Folks in the extended business and Tech Community there in the Bay Area and folks who are active on Twitter and social media that Venn diagram is almost a circle and and what we saw there was something that uh I I think we're all I Hope gonna walk away from a lot more mindful. Uh, because you put Founders you know in situations where within hours they were making really tough calls knowing that you know these are these are not CEOs who are riding around on private jets right? The vast majority of these Founders are still trying to build up companies and and solve really big problems fighting cancer climate Tech Um and and need to make sure that they can make payroll under this sort of, uh, dressful situation where look, the legacy of Svb was for decades, they found a way to back entrepreneurs when very few other Banks would without. Yeah, because they took risk Dude, because they didn't give a crap. They gave everybody money in a bull run.

That's what there did. That was their magic way of finding a way to back entrepreneurs. Makes it sound like it's like brilliant, They found a way. Oh, they magically found a way to give people money because they gave everybody money for companies once they've raised.

you know, tens of millions of dollars. But you know I'm in the business of being the very first check into entrepreneurs companies. We're talking hundreds of thousands of dollars to maybe a few million at most. So for these early stage companies, these nascent companies that we know many of them will become significant contributors to American economy.

and Innovation they need a place to bank and and the big four aren't going to be a home for those companies. Uh, those entrepreneurs still need a place to put their money to to not really do anything special with other than make sure they're paying their bills. Alexis I've uh I've always admired your your humble approach to all this and I admire your your thank you uh about all this but I'm so curious as you see so many others in the Venture Capital Community over over the weekend, especially online screaming from the rooftops. uh, not only asking for a bailout, blaming the Federal Reserve blaming all blaming everybody uh, perhaps but themselves and and not necessarily taking the approach that you have this morning.

And how you think that puts the Venture Capital Community in what may be the crosshairs as people think about things like carried interest and other regulations down the line. yeah, look this is I think I I hope I Really do hope this will be a chance for all of us to take more stock and more reflection right at the end of the day. I I take responsibility within my own firm of having that single point of failure. Uh, and I think every one of us as Leaders need to understand that we have this.

We have a weight and it's something. It's a platform. I Know this is going to sound weird and maybe a little surprising, but I think there are many people in Tech and in VC that that may not even fully understand and appreciate the the impact that they have. And I think for many of us, there were a number of calm voices a lot of you know.

Amazing. Venture This is cringe. This is like this is literally a guy on CNBC hey I'm a rich one percenter, you know I I'd like to be the person who invests first in startups. Call my VC firm and we'll write you a check.

You know we're just so grateful the FED just bailed us out so we could keep writing those checks. What is this especially? Twitter uh, in this case, uh can be a place for ideas to spread quicker than ever we saw we saw folks posting I mean outright misinformation about some of these Banks over the weekend who also a few tweets earlier admitted that they held short positions in those same companies, right? This is. you can see the receipts it is. This is a new era for us as an economy.

Uh, for us figuring out this distribution of media and and I think yes, there's a responsibility borne by every one of us, especially those of us who have platforms of influence. And and this was so much of what my team and I debated and talked about in those uh, you know, 36 hours was the signal that we would send telling all of our Founders the language that we would use. We we tried so hard to be as careful as we could to provide the best information and support we can. Also knowing that it you know what we say has a tremendous impact and it's not just 100 companies in our portfolio, it's the hundred other Founders that they know and the Thousand other people or the hundreds of thousands of people following on Twitter that uh that.

pay attention and and so I hope it gives us all a moment to take that stock and and do better. And I look, I'm I'm one of the first that needs to do it. Yeah, yeah, you're one of the first. Okay, yeah yeah okay oh, this guy's a tool spreading misinformation.

I mean as you said, there are receipts and if the SEC didn't have enough to do already, poor thing for them to dig back through. Yeah yeah, um Alexis Right now because of this, the way it's stepped in, all of your firms are okay. they're all going to make payroll. Yeah, yeah, I mean we're obviously everyone's still uh uh, you know, holding their breath.

but I feel like we have uh We've breathed a huge sigh of relief and I'm here at Austin here at South by and and so no shortage of startup CEOs and Founders who were sleeping a lot easier last night as a result. and and I do think, look, there's more to come from this, the one percent is easier. God This is great I Kind of just just Simple banking for early stage companies that need a place to put their cash. Um, but yeah, for as it seems right now, everyone's making payroll and you know we're you know, CEOs are able to get back to work and and more importantly, talking about how the people making payroll, the banks haven't even opened yet and earlier he's like, oh, the big Four is for the startups.

What do you mean it's not. It's naughty there. You're a founder and you put your your company's money there from your shareholders. You could get a better deal on your personal loans at the bank if you promise to keep all your money there is that the sort of thing that you'd heard of before and should those policies? Oh now I'm not a banking expert, but oh, I think when we start getting really cute, we start getting cute with this sort of thing.

Uh, this is where these problems emerge. and I I Do think there's going to be another round of scrutiny around those 2018 rollbacks? Um, but I Do think at the end of the day, the biggest need for entrepreneurs and for these emerging companies is a place to put their cash where they know there's nothing terribly cute happening behind the scenes. Everyone is taking all the right precautions. and and I do think the market is going to provide some kind of an answer for that because it needs to.

it needs to fill that role. SUV Had we just had from the Fed the FED get down to thank you want to get down to New York Stock Exchange Jim Cramer joins us now uh Jim this was Dan Loeb last night he said I'd say all's well, that ends well but I think this story is just beginning. it's just beginning or did it end well I think that there's some something in between that we have a number. Did they just cut them off? Did they just get the guy off air? Did they just get him off with Jim who is the guy coming back? yeah they got the guy off with Jim cut in oh oh uh uh Jim Walked in quick quick cut to a stupid clip from Jim Get this Reddit guy off air dude that was so embarrassing that was the most cringe.

Whoa look at me I'm a white knight VC guy so happy people can pay their payroll I get it. I Don't want people not to get paid either but you were so fake it was so crazy. Ah no wonder CNBC cut him off thank God they cut that guy off. Gonna get harder and harder to get a loan at a at an interest rate.

That makes a lot of sense. There's CNBC scrambling now. they don't even know what to talk about after that. They're like we had the guy scheduled until 6 a.m Let's go into Bloomberg.