(Insider March 13th, 2023) – Billionaire tech CEO Thomas Siebel said venture capital investors should have prepared startups for the possibility of a collapse like SVB.
Tom Siebel, the billionaire CEO of C3.ai, offered a scathing post-mortem of the Silicon Valley Bank fallout.
- Top VCs like Peter Thiel and Marc Andreessen let startups entrust their finances to a “C minus bank,” he said.
- Federal regulators have said they would protect all customers with deposits at Silicon Valley Bank.
As post-mortems of Silicon Valley Bank’s collapse go, billionaire Tom Siebel has a blunt analysis: Top venture capitalists should have seen it coming and prepared their portfolio companies, he told Insider.
“These guys didn’t didn’t fulfill their fiduciary responsibility to anybody, they almost took the whole system down,” Siebel, CEO of software firm C3.ai, told Insider on Monday.
“The fact that Marc Andreessen, Peter Thiel, Douglas Leone, and every other name that you’ve heard about, is letting all of their companies put all of their money in one — I mean, best case — C-minus financial institution, how is that possible?” he said, referring to the VC elites.