O'Leary gives insight into the decisions that were made leading up to Slicon Valley Bank's meltdown.
Kevin O'Leary called the collapse an 'absolute mess' and warned that this is an important lesson for every company, not just start-ups and the venture community on 'Your World.'reacted to the fallout of Silicon Valley Bank's collapse after it was shut down by regulators on Friday.
The sudden collapse of Silicon Valley Bank , sent shock waves through the tech industry and stock market Friday, sending tech investors into a frenzy. "The first thing we did in our portfolio, yesterday was to go to all our CEOs and say, what's our exposure to Silicon Valley Bank right now? How much have you gotten out? How much are you leaving in, if any?" he said.The"Shark Tank" star explained that SVB has long, deep relationships in the venture community."We're fortunate we were able to get out all of it except $10.1 million," he said.
"People felt that way about Bear Stearns," he added."They felt that way about Lehman Brothers. Banks blow themselves up all the time because of weak management or management mistakes. This happens. So you need diversification, not just of your holdings in terms of portfolio assets. You need institutional diversification."
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