“The largest collapse for the reason that monetary disaster” isn’t any laughing matter. Silicon Valley Financial institution was the financial institution of many founders and funds (30% in response to some estimates), together with our personal at Remagine Ventures. The decisive motion taken as we speak by the Division of Treasury, The Federal Reserve and the FDIC (the Federal Deposit Insurance coverage Company) to make depositors entire and get entry to their account steadiness on Monday morning, averted a a lot larger monetary disaster and knock on results. Within the UK, SVB UK was acquired by HSBC for a symbolic sum of £1, additionally guaranteeing depositors have entry to their accounts with no value to the taxpayer in each instances.
Evidently, it was a really hectic weekend. Even in our comparatively small portfolio at Remagine, we had firms unsure if they will make make payroll – as quantities are routinely deducted as we speak to pay workers on the fifteenth of the month. We have been ready to do what it takes to maintain them going. Massive due to everybody that labored tirelessly over the weekend to carry this disaster to a swift decision within the UK and US. For the primary time in 72 hours the tech sector can breathe with a sigh of reduction.
Whereas the state of affairs in nonetheless unfolding with further regional banks within the US, we’re not totally out of the woods but. However for our personal psychological well being, listed here are a number of of the memes/tweets/humorous tales that seize this (hopefully) as soon as in a lifetime disaster.
Get the financial institution run t-shirt
If you happen to’ve ever ran the ‘Company Problem’ in New York you’re acquainted with the annual jerseys. It is a particular version for ‘Financial institution Run’
Thought 2020 was arduous? lifetime of a founder in 2023
4 Days earlier than it collapsed
How we acquired right here
Now we are able to return to regular…
The calm after the storm
The Simpsons predicted Silicon Valley Financial institution’s collapse in 1994!
Jason ALL CAPS Calacanis
For individuals who hearken to the wonderful ALL IN podcast…
VCs congratulating themselves
Completely different method of explaining the state of affairs
Now that we vented a bit, I’ll take the chance to thank everybody who helped carry this to a fast and optimistic end result.