Silicon Valley Bank sold $21 billion of its security portfolio, which CNBC noted mostly consistent with US treasury bonds. The bank was trying to rework the balance sheet and that, I think, got everybody panicked. With this announcement, SVB essentially hit the starters pistol for the bank run.
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
FOLLOW Jason: https://linktr.ee/calacanis
FOLLOW Molly: https://twitter.com/mollywood