Episode 319: The Death of Silicon Valley Bank
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VC Firms Are Having Massive Layoffs
SBV had 190 billion in deposits, and then you just said 30 billion got withdrawn. That's a big chunk. So why so much? Why are people pulling their money out? Well, again, a lot of these VC firms, I guess they were cutting losses on some of these portfolio companies,. Some of them weren't doing the kind of business they were doing early on. There's a whole bunch of factors here. This is the beginning of the contraction of the economy," he says.
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