"The last 24 hours have been crazy. Every venture capitalists' cell phone is being blown up by CEOs asking for advice trying to figure out Monday's payroll which is the most immediate problem," Sam Lessin, a partner at Slow Ventures,"One founder I was talking to is going to cover payroll personally on Monday and figure it out from there," Lessin said.
"For all intents and purposes, our money's gone," he said. "A lot of people live paycheck to paycheck. It's a really tough situation. I truly believe there's going to be mass layoffs across Silicon Valley on Monday." that his"top priority is to get our customers' employees paid as soon as we possibly can, and we're working diligently toward that on all available channels, and trying to learn what the FDIC takeover means for today's payments."
Ashley Tyrner, the founder of FarmboxRx, said she's spent the last 24 hours trying and failing to access her SVB account to pay employees. Thankfully, she also banks with First Republic and Bank of America, so she is able to pay her employees. She's even willing to take a cut of her own salary to pay her staff, she told Insider.
one reason for missing out dues!
😆LOL. Anybody who this would wipeout is not anybody I’d want to passively invest $200 Billion USD in right now.
It’s nice for the working man to see that banks will fuck over anyone. The little guy, tech startups, millionaires. Banking system is truly an equal opportunity life ruiner.