Tech Industry
Yesterday
1439
Absurdities of the Bay Area 😒
Tech Industry
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481
Please Help :: Should I pursue CS Masters in USA or remain in India to join Startups?
India
Yesterday
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What do vegetarian Indians eat for protein?
India
Yesterday
784
Congress = Muslim league
Fitness
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2920
Very thin yoga pants
Rippling is HR platform that also handles payroll. They have been using SVB to store/move money but now they can’t temporarily. So not only companies who directly stored their raised capital through series into SVB cannot access money. But also all other companies that rely on platforms like Rippling cannot access money. Then there big companies like AWS that want startups to pay them but startups can’t pay cuz they are locked up. But I think it will be fine. Their money is not going anywhere but just some delays, which may have additional impact in operating businesses. https://twitter.com/parkerconrad/status/1634237386564730882?s=46&t=15pKBCx7wekCJqh2TkZ6VQ
RIP
Rippling is extending their own collateral to fund stuck payroll runs: https://twitter.com/parkerconrad/status/1634315187837861889
It’s an incredible decision by the company to make sure their customers are less impacted by SVB’s mistakes. I hope they get their money back.
So sad man. This will perfectly start the housing collapse like WaMu did in 2006. Bay area prices will certainly see an increase in inventory with all those jobs lost over the next couple days. When those prices fall, expect everywhere to fall. Even worse that less than 4% of accounts were under the insurance limits. RSUs lost forever.
Sad? This is awesome. I might finally be able to afford a house.
if you don't get laid off or your money is frozen