Last weekend, Silicon Valley Bank, the most popular bank in the tech industry, collapsed overnight. Following a sudden stock price stumble, thousands of depositors lost faith in SVB’s liquidity and attempted to withdraw more than $40 billion in the space of a few hours. I was one of them, as were many of my fund’s portfolio CEOs.
The 48 hours that followed were frantic. Everyone’s bank accounts were frozen. The possible downstream consequences were nothing short of existential for individuals, companies, funds, and the entire industry.
