EMERGENCY POD: Jason Calcanis on SVB (Silicon Valley Bank) implosion and what impacted founders should do.
FDIC has taken control of SVB. Uninsured depositors will only get IOU which gets money after liquidation. Insured depositors only get covered up to $250,000. A funded startup would usually have over $1 million of funding.
It is generally highly likely that a larger bank will buyout SVB for cheap and then depositors will be good. Jason says there a non-zero chance that another bank does not step up.
SVB problems impact half of all startups. This also impacts venture capital companies.
Federal government and California government will likely help backstop this situation.
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