"On Saturday, Home Depot co-founder Bernie Marcus insinuated that “woke” policies like the ones launched by Ersapah could have led to the SVB’s dramatic failure."
While I often find the performative aspects of woke culture teeth-grating, I think the decline of SVB had more to do with relatively large commercial to retail deposits, and an investment policy not prepared for rising interest rates, than with their policies on LGBTQ+ or any other social issue.
This should now bring an end to the delusion of the 'We're a family', 'Stronger together', 'We've graduated!' and 'our incredible journey' nonsense that all these unprofitable startups has pushed with useless 'DEI programmes' which all have been a product of QE and low interest rate mania.
The 'Go woke, Go broke' crowd are now laughing at this executive with the whole bank and the VCs running it into the ground and all the founders left holding a giant loss, which will finally force startups to focus on profitability rather than relying on endless millions of VC cash.
Absurd finger pointing without any self-reflection. If this represents the thinking of powerful people in silicon valley then I'm glad their world is burning down.
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[ 3.3 ms ] story [ 19.3 ms ] threadWhile I often find the performative aspects of woke culture teeth-grating, I think the decline of SVB had more to do with relatively large commercial to retail deposits, and an investment policy not prepared for rising interest rates, than with their policies on LGBTQ+ or any other social issue.
The 'Go woke, Go broke' crowd are now laughing at this executive with the whole bank and the VCs running it into the ground and all the founders left holding a giant loss, which will finally force startups to focus on profitability rather than relying on endless millions of VC cash.