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SVB collapse: The 'trickle-down effect' hitting startup payrolls
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Silicon Valley Bank’s (SIVB) recent failure is being felt throughout startup culture. The bank had long been a key player in funding startups and its failure is now expected to have a major impact on the industry moving forward, according to Varun Badhwar, Endor Labs Co-Founder and CEO. Badhwar, a serial entrepreneur, found himself scrambling to recover funds from Silicon Valley Bank last Thursday when a slack message crossed about the company’s stock price. Ultimately, Badhwar successfully recovered some funds but told Yahoo Finance his team still hasn’t been able to access the company’s account with Silicon Valley Bank. The issues will reach beyond those that banked with SVB, Badhwar argues. Payrolls will be challenged at a variety of startups who also had exposure to companies that banked with SVB. Other regional banks in the area have also seen their stock prices under pressure off the news. First Republic Bank (FRC) closed Monday’s trading session down 61.83% while Zions Bancorporation National Association (ZION) and Western Alliance Bancorporation (WAL) both closed down more than 25%. Yahoo Finance's Seana Smith and Dave Briggs speak with about his experience as a Silicon Valley Bank customer. Key video moments 00:00:05 - Companies at risk 00:00:35 - Badhwar's experience with SVB
Don't Miss: Valley of Hype: The culture that built Elizabeth Holmes
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About Yahoo Finance:
At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.
Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more.
Connect with Yahoo Finance:
Silicon Valley Bank’s (SIVB) recent failure is being felt throughout startup culture. The bank had long been a key player in funding startups and its failure is now expected to have a major impact on the industry moving forward, according to Varun Badhwar, Endor Labs Co-Founder and CEO. Badhwar, a serial entrepreneur, found himself scrambling to recover funds from Silicon Valley Bank last Thursday when a slack message crossed about the company’s stock price. Ultimately, Badhwar successfully recovered some funds but told Yahoo Finance his team still hasn’t been able to access the company’s account with Silicon Valley Bank. The issues will reach beyond those that banked with SVB, Badhwar argues. Payrolls will be challenged at a variety of startups who also had exposure to companies that banked with SVB. Other regional banks in the area have also seen their stock prices under pressure off the news. First Republic Bank (FRC) closed Monday’s trading session down 61.83% while Zions Bancorporation National Association (ZION) and Western Alliance Bancorporation (WAL) both closed down more than 25%. Yahoo Finance's Seana Smith and Dave Briggs speak with about his experience as a Silicon Valley Bank customer. Key video moments 00:00:05 - Companies at risk 00:00:35 - Badhwar's experience with SVB
Don't Miss: Valley of Hype: The culture that built Elizabeth Holmes
WATCH HERE:
About Yahoo Finance:
At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.
Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more.
Connect with Yahoo Finance:
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