The latest on Silicon Valley Bank's stunning collapse

SPONSOR MESSAGE: Unique & Urban Venue for Weddings, Conferences and Meetings: Plan your event at Block 41 today!


The failure of Silicon Valley Bank continues to shake the tech world. Here’s the latest on what’s shaping up to be an extraordinarily high-stakes story for startups, investors, the tech industry, and potentially the broader economy.

  • More details are emerging about the factors that led to SVB’s failure. In an order Friday taking possession of the bank, California financial regulators said investors and depositors withdrew $42 billion in deposits on Thursday, leaving the bank with a negative cash balance of $958 million.

  • The key question now for many startup founders: how will they make payroll next week? The FDIC, which is overseeing the bank in receivership, says insured depositors will have full access to their deposits Monday. But the government only insures accounts up to $250,000 — and most of SVB’s deposits are above that limit.

  • GeekWire’s reporting suggests that the percentage of tech startups in the Seattle area that used Silicon Valley Bank was as much as 80% or more of the venture-backed companies in the region — significantly higher than the national average of 50%.

  • GeekWire co-founder John Cook, who has covered startups and venture capital since before the dot-com bust, calls this an “absolute meltdown,” the likes of which he hasn’t seen before. For more, listen to this special episode of the GeekWire Podcast.

  • With that as backdrop, many are pinning their hopes on another bank assuming Silicon Valley Bank’s assets and guaranteeing deposits. The government takeover and subsequent acquisition of Washington Mutual by JPMorgan Chase in 2008 could serve as a blueprint. Read more.

How is the SVB collapse impacting you? Email us at

Follow our special coverage of this developing story. 

Washington raised $300 million in its first auction of pollution permits in an effort to shrink the state's carbon footprint. 

  • The bidders were primarily fossil fuel refineries and utilities. The funds will go to projects supporting the transition to clean energy across the economy. Read more.

The controversy over tracking Elon Musk’s jet, the Southwest Airlines meltdown, the James Webb Telescope, and innovations in electric vertical takeoff and landing.

  • That’s the range of stories readers can expect from Hype Aviation, a news aggregation site for aviation, space, and defense news.

  • We talked with the team behind the site on a new episode of the GeekWire Podcast. Read more and listen here, or subscribe to GeekWire in Apple Podcasts, Google Podcasts, Spotify or wherever you listen.

There’s no dancing around the seriousness of the homelessness crisis in Seattle. But a group of notable personalities in the city, including Amazon Web Services CEO Adam Selipsky, will do their best to use dance to raise money to help combat the issue.

  • Selipsky is taking part in “Seattle Dances,” an annual event put on by Plymouth Housing, a nonprofit organization dedicated to providing permanent supportive housing for adults experiencing chronic homelessness in Washington state. Read more.
Thanks for reading, and have a great weekend. — GeekWire co-founder Todd Bishop,; GeekWire managing editor Taylor Soper,; and GeekWire reporter Lisa Stiffler,
Deloitte Technology Fast 500: Pacific Northwest CEOs share their journeys to join the nation’s fastest-growing tech companies

The Pacific Northwest’s presence on Deloitte’s ranking of the 500 fastest growing tech companies in the nation is expanding. 27 of our region’s startups made the list in 2022, with 3-year growth rates from 242% to 9,154%! See the list, and listen to a panel featuring 3 CEOs of local winners. Learn about their inspiring journeys plus hear advice for sustaining growth in a very challenging business environment.

Access the list and panel discussion here.

