We find it amusing that a VC prompted a run on a bank he once pushed on his startups.
...The run was sparked by a letter that Silicon Valley Bank Chief Executive Officer Greg Becker sent to shareholders Wednesday. The bank had suffered a $1.8 billion loss on the sale of US treasuries and mortgage-backed securities and outlined a plan to raise $2.25 billion of capital to shore up its finances.
Customers immediately tried to pull their money, including many of the venture-capital firms the bank had cultivated over decades. Peter Thiel's Founders Fund, Coatue Management, Union Square Ventures and Founder Collective all advised their startups to pull their cash from the bank, people familiar with the matter said.
The withdrawals initiated by depositors and investors amounted to $42 billion on Thursday alone...
You can bet your miserable low-life Trumpist & terrorist White Privilege dollars that you, not Peter Thiel, will be paying for this.
Why?
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