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Search resuls for: "Garry Tan"


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☆ Silicon Valley Bank's collapse means startups and VCs face billions in losses
  + stars: | 2023-03-11 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +4 min
SVB's startup and VC customers are staring down huge losses after its failure. A buyer is being sought for the failed bank by Monday to avoid more calamity for startups. SVB customers stare down big lossesIn a report on Friday, the ratings agency Moody's said it expected a recovery rate of 80% to 90% for uninsured depositors. While there were likely billions in deposits withdrawn prior to SVB's closure, there's still likely to be many billions left at risk. SVB's deposits soared in recent years as it became the go-to lender in the VC ecosystem.
☆ Hundreds of startups face a crippling cash crunch and an 'extinction-level event' if no one buys Silicon Valley Bank by Monday
  + stars: | 2023-03-11 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +5 min
Silicon Valley Bank's collapse has left hundreds of startups facing a cash crunch and payroll crisis. It leaves hundreds of startups that deposited their cash with the bank in turmoil, as they try to continue operating while millions in funds are locked up. Startups scramble for cashThe need for startups to make payroll is one being echoed across the VC ecosystem. In a tweet, founder Nikita Bier said: "The number of growth stage companies that had their cash at SVB is huge. Even startups that didn't bank directly with SVB have been hit by its collapse.
☆ Y Combinator's Garry Tan estimates hundreds of startups will be unable to make payroll after SVB closure
  + stars: | 2023-03-10 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailY Combinator's Garry Tan estimates hundreds of startups will be unable to make payroll after SVB closureGarry Tan, Y Combinator CEO, joins 'Closing Bell: Overtime' to discuss the ripple effect on business with deposits in Silicon Valley Bank.
☆ SVB extends 2-day plunge to 86% on report it will seek a sale after failing to raise capital
  + stars: | 2023-03-10 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +4 min
The bank failed to complete its $2.3 billion capital raise and is now seeking a sale, according to CNBC. The news comes amid fears of , with several VCs advising their portfolio companies to pull money from the bank. SVB Financial saw a surge in deposits in 2020 and 2021 as valuations for speculative tech and start-up companies soared. The crash in SVB Financial on Thursday dragged down the entire banking sector, and now fears of contagion risk are starting to grow. Shares of SVB Financial were off 95% from its November 2021 record-high of $763.22, with shares trading at about $35 in pre-market trading on Friday.
☆ Startups that use Silicon Valley Bank are freaking out over whether they'll make next week's payroll: 'Our money is gone'
  + stars: | 2023-03-10 | by ( Samantha Stokes | Stephanie Palazzolo | April Joyner | ) www.businessinsider.com   time to read: +5 min
Silicon Valley Bank was shut down by regulators on Friday. The news has made startup founders worried that they won't be able to pay their employees next week. Startup founders still reeling from Silicon Valley Bank's implosion have something new to stress about: whether they'll be able to access enough money to cut employee paychecks next week. "Lots of startups are missing payroll in 2-4 weeks if a) Silicon Valley Bank doesn't have the deposits b) SVB doesn't get sold or c) SVB isn't rescued." "If you're a startup founder dealing with this, I'm here to help any way I can," Ayush Sharma, founder and CEO of payroll and compliance startup Warp, tweeted.
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