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SVB Closure: A Massive Impact on the Tech Ecosystem

🧵 The TL;DR

Silicon Valley Bank's closure and receivership will have a major impact on the tech ecosystem. Expect mass layoffs later today or Monday at latest due to the inability to make payroll. Additionally, uninsured balances above $250K are in jeopardy.

    🔑 Key Points

  • SVB was incredibly integrated into the lives of many founders
  • Uninsured balances at SVB - those above $250K - are in jeopardy
  • CEOs yesterday faced a hard choice: Pull your deposits and go into default on your venture debt or risk losing everything if the bank failed

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