Silicon Valley Bank is in a severe cash crisis. VCs have been telling their portfolio companies to withdraw money from the bank. Some founders went to the SVB office, and we're waiting outside for a little while. Eventually SVB called the police on them, and politely asked the founders to leave according to Eric Newcomer's reporting.
Jason reacts to Silicon Valley Bank being shut down by the FDIC and breaks down what this means for founders and VCs.
(0:00) Breaking down the SVB situation
(4:28) FDIC press release
(7:41) What Jason hopes will happen
(10:16) Defcon 1
(12:39) Thoughts on emergency funding
(15:46) How does the SVB situation affect early-stage fundraising
(26:59) SVB sells their securities
(29:10) USV email to founders
(31:06) SVB CEO addresses the situation
(33:07) Bill Ackman’s response
(34:31)Mark Suster’s response
(35:52) Audience questions
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