Silicon Valley Bank's collapse sent this tech founder into a 3-day panic, leadin...
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Silicon Valley Bank's collapse sent this tech founder into a 3-day panic, leading him to question: 'Am I good enough to do what I do?'
Tech CEO Alexander Torrenegra detailed his experience as he watched Silicon Valley Bank collapse.
He described frantically trying to take funds — both personal and corporate —out of the bank.
He said on Twitter that it led him to question himself: "Am I good enough to do what I do?"
As Silicon Valley Bank imploded over the course of just a few days, Alexander Torrenegra, a startup founder who said he'd put much of his money into the bank, took to Twitter, detailing the chaos that ensued as the revered institution collapsed.
Between Thursday morning and Saturday, his emotions ranged from panic and "anxiety" over the fate of his company's funds and personal savings to resignation as he realized the situation was out of his control.
"What did I do wrong?" Torrenegra said, reflecting on the issue on Friday night after the bank had been closed down by regulators that afternoon. "Am I good enough to do what I do?"
—Alexander Torrenegra (@torrenegra) March 11, 2023
Things started to turn upside down on Thursday morning, Torrenegra said, adding that he used SVB as the main bank for two of his companies, as well as the bank for his personal savings and mortgage, since 2013.
That morning, he said that questions about the viability of SVB began to pop up in a group chat he's in with over 200 other tech founders. At the time, internet chatter had begun around the bank's sale of its bond portfolio and proposed equity raise, and Peter Thiel's Founder's Fund had already withdrawn its funds.
"I read the messages in a bathroom break," Torrenegra said on Twitter. "Immediately cancel the meeting I had. Ask my wife, Tania, to wire all of our personal money out to other banks. Call my teams. Ask them to do the same. One of them, at the dentist, has to stop the procedure and run home."
By late morning, he was unable to get any of his personal savings out, as he and his wife didn't have "other bank accounts readily available." He was able to wire out a portion of one of his company's funds to Ameritrade, but wasn't even able to access his other company's account, as the login had been changed. According to Pitchbook, Torrenegra's primary company, Torre, has raised $9.5 million.
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