SVB Silicon Valley Bank, the 16th-largest bank in the United States, collapsed in less than 48 hours over the weekend, setting off a chain reaction that could lead to a financial crisis, but a bunch of Silicon Valley tech companies did get screwed because many start-ups depend on it.
Because of its friendliness to start-ups, SVB Silicon Valley Bank has been the first choice for tech startups for more than 40 years. Not only the money raised is kept here, but also the daily operation and staff salaries depend on this bank. Now it is difficult to withdraw money after bankruptcy, and some companies even cannot pay salaries.
At this juncture, a number of tech executives volunteered to help, including Sam Altman, CEO of OenAPI, the company behind ChatGPT, on friendly terms.
According to one of the companies he helped, Mr Altman gave more than $1m to families without requiring them to sign any legal documents or pay them back later.
Sam Altman not only followed suit, but also issued a plea for other tech investors to help their own companies through this time, with no strings attached.