Silicon Valley Bank was shut down by federal regulators Friday.
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Silicon Valley Bank’s implosion has left many reeling, but internet memes are thriving.
It was shut down Friday by federal regulators and is now being mercilessly mocked by some.
“Aaaaand its gone”: the quickfire collapse of SVB was captured on social media.
The implosion of Silicon Valley Bank may be frightening for tech investors, but it’s been a field day for internet memes.
On Friday, Silicon Valley Bank was shut down and taken under the control of the Federal Deposit Insurance Corporation, or FDIC.
It’s the second-largest bank collapse in US history and the largest since the 2008 financial crisis.
Regulations have changed significantly since the Great Depression to offer greater protection to consumers. Even during a recession, you can keep up to $250,000 in an individual bank account and it’ll be protected by FDIC insurance.
This generally prevents bank runs, where people get worried about their money and try to withdraw all their cash simultaneously. But Silicon Valley Bank’s situation was quite different.
Many of its customers were startups, venture capital firms and tech founders, who likely held more than $250,000 in their accounts, so FDIC insurance wasn’t enough to calm a panic. SVB’s implosion has sent shockwaves through the tech industry and left startup founders scrambling to find emergency loans.
Some people – perhaps those not affected by the situation – are seeing the funny side. Take a look at some of the memes produced at Silicon Valley Bank’s expense.