CuriousAg said:
Work for a tech start up based out of the Bay with lots of promise, but will be impacted by this chaos.
All Hands pushed today because of CEO & CFO have to be on site to sign paperwork.
We had a rif on Tuesday. Interested to see how this goes down.
BREAKING: Before the collapse of Silicon Valley Bank, $SIVB, the CEO sold $3.57 million of stock within the last two weeks. pic.twitter.com/mMEQhdVM2F
— unusual_whales (@unusual_whales) March 10, 2023
uh huhjh0400 said:
And those trades were planned back in January when they were disclosed as part of a 10b-5 filing.
txaggieacct85 said:uh huhjh0400 said:
And those trades were planned back in January when they were disclosed as part of a 10b-5 filing.
Hope you get your next paycheck.CuriousAg said:
Work for a tech start up based out of the Bay with lots of promise, but will be impacted by this chaos.
All Hands pushed today because of CEO & CFO have to be on site to sign paperwork.
We had a rif on Tuesday. Interested to see how this goes down.
Then again, if your company did payroll through Rippling (which uses SVB), you're not getting paid this weekhttps://t.co/ohxVi4YZFB
— Aaron Stannard (@Aaronontheweb) March 10, 2023
My post to our employees. This is dumpster fire. From regulators to SV investors doing nothing to bailout their companies from breaching contracts. pic.twitter.com/ye8W8AkNaq
— Alex Meshkin, GED (@alexmeshkin) March 10, 2023
Yeah, I'm wondering if the people who are saying their money disappeared saw the "preview" of the expected deposit and then it disappeared when the money didn't actually hit the account (due to the payroll issues related to SVB).superunknown said:
One of my employees has a side gig and the payroll company for that is Patriot something or other and there was definitely some issue with WF and direct deposits overnight.
Edit: yeah Patriot Payroll uses (used?) SVB...he just texted me.
lunchbox said:
Ripple effects from SVB....payroll processors that used them cannot pay people...Then again, if your company did payroll through Rippling (which uses SVB), you're not getting paid this weekhttps://t.co/ohxVi4YZFB
— Aaron Stannard (@Aaronontheweb) March 10, 2023My post to our employees. This is dumpster fire. From regulators to SV investors doing nothing to bailout their companies from breaching contracts. pic.twitter.com/ye8W8AkNaq
— Alex Meshkin, GED (@alexmeshkin) March 10, 2023
ETA - there is also something going on with direct deposits into Wells Fargo accounts and it makes me wonder if SVB is somehow involved there as well.
lunchbox said:Yeah, I'm wondering if the people who are saying their money disappeared saw the "preview" of the expected deposit and then it disappeared when the money didn't actually hit the account (due to the payroll issues related to SVB).superunknown said:
One of my employees has a side gig and the payroll company for that is Patriot something or other and there was definitely some issue with WF and direct deposits overnight.
Edit: yeah Patriot Payroll uses (used?) SVB...he just texted me.
YouBet said:lunchbox said:
Ripple effects from SVB....payroll processors that used them cannot pay people...Then again, if your company did payroll through Rippling (which uses SVB), you're not getting paid this weekhttps://t.co/ohxVi4YZFB
— Aaron Stannard (@Aaronontheweb) March 10, 2023My post to our employees. This is dumpster fire. From regulators to SV investors doing nothing to bailout their companies from breaching contracts. pic.twitter.com/ye8W8AkNaq
— Alex Meshkin, GED (@alexmeshkin) March 10, 2023
ETA - there is also something going on with direct deposits into Wells Fargo accounts and it makes me wonder if SVB is somehow involved there as well.
Holy ***** Rippling is our payroll company.
Guess I'm not getting paid.
This is why you have emergency savings.
Dies Irae said:YouBet said:lunchbox said:
Ripple effects from SVB....payroll processors that used them cannot pay people...Then again, if your company did payroll through Rippling (which uses SVB), you're not getting paid this weekhttps://t.co/ohxVi4YZFB
— Aaron Stannard (@Aaronontheweb) March 10, 2023My post to our employees. This is dumpster fire. From regulators to SV investors doing nothing to bailout their companies from breaching contracts. pic.twitter.com/ye8W8AkNaq
— Alex Meshkin, GED (@alexmeshkin) March 10, 2023
ETA - there is also something going on with direct deposits into Wells Fargo accounts and it makes me wonder if SVB is somehow involved there as well.
Holy ***** Rippling is our payroll company.
Guess I'm not getting paid.
This is why you have emergency savings.
I'm glad you didn't buy my watch
NiceQuote:
We discovered yesterday that Silicon Valley Bank had unexpected solvency challenges.
Quote:
But there is another, subtler, more dangerous exposure to interest rates: You are the Bank of Startups, and startups are a low-interest-rate phenomenon. When interest rates are low everywhere, a dollar in 20 years is about as good as a dollar today, so a startup whose business model is "we will lose money for a decade building artificial intelligence, and then rake in lots of money in the far future" sounds pretty good. When interest rates are higher, a dollar today is better than a dollar tomorrow, so investors want cash flows. When interest rates were low for a long time, and suddenly become high, all the money that was rushing to your customers is suddenly cut off. Your clients who were "obtaining liquidity through liquidity events, such as IPOs, secondary offerings, SPAC fundraising, venture capital investments, acquisitions and other fundraising activities" stop doing that. Your customers keep taking money out of the bank to pay rent and salaries, but they stop depositing new money.
Quote:
Also, I am sorry to be rude, but there is another reason that it is maybe not great to be the Bank of Startups, which is that nobody on Earth is more of a herd animal than Silicon Valley venture capitalists. What you want, as a bank, is a certain amount of diversity among your depositors. If some depositors get spooked and take their money out, and other depositors evaluate your balance sheet and decide things are fine and keep their money in, and lots more depositors keep their money in because they simply don't pay attention to banking news, then you have a shot at muddling through your problems.
