Silicon Valley is dead… Wall Street won’t save these early stage startups… Silicon Valley Bank’s “trickle-up” effect…
- I’m usually fast asleep by 11 pm… but last Friday, I wanted answers.
Silicon Valley Bank (SVB)—America’s 16th-largest bank—had gone bust earlier that day.
I wanted to find out what was really going on… not what all the major news headlines were telling me. So I reached out to a well-respected Silicon Valley venture capitalist (VC) in my network.
“How bad is the panic in startup land?” I asked.
My phone pinged two minutes later. “Bad. Sh*t’s hitting the fan.”
Since then, the Federal Deposit Insurance Corporation (FDIC) has stepped in to bail out SVB’s depositors. In other words, everyone is getting their money back.
Image Credit: Risk Hedge