All respect to Gary, I feel like "extinction level event" is quite hyperbolic. Obviously he cares about seeing YC companies survive but this is not going to wipe out the US startup scene.
Tan makes it sound like it will favor the balance of power to big tech. I think big tech is irrelevant here, and it may actually shift the balance of power away from SV stereotype startups and give some oxygen to other businesses.
* honestly I think most solvent startups will find workarounds, it's more going to be a big stress than actual destruction
> 30% of YC companies exposed through SVB can’t make payroll in the next 30 days.
https://twitter.com/garrytan/status/1634286688922132481?s=20