A financial free fall is happening right now in the Bay Area. One of the most trusted local banks is in trouble and now there’s growing concern that some companies are withdrawing their funds, which could spell doom.
Well, business has been slow, very few IPOs mean venture capital funding has slowed and deals have been scarce.
That scared investors and venture capitalists. They’re been debating whether to pull their money out of SVB or ride it out. "Once the panic starts, you as an individual firm or company aren't going to stop it,” he said.
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