“2nd once in a lifetime crisis’: Silicon Valley Bank collapse floods internet with memes

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The sudden collapse of Silicon Valley Bank on Friday sent shockwaves through the startup community, which has come to view the lender as a source of reliable capital and deposit partners, particularly for some of tech’s biggest moonshots.

On March 8 the bank’s parent company, SVB Financial Group, announced it had sold $21 billion of securities from its portfolio at a loss of $1.8 billion and would sell $2.25 billion in new shares to shore up its finances. That spooked prominent venture capitalists such as Peter Thiel, who instructed clients to pull their money from the bank.

Just two days later, efforts to raise new equity or find a buyer were abandoned and SVB was put into receivership, sending chills through the banking industry.
The collapse may impact entrepreneurs and startups across the world as SVB has been the banker of choice for the global startup world, including Indian entrepreneurs.

The move by the US regulator to calm markets by assuring troubled depositors of Silicon Valley Bank access to all their money beginning Monday is expected to provide some relief to startups, which have been scrambling to find ways to retrieve their deposits stuck with the California-based lender.

The collapse and the crisis that ensued has triggered a massive memefest on social media.






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