Joe Biden bailed out all the depositors at Silicon Valley Bank when it went bust earlier this year. This was unprecedented. Now we know why.
When Silicon Valley Bank went bankrupt earlier this year, Biden decided to
Business Insider reported yesterday that Sequoia Capital had $1 billion of its assets in the bank:
Sequoia Capital, a tech firm that backs giants like Apple and Google, for instance, had $1 billion of its $85 billion in assets at SVB, according to Bloomberg. Altos Lab, Inc., a life sciences startup that’s received billions from funders like Jeff Bezos, also had $680.3 million in the failed bank.
Previously it was reported that Chinese startups were the entities that benefitted the most from the government’s bailout.