U.S._ Tech Execs Race to Save Startups from 'Extinction' After SVB Collapse

NEWSMAX

Tech Execs Race to Save Startups from 'Extinction' After SVB Collapse

Silicon Valley Bank headquarters and branch; Silicon Valley Bank, a subsidiary of SVB Financial Group, is a U.S.-based high-tech commercial bank (GDA via AP Images)

Sunday, 12 March 2023 06:36 AM EDT


Technology executives, prominent venture capitalists and founders including OpenAI CEO Sam Altman raced this weekend to keep alive companies caught up in the collapse of Silicon Valley Bank.

Friday's dramatic failure of the bank, which focuses on tech startups, was the biggest since the 2008 financial crisis. It roiled global markets, walloped banking stocks and left California tech entrepreneurs worrying about how to make payroll.

Aiming to avoid what Garry Tan, the CEO of startup accelerator Y Combinator, called a potential "extinction level event" in the tech sector, industry executives moved quickly to do what they could to save small businesses.

Altman, who runs one of Silicon Valley's hottest companies, bailed out some entrepreneurs from his own pocket, according to a Twitter message by his brother and one beneficiary who spoke with Reuters.

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READ MORE: https://www.newsmax.com/newsfront/svb-tech-failures/2023/03/12/id/1111944/

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