups" "These depositors will not survive weeks or months without some sort of plan from the govt." """ anyone know where to find list of companies heavily dependent on SVB? folks this year will be huge, layoffs and now this??? PSA. gold standard to every blind signature is now TC, YOE and ROLE!!! See below for example. Lets follow this standard going forward --- TC: $300k YOE: 12 ROLE: SWE-SRE #SiliconValleyBank #startups #recession #depression https://www.nytimes.com/2023/03/10/technology/silicon-valley-bank-fallout.html https://blockworks.co/news/svb-contagion-rippling
Also which other banks have the same business position and exposure as SVB?
All banks are vulnerable to bank runs. 43b in withdrawals on Thursday.
Splunk
damn, really? source or link?
lol splunk has never been profitable, not sure what this will mean depending on the percentage of cash it saved in svb
I think the government will step in if things get bad
i think you have the wrong idea of the govt, the govt caused what is happening ever heard of "problem, reaction, solution"??? or "order out of chaos"???
Govt didn’t cause what happened lack of regulation is what caused it. SVB benefitted greatly from spac/startup valuation boom and crypto which caused deposits to swell and they didn’t know what to do with it so they invested close to 60% in securities. They knew the risk of Fed rising the rates but didn’t anticipate crypto and startups tanking which caused deposits to tank. If regulators had done their job neither spac boom or crypto NFT mania would have happened..
Government wants this to happen , they are crashing the economy intentionally to tame inflation ..
100%
True. They want more than 1 million layoffs this year
will maintain list of companies toast below https://www.cnn.com/2023/03/10/business/roku-svb-cash/index.html https://www.reuters.com/business/crypto-firm-circle-reveals-33-bln-exposure-silicon-valley-bank-2023-03-11/ https://twitter.com/parkerconrad/status/1634237386564730882
How to reorganize a startup in one shot
That’s like asking which company banks with Wells Fargo or Chase. This is not public information unless a company comes forward to disclose it and I don’t think they will unless they are forced to or internal employees leak it. Even SVB lied to rippling and said it was just an operationally glitch before they had to reveal their true circumstances.
It depends on overall exposure TBH - I would suspect there aren’t a huge volume of companies with any kind of sane financial leadership that had huge levels of direct cash exposure to SVB without some sort of protection in place (insured sweeps, etc). I guess we’ll start to see in the coming weeks
The startup that laid my spouse off in 2020 (and has had three subsequent layoffs, including 30% of its staff three months ago) raised a capital round via SVB last month. The thought of this crappy company, that is being bled dry by its co-founders, being inconvenienced makes me smile (schadenfreude).
What is the name
Coinbase?
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Who's Steve Jobs?
I’ll indulge you, what’s ligma? 😉