Some of the tweets of founders affected by this are horrifying.
https://twitter.com/lcmichaelides/status/1634654751479541760
https://twitter.com/lcmichaelides/status/1634654751479541760
First person is trying to contrast herself with the "1%" but if you read what her startup does it's literally a concept that caters almost exclusively to people with large disposable incomes. (A service for busy people to give them personal assistant style reminders about things they might forget to do such as buy backpacks and lunchboxes for your children from the pottery barn)
Second person literally joined in the bank run, had all of his money wired out of SVB and then, immediately after doing that, buys shares in SVB because he "knows the CEO" and feels it's a good bank.
Honestly we did this to ourselves folks. Idiocy on full display. People are laughing at us and we probably deserve it.
> 1:30 PM: SVB is a solid bank. I know their CEO, Greg Becker. Great guy. I figure this is a temporary issue caused mainly by people panicking. They'll recover.
Isn't that like saying waiters working at 5 stars restaurants frequented by 1% are themselves 1% ? Or the guy setting up the wifi and internet for the restaurant is also a 1% ?
Is that a serious, genuine question or are you just trying to deflect criticism with a bad-faith take? I literally cannot tell anymore because this is the same lack of self-awareness present in her tweet. It's part of why people have come to hate our community and it's culture.
All I am saying is that person is not a 1% and not even close. She has every rights to contrast herself from them.
> Is that a serious, genuine question or are you just trying to deflect criticism with a bad-faith take?
I worded it as a question to soften it and leave the door opened to criticism. But if your stance is that those people are entitled or fake poor or hypocrites and deserved to be laughed at, frankly.. oh well, whatever.
99%er Americans do not even get the chance to visit a doctor even when they have the time, even if they have a paying (low-income) job. Not to mention, she has a Fuqua MBA and worked at McKinsey at an EM level. She'll be fine.
Second guy is an "investor", one of the sharks in Shark Tank Colombia. Even has a Wikipedia article on him. He'll also be fine.
Let SVB fail, hedge funds will probably buy startup deposits on 50-80 cents to the dollar. Startups will also be fine, just a small valuation drop :)
> the worst case scenario for rich people is that they will have to work like middle class people
The people in the two examples you just used will be, at worst, fine.
Isn't this one of those opportunities for people with true hustle and the right grindset to thrive?