Sounds like 25% of that was one startup
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Again, they're not all gone. There's a big difference between "we can't pay our creditors" and "we literally have no money."
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Only 2.7% of Silicon Valley Bank deposits are less than $250,000.

Meaning, 97.3% aren't FDIC insured.

Ouch. pic.twitter.com/ZCmtOkZr2d

— Genevieve Roch-Decter, CFA (@GRDecter) March 10, 2023

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Something along those lines. Smaller Aerospace company based out of Colorado.
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So 250K if the deposits would be covered. So the 97.3% is the percentage of deposits not fully insured, not 97.3% of total deposited funds are not insured.

I think.

Still fucking bad.

Jesus. I’m getting the shakes just thinking about losing the miniscual amount I have uncovered.
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I suspect you're hearing some hyperbolic numbers here. Lockheed Martin only has ~$50B in assets, and they're not exactly a "small startup."
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Christ, I've been saying Billion, it's million not billion. Sorry for the accidental hyperbole.
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Ha! OK. That makes far more sense. :-)
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Yeah and that's honestly way worse. That means way more companies are going to get fucked.
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That makes a little more sense. Not sure it changes the level of horrible.
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That is some really interesting data on that chart. I wish I could find that somewhere where I can see it.
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Apparently my work banks with them as well. That's...less than ideal.

Not sure the extent to which we have funds there, but they're at least in the portfolio.
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Actually, as I dig around a bit, I think they're mostly an investor rather than our "bank." So we're in the assets column rather than the deposits column. Still, could get interesting to see how that plays out.
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How many other banks are in the same death spiral? SVB weren't the only ones parking their assets in long term bonds.
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Why don’t you open a cash management account with Fidelity? They layer your deposits across multiple institutions and its FDIC insured up to $3mm. And the rate (4.22%) is probably higher than your banks.
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