Copyright © 2023 GeekWire LLC, All rights reserved.
You are receiving this email because you opted to receive emails from GeekWire LLC.
Our mailing address is:
GeekWire LLC
123 NW 36th St, Suite 203
Seattle, WA 98107

Key phrases

Older messages

Regulators close Silicon Valley Bank in stunning downfall for financial mainstay of tech industry 

Friday, March 10, 2023

Moderna to open Seattle office | Suspect in alleged stabbing of Microsoft employee appears in court ADVERTISEMENT GeekWire SPONSOR MESSAGE: Unique & Urban Venue for Weddings, Conferences and

GeekWire Startups Weekly

Friday, March 10, 2023

News, analysis, insights from the Pacific NW startup ecosystem View this email in your browser Presented by Flying Fish Partners Security hardware giant Allegion backs Latchel, a platform to manage

The Ultimate Remote Beach Getaway + OFFER

Thursday, March 9, 2023

See what Spring is like at Seabrook when you go remote from the beach GeekWire is pleased to present this special message to our Pacific NW readers. The Ultimate Remote: See what Spring is like at

UW prevails in lawsuit filed by developer that lost bid to build new clean energy facility

Thursday, March 9, 2023

Tech Moves | Neoleukin stock soars after layoff news | Bing reaches 100M daily active users ADVERTISEMENT GeekWire SPONSOR MESSAGE: Unique & Urban Venue for Weddings, Conferences and Meetings: Plan

GeekWire Mid-Week Update

Wednesday, March 8, 2023

Read the top tech stories so far this week from GeekWire Top stories so far this week Filings: Microsoft job cuts in Seattle area reach 2184 people, as part of 10000 layoffs globally Microsoft gave

Nashville Shooting Fallout, Migrant Center Fire, and a Woolly Mammoth Meatball

Wednesday, March 29, 2023

Facts, without motives. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

☕ What really bugs us

Wednesday, March 29, 2023

Garçon, there's a fly in my fish soup! March 29, 2023 Emerging Tech Brew TOGETHER WITH Zendesk Welcome to Wednesday. May we suggest throwing some chill tunes up on your second screen and taking a

Republican Tells Lobbyists It’s “Hackish” To Blame Bank Failures On Deregulation

Wednesday, March 29, 2023

Patrick McHenry defends Trump's bank deregulation law days before leading an inquiry into the collapse of Signature Bank — his top donor. Republican Tells Lobbyists It's “Hackish” To Blame Bank

The dangers of Dollar General

Wednesday, March 29, 2023

Dollar General is one of the most successful retailers in the world. Last year, it recorded $37.8 billion in sales, up more than 10% over the prior year, and generated $3.3 billion in operating profit.

☕ Mammoth meatballs

Wednesday, March 29, 2023

Apple is getting into buy now, pay later... March 29, 2023 View Online | Sign Up | Shop 10% Off Morning Brew TOGETHER WITH Starbucks Good morning. According to the New York Times, there is apparently a

Numlock News: March 29, 2023 • Venus, Ridiculousness, One Hits

Wednesday, March 29, 2023

By Walt Hickey Venus Planetary scientists are furious at a NASA decision to yank funding away from a mission to Venus that had been slated for 2028 in order to redirect that money toward the Psyche

California gas price law - Pope Francis deepfake - Pentagon's abortion policy

Wednesday, March 29, 2023

Russian sports participation • Mexico migrant facility fire • Pentagon's abortion policy • California price gouging law • Pope Francis deepfake • 29 MAR 2023 View in browser The Factual Facts, not

The Government Is Making Telemedicine Hard And Inconvenient Again

Wednesday, March 29, 2023

... ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Nostalgic for VB? BASIC is anything but dead [Wed Mar 29 2023]

Wednesday, March 29, 2023

Hi The Register Subscriber | Log in The Register {* Daily Headlines *} 29 March 2023 Usborne intro to programming Nostalgic for VB? BASIC is anything but dead Microsoft's attention has moved on,

What A Day: Swinging for the Pences

Wednesday, March 29, 2023

The GOP is using the Nashville shooting as a tool of their war on trans Americans. Tuesday, March 28, 2023 BY JULIA CLAIRE & CROOKED MEDIA - Donald Trump, self-proclaimed foreign policy genius who