Silicon Valley Bank’s fall marks an identity crisis: the bonfire of the venture capitalists
Jacob Silverman is a journalist in New York. He is the author of two books and the host of the new CBC podcast on the the fall of the FTX cryptocurrency exchange,The sudden collapse of Silicon Valley Bank – the 16th-largest lender in the United States – has spawned a legitimate crisis in the tech industry.
The level of panic among tech leaders is perhaps unlike anything in the industry before. On Twitter, executives, venture capitalists and financiers such as David Sacks, Mark Cuban and Bill Ackman expressed demanded immediate action from the Biden administration. Jason Calacanis, a VC who’s a member of Elon Musk’s Twitter “war room,” tweeted late into Saturday night a series of all-caps messages promising economic Ragnarok if SVB wasn’t rescued in full.
on Saturday, referring to the U.S. Federal Reserve’s Janet Yellen and Jerome Powell. “When it blew up in their faces, the Fed jacked up rates so hard it collapsed a huge bank.” Tech leaders have warned that some companies may not be able to make payroll in the coming week and that layoffs are inevitable. Millionaire and billionaire chief executives have promised on Twitter that a full bailout would really be about protecting workers and intrepid entrepreneurs. But that populist gloss rings hollow for an industry that recently celebrated mass layoffs and whose executives rarely express pro-labour sympathies.
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