PALO ALTO (United States), March 12 — Technology executives, prominent venture capitalists and founders including OpenAI CEO Sam Altman raced this weekend to keep alive companies...
PALO ALTO , March 12 — Technology executives, prominent venture capitalists and founders including OpenAI CEO Sam Altman raced this weekend to keep alive companies caught up in the collapse of Silicon Valley Bank.
Altman, who runs one of Silicon Valley’s hottest companies, bailed out some entrepreneurs from his own pocket, according to a Twitter message by his brother and one beneficiary who spoke with Reuters. Henrique Dubugras, co-CEO of fintech startup Brex, also spent the weekend working the phone after his company announced an emergency credit line on Friday to help startups get through their next payroll.
By late Saturday, more than 3,500 CEOs and founders representing some 220,000 workers had signed a petition started by Y Combinator appealing directly to US Treasury Secretary Janet Yellen and others to backstop depositors, many of them small businesses who are at risk of failing to pay staff in the next 30 days.
Khosla Ventures told Reuters, “Given the rapidly evolving situation, we are talking to 100+ portfolio companies assessing their critical needs and plan to bridge where we are a lead or major investor.”Rad AI’s Gurson had not talked to Altman for years when he emailed the OpenAI chief Saturday morning, desperate for help. The startup relied on SVB, the sudden closure of which meant he lacked the money to pay some 65 employees on Monday, he said.
But Gurson saw a Twitter post from Altman, whom he met as a founder participating in 2014 in Y Combinator, where Altman was president. The two men did not know each other very well, he said.Gurson estimated “conservatively” that Altman has given more than US$1 million to support other startups in similar need.
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.
Analysts say SVB’s demise a sign of worry, but limited contagion riskNEW YORK, March 11 — The surprisingly rapid implosion of Silicon Valley Bank (SVB) has markets jittery over a potential sign of widespread turmoil, but analysts see only a...
Read more »
UK finance minister and Bank of England work to contain SVB falloutLONDON, March 12 — Britain’s finance ministry and the Bank of England are working to minimise the disruption that could arise from a collapse of the UK arm of Silicon Valley...
Read more »
Worry for tech startups after Silicon Valley Bank failureNEW YORK, March 12 — Silicon Valley Bank’s stunning collapse has led to the freezing of tens of billions of dollars stored there by startups and their private equity backers,...
Read more »
After Silicon Valley Bank’s shutdown, uninsured depositors face tense waitWASHINGTON, March 11 — Silicon Valley Bank’s (SVB) high level of uninsured deposits helped kick off the run that led to the bank’s closing down, and now any of those...
Read more »
Babyark presents 'world’s safest car seat'LONDON: Israeli child safety tech startup Babyark has come up with a baby seat it claims is the world’s safest car seat. Designed by Frank Stephenson, the product known by the same name as the company, is said to be designed and engineered to meet the highest standards of safety using unique impact absorbing technology, advanced materials including carbon fibres and a connected sensor system. Babyark said the design was inspired by the structural integrity and simplicity of an egg and is shaped like a pod. Babyark is built using military grade, energy-absorbing technology and carbon fibre frame, the seat’s “SafeCoil'' steel-based shock absor...
Read more »
Colombian government, ELN agree to start ceasefire talksMEXICO CITY, March 11 ― Colombia's government and the country's last recognised guerrilla group, the National Liberation Army (ELN), said yesterday they had agreed...
Read more »