Tuesday, April 16, 2024

The SVB Saga in Memes

“The most important collapse for the reason that monetary disaster” is not any laughing matter. Silicon Valley Financial institution was the financial institution of many founders and funds (30% in keeping with some estimates), together with our personal at Remagine Ventures. The decisive motion taken right this moment by the Division of Treasury, The Federal Reserve and the FDIC (the Federal Deposit Insurance coverage Company) to make depositors complete and get entry to their account steadiness on Monday morning, averted a a lot greater monetary disaster and knock on results. Within the UK, SVB UK was acquired by HSBC for a symbolic sum of £1, additionally guaranteeing depositors have entry to their accounts with no price to the taxpayer in each circumstances.

For sure, it was a really nerve-racking weekend. Even in our comparatively small portfolio at Remagine, we had firms unsure if they will make make payroll – as quantities are routinely deducted right this moment to pay workers on the fifteenth of the month. We had been ready to do what it takes to maintain them going. Massive because of everybody that labored tirelessly over the weekend to deliver this disaster to a swift decision within the UK and US. For the primary time in 72 hours the tech sector can breathe with a sigh of aid.

Whereas the scenario in nonetheless unfolding with extra regional banks within the US, we’re not absolutely out of the woods but. However for our personal psychological well being, listed here are just a few of the memes/tweets/humorous tales that seize this (hopefully) as soon as in a lifetime disaster.

Get the financial institution run t-shirt

Should you’ve ever ran the ‘Company Problem’ in New York you’re conversant in the annual jerseys. This can be a particular version for ‘Financial institution Run’

Thought 2020 was laborious? lifetime of a founder in 2023

4 Days earlier than it collapsed

How we bought right here

Credit score to the sensible Morning Brew crew

Now we will return to regular…

The calm after the storm

The Simpsons predicted Silicon Valley Financial institution’s collapse in 1994!

Unlucky coincidence?

Jason ALL CAPS Calacanis

For many who hearken to the wonderful ALL IN podcast…

VCs congratulating themselves

Completely different method of explaining the scenario

Now that we vented a bit, I’ll take the chance to thank everybody who helped deliver this to a fast and optimistic final result.

Eze is managing companion of Remagine Ventures, a seed fund investing in formidable founders on the intersection of tech, leisure, gaming and commerce with a highlight on Israel.

I am a former common companion at google ventures, head of Google for Entrepreneurs in Europe and founding head of Campus London, Google’s first bodily hub for startups.

I am additionally the founding father of Techbikers, a non-profit bringing collectively the startup ecosystem on biking challenges in help of Room to Learn. Since inception in 2012 we have constructed 11 faculties and 50 libraries within the creating world.

Eze Vidra
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