rat king 🐀

@MikeIsaac ↗

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Last Checked March 17, 2023

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Sat Mar 11 01:10:14 +0000 2023

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rat king 🐀 @MikeIsaac

@jduffyrice then they all did that at once which caused a "bank run" and basically overnight the bank went under now we see if they get sold to another bigger bank or if govt steps in to bail out — PolitiTweet.org

Posted March 11, 2023

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rat king 🐀 @MikeIsaac

@jduffyrice in short, the premier startup bank of silicon valley made very bad bets on certain bonds while the fed raised interest rates, compounding those losses — when everyone sorta woke up to that, all the VCs freaked out and told their portfolio companies to withdraw all their $ — PolitiTweet.org

Posted March 11, 2023

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rat king 🐀 @MikeIsaac

@jduffyrice to give a sense of scale, it's estimated that half of all venture backed startups out here banked with SVB and more than 95 percent of their deposits were UNINSURED (which means all of their cash is vaporized if SVB isnt bailed out) — PolitiTweet.org

Posted March 11, 2023