Silicon Valley investors and founders express shock over SVB's collapse, describe struggles to get money out
Publishing timestamp: 2023-03-10 20:56:06
Summary
Silicon Valley Bank's sudden collapse has left investors and companies with money locked up expressing dismay at how it went down. Many venture capitalists likened the collapse to a Twitter-led bank run, based more on unjustified fear than reality. Investors were urging their portfolio companies to allocate money to other banks so they could pay their employees on time. The general sentiment is that SVB did a poor job communicating to clients when it announced that it would be raising $500 million from venture firm General Atlantic while also unloading holdings worth roughly $21 billion at a loss of $1.8 billion. The collapse of SVB represents the biggest banking failure since the 2008 global economic crisis.
Sentiment: NEGATIVE
Keywords: breaking news: technology, social media, venture capital, meta platforms inc, internet, markets, technology, business news, svb financial group, banks, start-up,