, startup accelerator Y Combinator's CEO Garry Tan said SVB's collapse was"an *extinction level event* for startups and will set startups and innovation back by 10 years or more." that a survey Friday of its 3,000-odd active companies found almost 400 had a relationship with SVB and more than 100 feared they couldn't make payroll in the next 30 days unless the situation was swiftly resolved. Tan urged people to contact their member of Congress to voice their concern.
These startups' best hope is for a buyer for SVB to be found before markets reopen Monday. If no one wants it, the FDIC will to liquidate the bank and sell off its assets to try to make depositors whole again. "The FDIC will love to have the bank bought off their hands, and I am sure they will work furiously over the weekend to arrange a shotgun marriage," said Sandeep Dahiya, associate professor of finance at Georgetown University's McDonough School of Business,
Who are the startups: dudes with money or the right connections to get the funding. Smarter people with brighter ideas but without the right money or connections don't stand a chance in nowadays America. So nope, I won't cry rivers for the startups ...
But on the upside, you can now buy USD with a 40% discount 🙃
how much did the pandemic have to do with this. Serious question!
comeonandfarce
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Source: MarketWatch - 🏆 3. / 97 Read more »