According to Reuters, tech company CEOs, venture capitalists and tech startup founders are joining the rescue to help other companies survive the fall of SVB.
Reuters said it was the biggest crash since the 2008 financial crisis. SVB’s failure sent global markets reeling, and Silicon Valley tech executives worried about how to turn around. money to pay employees.
Among the characters who rescue companies is the “father” of ChatGPT Sam Altman. The OpenAI CEO has used his own money to support a number of business executives.
Doktor Gurson, CEO of Rad AI, one of Sam’s recipients, told Reuters:I had no other choice so I emailed him. Within an hour or two, Sam replied back“.
According to the source, Sam has withdrawn enough money for the CEO of Rad AI to pay employees without any binding conditions. Sam only asked for the money back after everything was settled.
Although Sam Altman did not confirm the amount awarded to Rad AI or any other startups, Gurson guessed the CEO gave at least $1 million to the startup and others.
The “father” of ChatGPT said he does not consider his expenses as a risk. “In the near term, everyone is facing a real liquidity crisis through no fault of their own. And employees need to be paid,” said Sam.
Speaking to Reuters, Sam Altman said: “I remember the investors who helped me when I was running a startup and I really needed it, and I always try to give back.”
Business Insider reported that Sam Altman’s brother Jack Altman shared on Twitter on March 11 about Sam’s actions.
The Twitter content is as follows: “Sam sends money to financially stuck startups with no paperwork required, just saying ‘send me whatever you can, whenever you have it. body’. That’s something to appreciate“.
Besides Sam, there are also many other people who are helping to rescue tech companies.
Henrique Dubugras, CO-CEO of Fintech startup Brex, also spent the weekend working by phone after his company announced an emergency line of credit on June 10 to help investors. startups pass their next pay period.
As of the evening of March 11, he said Brex had received $1.5 billion in deposits from nearly 1,000 companies. Even small startups are taking action to help others.
By the end of March 11, more than 3,500 CEOs and founders representing approximately 220,000 employees had signed a petition initiated by Y Combinator calling on the U.S. Treasury Secretary and others to support people directly. send money.
Venture capitalists have advised startups to keep looking for alternatives to achieve short-term liquidity.
Source: Reuters, Business Insider
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