Posted on 03/11/2023 12:09:25 PM PST by EBH
Hundreds of startups face a massive cash crunch if the search for a buyer for Silicon Valley Bank drags into next week.
The Federal Deposit Insurance Corporation (FDIC) took control of SVB Friday after it was shut down by California regulators when a failed $2.3 billion capital raise sent its stock crashing.
It leaves hundreds of startups that deposited their cash with the bank in turmoil, as they try to continue operating while millions in funds are locked up.
In the meantime, signs of stress among SVB's entrepreneurial clients are beginning to emerge.
The need for startups to make payroll is one being echoed across the VC ecosystem.
In a tweet, founder Nikita Bier said: "The number of growth stage companies that had their cash at SVB is huge. Making payroll next week is going to be a s---show."
Sam Lessin, a partner at Slow Ventures, told CNBC Friday a founder he had spoken to planned to cover payrolls personally and "figure it out from there."
Even startups that didn't bank directly with SVB have been hit by its collapse. My Insider colleagues April Joyner and Madeline Renbarger reported the healthtech startup Flow Health used Rippling, which held an account with SVB, as its payroll provider.
(Excerpt) Read more at businessinsider.com ...
Ha, ha, ha, loser. Nice language, go back to MSNBC troll.
Some 1,500 startups were “green” companies so no loss.
You have no idea how much I’m paid you ignorant dick
I am not going to stoop to your level and call you names. I don’t know who you are. I spent 27 years in the military (graduate from the U.S. Naval Academy), and clawed my way from E-1 to O-5. For you to praise a CEO (who did not do his fiduciary duty) like you would a member of the military is just plain wrong. Judging your language and comments, I really doubt I am ignorant compared to you. You are way over-payed your eminence.
Yeah, the little wussy Thumperdick couldn’t handle my reply (#61) so he “reported” it to admin - like the child coward he is. He claims he served but, if he really did, it likely was only for his teem boy ego, cuz he’s too ignorant to appreciate what he was there to serve FOR.
Don't be such a phoney Thumperdick94, that's exactly what you do. I don't know what little chip you have against real leaders and contributors like HonorInPA, but it's clear you're resentful - and it's likely because you've accomplished little to nothing in your life. Perhaps the "94" in your screenname reflects the year you were born, explaining your lack of maturity - or, perhaps an indication of your IQ. Either way, some adult in your life did a number on you.
ha ha ha. Oh boy you are scary. You both are little men who think its cool to boss people around when you are hiding behind your keyboard.
94 is year I graduated the United States Naval Academy and with 27 years in the military, I doubt you can match my accomplishments. hee hee, nice try little one.
27 years and ThunderDumb obviously didn’t learn a damn thing - much less a clue about why or how to serve COUNTRY, rather than his own ego. He can’t even derive an original thought of any substance. No need to thank him for HIS service, as I’m sure he thanks himself in the mirror, daily.
You two are out of control. All I said was “no bailouts” and any CEO who lost their company’s payroll in a “woke” bank should not be praised. You are right, those are not original thoughts. Glad it took two of you to attack me personally. You are right…I suck. You guys win.
You can fool yourself by mischaracterizing your libel of HonorInPA (and directing your unsolicited, pedantic crap my way) if it makes you feel any better. Every single Navy officer I know, is focused and successful with a demeanor competely unlike what you've put forth here, thank God.
Whatever man. You obviously have never served anyone but yourself and its a delight for me to see a man like you question my service. A little man with a big ego.
That is a very interesting idea! Are you serious? If so, will you let us/me know how that turns out? And what would be the tax implications for a loan forgiveness?
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