Y Combinator: 1 lakh startups Jobs Are At Crisis, Amid The Fall Of The Silicon Valley Bank: Y Combinator is an American company owned by Garry Tan which supports potential startups. This company guides new startups and invests in them to find their place in the commercial world. Airbnb, Cruise, DoorDash, and Reddit are some of the famous startup companies which got help from Y Combinator at their begging stage.
Y Combinator, in a petition, informed that more than 1 lakh jobs at great danger because of the fall of the SVB. The collapse of Silicon Valley banks will directly affect many startups and other banks. The SVB bank has been dealing with a money crisis; it does not have enough money to pay its depositors. There are more than 30 percent of the bank’s depositors are founders of small startup companies.
Due to this many startups are soon to face downfall, says the Y Combinator in their petition. Over 10,000 companies inside Y Combinator will get affected by it because they only keep accounts in Silicon Valley Bank. Through that petition, Y Combinator asked the government to offer help to the startups in that situation.