Published by
AFP
AFP
New York (AFP) – Silicon Valley Bank’s stunning collapse has led to the freezing of tens of billions of dollars stored there by startups and their private equity backers, raising fears of a wider tech sector fallout. The company, whose website says it is “the financial partner of the innovation economy,” was taken over Friday by the US Federal Deposit Insurance Corporation (FDIC) to prevent further damage. “SVB knew the entrepreneurial community,” Joseph DeSimone, a professor at Stanford University and founder of several startups, told AFP. “They helped us recruit people, helped with securing …