This part is important b/c the situation at #SVB isn't as dire as VCs made it seem when they blasted emails to their portfolio companies to get the bank-run going: ”[24 hours ago] SVB had a negative cash balance of $958 million, according to the filing” -- that's after $42 billion in withdrawals. But the damage is done, and the dominoes have begun to fall. And this is where things get *really* interesting for many VCs because many of them just screwed themselves…
https://www.cnbc.com/2023/03/10/silicon-valley-bank-collapse-how-it-happened.html
The angle that the media isn't covering (yet) is: many VCs took out personal loans from SVB to cover their contribution to the funds that they manage. Many of them used their homes as collateral to secure those loans, or had mortgages directly with #SVB. Depending on the way things shake out, and what role individual VCs played in the bank-run, this may end up coming back to bite them in the ass when LPs (investors in the funds) ask about their money.