Startup accelerator organisation, Y Combinator, has said that over 100,000 startup workers risk losing their jobs as a result of the recent collapse of Silicon Valley Bank (SVB).
To avoid this, the organisation is calling on all CEOs and founders to sign a petition addressed to the United States Secretary of the Treasury, Janet Yellen, and other U.S. government officials.
While it is not asking for a bailout for the bank, Y Combinator is among others, asking the government to protect startups whose funds are trapped in the bank to ensure they do not go under.
According to Y Combinator, over 3,500 CEOs and founders representing over 200,000 employees have so far signed the petition in which they are seeking the government’s intervention to save thousands of Startups who are depositors in the collapsed SVB.
