Late last Saturday night, Jason Calacanis, a prominent internet entrepreneur and investor, hit the caps button on his keyboard and tweeted out a warning about the collapse of Silicon Valley Bank.
“YOU SHOULD BE ABSOLUTELY TERRIFIED RIGHT NOW — THAT IS THE PROPER REACTION TO A BANK RUN AND CONTAGION,” he wrote. “THIS WILL SPIRAL INTO CHAOS”.
The rapid fall of the tech sector’s regional bank has upended social mores in the Valley. Investors like Calacanis who typically upbraid regulators for stifling innovation turned to Washington in their hour of need.
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