Silicon valley bank CEO, CFO, and CMO sold +$4.4mm in stock. Elon Musk ejected a post on Friday about freeing a Jan. 6 insurrectionist—and comparing the man’s punishment to an onstage attacker of Musk’s very good friend, comedian David Chappelle—before posting a meme that appeared to be about cryptocurrency and the collapse of Silicon Valley Bank. Look below to see the Tweet.
— Elon Musk (@elonmusk) March 11, 2023
Meanwhile, elected officials across the Bay Area were tweeting about the bank’s closure, attempting to allay concerns about loan defaults, lost startup capital, and an overall decline in the tech sector.
Rep. Ro Khanna, who served in the Obama administration’s Commerce Department and represents San Jose and parts of the East Bay, began the day by saying he was in contact with the White House and the US Treasury. He promised to do “whatever is legally permissible & appropriate to support the Bank.”
This morning I reached out to both the White House & the Treasury Department to discuss the situation with Silicon Valley Bank. I emphasized the importance of doing whatever is legally permissible & appropriate to support the Bank which is central to the startup & tech economy.
— Rep. Ro Khanna (@RepRoKhanna) March 10, 2023
The Bank Was Closed By The Morning
State Senator Scott Wiener, who represents San Francisco, chimed in with two tweets emphasizing the importance of containing the fallout from the largest bank failure since the global financial crisis. fifteen years ago
“The sudden collapse of Silicon Valley Bank is a crisis for the tech industry, as the leading financial institution for SV startups,” Wiener wrote. “It’s critical that government & tech/finance leaders work together to ensure this doesn’t spread & drag down the tech sector & our regional economy.”
The sudden collapse of Silicon Valley Bank is a crisis for the tech industry, as the leading finance institution for SV startups.
It’s critical that government & tech/finance leaders work together to ensure this doesn’t spread & drag down the tech sector & our regional economy.
— Senator Scott Wiener (@Scott_Wiener) March 10, 2023
The FDIC took control of approximately $175 billion in customer deposits, and a new entity, the Deposit Insurance National Bank of Santa Clara, will protect insured depositors.
Former House Speaker Nancy Pelosi and Senator Dianne Feinstein were silent on Twitter, but East Bay Congressman Eric Swalwell called attention to a recent stock sale by the bank’s top executives.
The former prosecutor demanded an investigation to ensure that the executives were not attempting to cash out before Friday’s meltdown.
This absolutely must be investigated. https://t.co/CRjgtmPtPp
— Rep. Eric Swalwell (@RepSwalwell) March 10, 2023
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