How Silicon Valley Turned on Silicon Valley Bank
Posted on AllSides March 16th, 2023
From The Center
ILLUSTRATION BY ALEXANDRA CITRIN-SAFADI/THE WALL STREET JOURNAL
ANALYSIS
Max Cho found himself in the middle of a bank run while sitting on a shuttle bus in Montana.
The co-founder of insurance startup Coverage Cat, Mr. Cho had landed at the Bozeman airport Thursday and boarded the bus for the hourlong drive to a startup founders’ retreat in Big Sky.
Mr. Cho took his seat and scanned the group. Fellow passengers were frantically tapping on their phones, rushing to move their money. “The bank run,” he realized, “was actually happening.”
Silicon Valley had turned on Silicon Valley Bank.
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