Welcome to the Tech Name Ride Home for Friday, March 10th, 2023 I'm Brian McCullough

today. There's really only one story right now in tech, the troubles at Silicon Valley Bank, and how it is literally

everybody in the startup ecosystem worried right now. It's a classic bank run

people. Plus Meta is developing a Twitter clone and of course the weekend long read suggestions.

Here's what you miss today in the world of tech.

For months crypto has been doing bank runs like they've been going out of style.

And I guess Silicon Valley just got a little jealous.

Silicon Valley Bank is a bank that a lot of startups do business with because a lot of

VCs have done business with them for decades. And when your VC says, hey, open your bank account here, you tend to do it, the better for your

V.C. to, you know, wire you your money.

In theory, this has always been the way of things in Silicon Valley because traditional banks traditionally shy away from doing business with risky startups,

but Silicon Valley Bank is literally the regional bank of Silicon Valley, so you know, they've done the banking that the major industry in their region

has required.

More on that in a second.

So, funny thing, I had been hearing whispers about Silicon Valley Bank being maybe not so

sound for a couple months now, but it was nothing solid,

just a few sort of not prominent accounts wondering about how they were doing business.

I know it's easy to say that in retrospect, but it is true true maybe I should get more in the habit of talking about rumors but again I'm not a journalist I'm just an analyst really I don't break news but apparently

I wasn't alone in hearing these rumors. Apparently VC firm Green Oaks, among others, has been

warning their founders of potential problems at S. V.B. since November. Apparently about

a dozen of their portfolio companies withdrew around a billion dollars in recent months.

And then earlier this week, Silicon Valley Bank announced it was basically dumping a huge portfolio of its assets all at once,

...