A wave of relief swept over Silicon Valley Sunday following a tense weekend of board meetings, emergency funding plans and pleas for help after regulators stepped in to backstop the region’s embattled namesake bank. | Reuters
amid an otherwise gloomy period marked by tech layoffs and a pullback in spending as consumers tightened their wallets. Company executives, many of whom stashed all of their funds inSam Altman, who heads OpenAI, known for its ChatGPT artificial intelligence software, was among those who answered the call, offering emergency funding to startups to help weather the uncertainty and pay their employees, Reuters reported Sunday.
Tech investor Asheesh Birla had spent the last three days working nonstop, between advising companies about how to make payroll, or urging people to call their local politician. He is very happy with the federal government’s decision to backstop deposits but not make the“Companies should never have to worry about whether or not their deposits are safe,” he said.
A joint statement Sunday by U.S. government bodies including the Treasury Department and Federal Reserve indicated taxpayers would not bear any cost associated with the new plans around. However, shareholders and some unsecured creditors won’t receive the same protections.bank s. And for companies that hold considerable cash positions, he thinks that there will be a surge of interest in hiring treasurers who will work to minimize the amount of cash companies are holding at any moment.
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