salesboi22 profile picture
salesboi22 profile picture

salesboi22

Head of Growth

Politicker
Opinionated
Fire Starter
+2

Silicon Valley Bank, wtf

Sahil's post today on LI was fire. But wtf everyone going crazy pulling money like crazy. Our VC's are telling us to get our money out of SVB ASAP. All our team is focused on today is how to not potentially lose all of our money.


For context we're an 8 person startup and I'm the revenue team.


Anyone else experiencing craziness from SVB's shit today?

Hearing about your company pulling money from SVB?

Attached poll
*Voting in this poll no longer yields commission.
💵 Finance
15

29 comments

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poweredbycaffeine
WR Lieutenant
8
☕️
This is one of the most wild 48 hour runs on a financial institution that represents the health of tech.
CuriousFox
WR Officer
3
🦊
It's almost too much for my life alert brain to handle 🚨
punishedlad
Tycoon
7
Business Development Team Lead
Imagine living/working in Silicon Valley.

Couldn't be me.
salesboi22
Politicker
1
Head of Growth
Yeah man, I bet. So it's a lot for you today?
DalJigsaw
Contributor
1
Business Development and Account Manager
Yeah, I’m in the bay and so far it hasn’t been fun. Will see what this week brings us.
CadenceCombat
Tycoon
4
Account Executive
I have a friend who works for a company that is 100% absolutely fucked as a result of this.
HVACexpert
Politicker
3
sales engineer
FDIC took over:

Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis (cnbc.com)
HVACexpert
Politicker
2
sales engineer
I just read his post, that is absolutely wild that it spun out of control like that so quickly.
salesboi22
Politicker
2
Head of Growth
SVB has gone under
RandyLahey
Politicker
2
Account Manager
Bank runs are a fascinating human psychology event. Hope everyone affected is okay…
jefe
Arsonist
2
🍁
Crazy shit, but I must say some of his posts seemed to be a little too alarmist
salesboi22
Politicker
1
Head of Growth
yeah, definitely all gas no brakes. We got the money and are good to go, but I think alarms had to be sounded for that to happen. Did Sahil play into that specifically, who knows. But it was one of the more stressful weekends I've had and appreciate the noise around it.
Space_Ghost20
Valued Contributor
1
Account Executive
I found an article from 2019 that listed my company as one of SVB's clients. I don't know to what extent or if that relationship still exists, but no one seems to have said anything about it. When I asked my manager, he didn't even have an idea of what I was even talking about.
salesboi22
Politicker
0
Head of Growth
I'm sure they wouldn't be eager to spread that info through the company. If y'all do use them they've probably been scrambling at the exec level all day
FinanceEngineer
Politicker
1
Sr Director, sales and partnerships
Well, if you didn’t get your money out yesterday, it is stuck until Monday. Then you get your first $250k. Could take a week+ to get more out
Jeffreed
Politicker
1
Account exec
My company uses SVB. They just put out a company wide email that we shouldn’t have to worry about paychecks being impacted, may have some issues getting and receiving checks, etc.
salesjoe
Opinionated
3
AE
I call such BS on this. It's way to soon for them to be sure, especially if they had more than $250K. Plan for the worst and enjoy the best!
Jeffreed
Politicker
0
Account exec
Agreed. I’m skeptical to say the least.
DalJigsaw
Contributor
1
Business Development and Account Manager
Dislike the last question in the poll. Salespeople are some of the smartest people in the room. Give us more power instead of less. My opinion of course. :)
salesboi22
Politicker
1
Head of Growth
sure, I don't disagree, 47% of people have chosen that answer though.... so maybe 53% of us are the smartest people in the room? lol
DalJigsaw
Contributor
0
Business Development and Account Manager
Haha! Perhaps. Good point.
Maximas
Tycoon
0
Senior Sales Executive
Is SVB getting bankrupt?

Appreciate if you could share the link of his post to have a better understanding!
salesboi22
Politicker
0
Head of Growth
https://www.linkedin.com/posts/sahilmansuri_the-2-scariest-words-in-the-english-language-activity-7039951142138650624-taha?utm_source=share&utm_medium=member_desktop
Maximas
Tycoon
0
Senior Sales Executive
Thanks.
salesboi22
Politicker
0
Head of Growth
Yeah very likely will get acquired today. All bank stocks are done, it's a wild day.
salesboi22
Politicker
0
Head of Growth
Yeah, crazy day. fuck
HappyGilmore
Politicker
0
Account Executive
Shits wild of what's going on with SVB
poweredbycaffeine
WR Lieutenant
4
☕️
VCs tightened cash flow into the market, and SVB can't cover cash flow out of their bank...so they announced a bunch of corrective measures to cover their odds. HOWEVER...the market, being as unforgiving as it is, said "oh helllllll fucking no you aren't" and took a run.
Thesamiam13x
Celebrated Contributor
0
Sales
Good thing i didnt have over $250k in there.....

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