Garry Tan, the president and CEO of Y Combinator, stated that the collapse of Silicon Valley Bank is an 'extinction-level event' for tech startups.
Garry Tan, the president and CEO of Y Combinator, recently stated that the collapse of Silicon Valley Bank is an “extinction-level event” for tech startups. Y Combinator has helped launch more than 4,000 tech companies including Airbnb, DoorDash, and Stripe.that the failure of Silicon Valley Bank has sent shockwaves through the tech startup community, with fears that it could set innovation back by a decade.
The bank was placed into Federal Deposit Insurance Corp. receivership on Friday after the California Department of Financial Protection and Innovation determined the bank had been rendered insolvent. “The most important thing the FDIC and the US Government can do right now is make the receivership as short as possible,” Tan tweeted. “There are thousands of U.S. startups that banked at SVB, often as their sole bank. $250K per account is not going to last long.”
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