Space startups get their SVB assets back when Feds move in
Because of the decision of the federal government to guarantee all deposits at the failed Silcon Valley Bank (SVB), even those above the $250K limit set by the FDIC law, several space rocket startups are no longer threatened with failure, for now.
Astra for example is now seeking to move as quickly as it can its assets, equaling about 15% of the company, to other financial institutions.
I would expect this incident will cause every company to make sure their assets are distributed more widely, as a hedge against the failure of one bank.
Because of the decision of the federal government to guarantee all deposits at the failed Silcon Valley Bank (SVB), even those above the $250K limit set by the FDIC law, several space rocket startups are no longer threatened with failure, for now.
Astra for example is now seeking to move as quickly as it can its assets, equaling about 15% of the company, to other financial institutions.
I would expect this incident will cause every company to make sure their assets are distributed more widely, as a hedge against the failure of one bank.