President Joe Biden is striving to reassure Silicon Valley companies that their money is secured after the Silicon Valley Bank (SVB) crashed last week. The president said at a White House press conference those with money at SVB would have access to it on Monday and would be paid back in full.
The bank, used by many tech startups and venture capitalists closed on Friday when the stock price dropped by a whopping 60% on Thursday, prompting some startup founders to pull their money from the bank.
Biden announced the bank is being taken over by the Federal Deposit Insurance Corporation (FDIC) and said, “Small businesses across the country that had deposit accounts at these banks can breathe easier knowing they’ll be able to pay their workers and pay their bills,” Biden said at the conference, adding, “And their hardworking employees can breathe easier as well.”
In the wake of SVB’s crash, some people are hoping to cash in on the news by selling old merchandise on eBay.