Comment by gustaf

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.