Silicon Valley Bank (SVB), based in California, United States, went bankrupt. The well-known bank had announced that it would seek to increase capital to cover its difficulties, but instead of generating confidence, its clients opted to massively withdraw the funds until the US authorities closed it due to lack of liquidity.
In the middle of the fall Colombian Alexander Torrenegra, recognized for his companies and for being an investor in the television program Shark Tank Colombia – in which he supported dozens of ventures-, was severely affected.
As he explained to EL TIEMPO months ago, Torrenegra is the founder and promoter of several companies in the digital field, including BunnyStudio -the largest voice bank in the world- and the Torre platform to find remote jobs.
(In context: The most successful Colombian in Silicon Valley talks about entrepreneurship).
His ‘viacrucis’
It has been a week of extreme anxiety and uncertainty for me.
At Silicon Valley Bank, he had the income from his companies, his savings, and a mortgage. As soon as the effects of the bank became known, he saw how customer chats advised to withdraw the funds.
“I ask my wife, Tania, to transfer all our personal money to other banks. I call my teams. I ask them to do the same. One, he is at the dentist, he has to interrupt the procedure and run home,” he recounted in their social networks about the critical day last Thursday, March 9.
However, he was not immediately able to withdraw the money from either account because of the sums or because he did not have the necessary permits. So he decided to make a couple of transfers, while his wife completed the process to open the personal savings account.
(Furthermore: Silicon Valley Bank Crisis: Biden Says Those Responsible Must ‘Be Accountable.’)
“All my chats with US tech founders are fired up by what’s going on. Obviously we have a bank run. It’s surreal,” he described.
The money from one of their companies managed to save them on the afternoon of that Thursday. Meanwhile, he finished transferring the amounts from his second company and finished the process of the personal account in another entity.
“SVB is a solid bank. I know its CEO, Greg Becker. I think it is a temporary problem caused mainly by people’s panic. They will recover. I buy SVB shares at prices that I consider significantly low,” he thought. that moment without knowing that hours later the shares purchased would be a mistake.
Waking up on Friday, March 10, SVB shares were down 60 percent.: “I find out that the bank is now in the hands of the Government. The shares I bought the day before are probably worth nothing anymore. I made a mistake.”
(We recommend: The crisis that triggered the collapse of the Silicon Valley Bank in the United States).
What happened to your personal savings?
Although he managed to get the money from his companies to other banks, his personal savings did not have the same luck.; he could only save a part. With the decisions of the US government to intervene in the financial institution, he does not know how much and when he will be able to recover them.
What have I done wrong? Am I good enough to do what I do? he wondered. However, as the hours passed, he understood that he would not do anything if he only thought about it.
Right now, he said, his thoughts are with the thousands of bank employees who have lost their jobs.
“It has been a week of extreme anxiety and uncertainty for me and many others. If you have also been affected, stay strong, persist and hug your loved ones. You will recover,” he concluded in his networks.
Silicon Valley Bank was the primary bank for two of our companies, my personal savings and my mortgage. This is how things developed:
— Alexander Torrenegra (in Spanish) (@torrenegraes) March 11, 2023
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