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The Anxious Achiever

“I Had All My Money with SVB”: An Entrepreneur on Bank Failure and the Anxious Echo Chamber of Social Media

The Anxious Achiever

Morra Aarons-Mele

Mental Health, Management, Careers, Health & Fitness, Business

4.7600 Ratings

🗓️ 22 March 2023

⏱️ 30 minutes

🧾️ Download transcript

Summary

On March 10th, the FDIC announced the closure of Silicon Valley Bank, marking the second largest bank failure in U.S. history. If you were watching the minute to minute news on social, this development might have felt even bigger - and anxiety inducing.  We live in a time when social media is able to amplify stories and speed up the spread, and it can have a big impact on our mental health. In this episode, Morra speaks with Isa Watson. She’s CEO and Founder of Squad, and one of the entrepreneurs affected by the failure of the place she did all of her business banking. She also wrote the book Life Beyond Likes: Logging Off Your Screen and Into Your Life.

Transcript

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0:00.0

LinkedIn Presents.

0:10.9

I'm Maura Aaron's Mealy, and this is The Anxious Achiever, the show that looks at the intersection of mental health and work and how we can all do both better.

0:33.2

Silicon Valley Bank might not have been a household name until a few weeks ago,

0:38.2

but it quickly became one after its stability unraveled in early March.

0:44.5

On March 8th, Silicon Valley Bank announced that it quickly needed to raise $2.2 billion.

0:53.0

And by March 10th, the FDIC announced the bank's closure, marking the second largest U.S. bank failure in history.

0:59.8

And if the speed with which the failure happened gave you whiplash, you're not the only one.

1:03.9

It's a testament to the fast-paced digital age we live in.

1:10.5

And if you're like me, it was also a cause for great anxiety, even though I have no connection to Silicon Valley Bank. We had fears that the

1:12.6

economy as a whole was on a precipice. My guest today experienced the bank failure, both as an

1:18.5

entrepreneur who did her banking there, and as someone with a keen awareness of what social media

1:24.0

can do to all of us and the ways it can increase stress and loneliness.

1:29.6

Issa Watson is CEO and founder of Squad, an audio social app, and she wrote the book,

1:35.7

Life Beyond Likes, logging off your screen and into your life.

1:41.6

You tweeted, Washington Mutual failed with $17 billion of withdrawals over 10 days.

1:51.5

SVB with $42 billion over two days, mind-blowing impact of living in the social media and digital age.

2:00.0

What is the impact do you mean there? Yeah, you know, one of the things the social media and digital age. What is the impact you mean there?

2:02.8

Yeah, you know, one of the things about social media outside of it being a place where people are,

2:08.6

you know, always putting their perfective highlight rails. It is an echo chamber that is

2:14.3

easily amplified. And this has happened, not this specifically more, right? But like,

2:21.6

you know, things have blown up and gone viral in social media. This one just happened to

2:25.6

result in, you know, $40 billion, you know, being withdrawn. And so I think that there's an

...

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