2min chapter

All-In with Chamath, Jason, Sacks & Friedberg cover image

E119: Silicon Valley Bank implodes: startup extinction event, contagion risk, culpability, and more

All-In with Chamath, Jason, Sacks & Friedberg

CHAPTER

Is SVB in the Venture Debt Business?

Saks: I didn't believe that SVB should be in this business. We moved our firm accounts over and we were just using SVB to make warehouse loans or whatever. So yesterday when all this stuff went down, I said to our guys, like, we're out of there, right? They're like, well, actually we had about $45 million that we were about to distribute to LPs. It's not a siren call. The game theory optimal way to play this as a deposit or is to move your money out and get it somewhere that it's completely safe.

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