I definately have never donated to Donald Trump and would never. It would have been easy to google tech for campaigns https://www.techforcampaigns.org/.
I work as a group partner at Y Combinator. Over the last 48 hours I've talked to numerous founders of YC companies who told me they can't make payroll to their employees next week. In many cases they had raised millions of dollars which is currently locked into their SvB accounts. Even if they get access to the insured $250k on Monday that won't last long and in many cases not even cover the payroll they are planning to run. YC wrote this petition with these founders in mind who in good faith trusted that their money would be safe in Silicon Valley Bank.
The 250k isn't enough to hold them over for a week until the uninsured partial dividends get paid out?
I don't get how any of these companies are at risk of immediate failure. What I do see happening is these startups may lose some smallish percent of their account balance. These startups banked at a bank that actively lobbied for less regulation of risk and had over the FDIC insurance limit in their account so that seems entirely fair and reasonable.
To make matters worse, this petition is being put forward by a VC company that actively helped cause the crisis by encouraging a bank run.
However, instead of taking any of that responsibility, I see more fearmongering to get people on-board with socializing the losses.
Question from a foreigner: if this bank is so important for your ecosystem, why don’t y’all interested parties chip into some fund or something and buy it out yourself?
How much liquid cash does YC have? - to float to these founders until they know the extent of losses they will have to incur as part of the FDIC process?
I'd rather not give a thorough list, for obvious reasons. I will note one example, they note "Long-haul aviation does not currently have a generally accepted path to electrification", but include it on the list anyway.
(c) Dissolution Event. If there is a Dissolution Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.
If you wind the company down, you would/should try to make your investors 'as whole as possible'.
Debt implies that at some later date YC could come asking for their $375k back. A SAFE is not debt.
If your company is running and does not end up raising more money that SAFE should just sit there waiting for the day that you do (which may never come).
There's no maturation date on a SAFE. This is all in the "User Guide" YC publishes for these instruments. The text of the SAFE refers to it as a "converting security". I'm sure there's an important distinction to be made here, but for the purposes of this discussion: if you never raise a round, the issuer just gets their money back (if money is to be had after senior claims).
I have both a Facebook portal and a Sidekick (I work at YC) and I find there to be a huge difference between the UI of the Portal and how I use my Sidekick.
Before YC I worked at Airbnb and before that I worked at Voxer which was a pioneering company in asynchronous voice. A phone call is either on or off. Asynchronous is different and the other side and choose to participate or not. Facebook portal is to video what a phone call is to voice. Sidekick is much more what like Voxer is to voice.
Yeah, this is totally a "charge more" kinda scenario. A/B testing is, like, THE first thing you do once your ecommerce business gets a little established, right?
