Despite SXSW's sunny, hot opening weekend, a Silicon Valley Bank-sized shadow hung over over the conference's tech and venture capital sessions.
— where many SXSW attendees park their cash — temporarily shutting all branches and freezing withdrawals.SXSW hasn't been a dour affair. Pre-planned parties and schmoozing among marketing and sales leaders carried on.revealing nearly $500 million of its $1.9 billion in cash was tied up with SVB, the vibe still felt celebratory — purple glitter drinks, purple snacks, lots of hugs and smiles, per Axios Pro's Kerry Flynn.
. "We will do the same as it’s the right thing and good for the broader eco system. If tech lost the banking solutions of SVB it would be a big detriment to all involved.
Johansson had banked with SVB for 15 years but was able to get his money out on Thursday after an urgent message from an investor.
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