A CEO for one startup was in Mexico on a vacation when she got the first notes Thursday morning suggesting she might want to move some of her funds out of Silicon Valley Bank.
Startup CEO Eliza Arnold was in Mexico on a previously planned vacation when she got the first notes Thursday morning suggesting she might want to move some of her funds out ofQuickly, the cautious advice turned to urgent conversations that dominated her text messages, a number of WhatsApp threads, as well as several founder Slack groups she's in.
Some investors were urging startups to plan for surviving several weeks on just the insured $250,000, while others stepped in with offers to help meet payroll. Sunday was a waiting game, with expectations something would happen before the Asian markets opened on Monday. Arnold first got word that depositors
Arnold says she initially used another bank, but would-be investors kept questioning why she wasn't at SVB, and she eventually felt like banking there was a box that a startup needed to check in order to be successful.
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