David Sacks

@DavidSacks ↗

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Last Checked April 3, 2023

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Tue Mar 14 21:18:31 +0000 2023

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David Sacks @DavidSacks

SVB doesn’t deserve a bailout and isn’t getting one. SVB’s stockholders, bond holders, and stock options are getting wiped out. The executives will spend years in litigation and may have stock sales clawed back. Anyone who thinks there’s a “moral hazard” isn’t paying attention. — PolitiTweet.org

Posted March 14, 2023

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David Sacks @DavidSacks

Back to SVB: its collapse was first and foremost a result of its own poor risk management and communications. It should have hedged its interest rate risk. And it should have raised the necessary capital months ago through an offering that didn’t spook the street. — PolitiTweet.org

Posted March 14, 2023

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David Sacks @DavidSacks

But it’s important to understand that SVB’s failure didn’t arise from risky startups doing risky startup things. It arose from SVB’s over-exposure to boring old mortgage bonds, which were considered safe at the time SVB bought them. — PolitiTweet.org

Posted March 14, 2023