A wave of relief swept over Silicon Valley Sunday following a tense weekend of board meetings, emergency funding plans and pleas for help after regulators stepped in to backstop the region’s embattled namesake bank.
The bank's sudden shutdown sent a chill through Silicon Valley amid an otherwise gloomy period marked by tech layoffs and a pullback in spending as consumers tightened their wallets. Company executives, many of whom stashed all of their funds in Silicon Valley Bank, took to Twitter and other social media networks to beg for relief.
Birla predicts that in the next few days, startups will rush en masse to open accounts at large banks. And for companies that hold considerable cash positions, he thinks that there will be a surge of interest in hiring treasurers who will work to minimize the amount of cash companies are holding at any moment.
Doktor Gurson, CEO of Rad AI, said the news represented a “collective sigh of relief” after days worrying about how to make payroll for his startup with some 65 employees. “I lost a couple years of my life over the weekend to be honest. It’s been a bit of a roller coaster.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How Silicon Valley Turned on Silicon Valley BankThe fallout from Silicon Valley Bank threatens to engulf Silicon Valley—and has put the rest of the banking system on edge
Read more »
SVB Collapse: Silicon Valley Bank is biggest US bank failure since 2008 crisisSilicon Valley Bank is the biggest US bank failure since Washington Mutual during the 2008 financial crisis
Read more »
Cardano Founder Says Algorithmic Stablecoins Are Essential for Bitcoin (BTC) to Achieve Its VisionCardano founder: Algorithmic stablecoins essential to realize Bitcoin (BTC) vision BTC $BTC ADA $ADA CardanoADA CardanoCommunity
Read more »
How the Silicon Valley Bank collapse could affect you | Wake Up America SundayHow could the Silicon Valley Bank collapse affect your bank deposits and the U.S. economy? Host CarlHigbie discussed the effects with Hillary Fordwich and Perry Kalajian on WakeUpAmerica Sunday.
Read more »
Silicon Valley Bank collapse: FDIC holding auction for bank, final bids due SundayThe Federal Deposit Insurance Corporation started an auction on late Saturday for Silicon Valley Bank, with all bids due by Sunday afternoon, according to people familiar with the situation.
Read more »