Hundreds of startup founders were caught off guard when Silicon Valley Bank announced plans to launch a $2.25 billion share sale and an agreement by General Atlantic to buy $500 million of the bank’s common stock in a private transactionThis news led to a 36-hour period of panic and confusion, with many founders transferring funds out of Silicon Valley Bank to other banksDespite some founders successfully transferring funds, others have been unable to access their accounts or have been left with frozen wiresThis has caused a ripple effect of worry throughout the tech sector, as many fear being unable to make payroll and stay afloat as a businessWhile some founders have managed to get some funds out, the full effects of SVB's downfall are still being felt.
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