OK, what is going on with SVB?
By Editor - Sat Mar 11, 11:12 am
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Welcome to Startups Weekly, a nuanced take on this week’s startup news and trends by Senior Reporter and Equity co-host Natasha Mascarenhas. To get this in your inbox, subscribe here . Writer’s note: We’re breaking from our usual formatting this week because there was a once-in-a-generation collapse of one of the biggest banks in the country. Today’s space has been dedicated to our coverage on the matter, but we will be back to broader programming next week. On Friday, I wrote about how Silicon Valley Bank has been closed by regulators , which are now in charge of the bank’s deposits. The bank is set to reopen Monday, which means we — and I mean that in the most collective sense — are in for a weekend of pause, fear and further questions. This is not a story of the week; it’s a story for the weeks and months ahead. As Y Combinator CEO Garry Tan put it, this could set startups and innovation back by 10 years. After spending hours speaking to founders and venture capitalists about SVB, it’s clear that explaining the bank’s state of business or strengths will not necessarily stop the panic we’re seeing.
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OK, what is going on with SVB?
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