the fall of Silicon Valley Bank (BLSfor its acronym in English) has negatively surprised many businessmen around the world who had money deposited there, and even, several have mentioned that they have had losses in their finances after this event.
One of them is the Colombian businessman Alexander Torrenegra, CEO of the Torre platform. and the BunnyStudio voice bank. He is also known for appearing on the television show Shark Tank Colombia.
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The businessman had registered the income of his companies, his savings and a mortgage at SVB. Nevertheless, several partners had recommended that he withdraw his finances from there.
“I ask my wife, Tania, to transfer all our personal money to other banks. I call my teams. I ask you to do the same. One, you’re at the dentist, you have to interrupt the procedure and run home!”, Torre mentioned in his social networks last March 9.
(Fall of Silicon Valley Bank, would it affect Colombian companies?).
However, this request would not have been made on time, since neither Torrenegra nor his wife had the required permits, so the CEO of Torre decided to make a couple of bank transfers while his wife opened a savings account.
“All my chats with US tech founders are fired up by what’s going on. Obviously, we have a bank run. it’s surrealTorrenegra added.
On the afternoon of that Thursday, March 9, the businessman managed to save the accounts of one of his companies. Meanwhile, he finished making the transfers of the amounts from his second company to another financial entity.
(The ABCs of the Silicon Valley Bank failure and its impacts).
“SVB is a solid bank. I know your CEO, Greg Becker. I think this is a temporary problem caused mainly by people’s panic. They will recover. I buy SVB shares at prices that I consider to be significantly low, ”Torrenegra said on his social networks, a few hours before the fall of the Silicon Valley bank.
Torrenegra woke up on March 10 with the news that the SVB shares had fallen by 60%. “I find out that the bank is now in the hands of the Government. The shares I bought the day before are probably worth nothing anymore. I made a mistake,” said the businessman that morning.
(Wall Street resists bank failures in the US.)
Silicon Valley Bank was the primary bank for two of our companies, my personal savings and my mortgage. This is how things developed:
— Alexander Torrenegra (in Spanish) (@torrenegraes) March 11, 2023
Although he was able to save his company’s finances in a marathon afternoon, sHis savings did not have the same fortune, since he was only able to save a small part of these and, to date, he does not know when he will be able to recover the rest.
“What have I done wrong? Am I good enough to do what I do?”, Torrenegra asked himself on social networks.
At the moment, the one who was also a presenter on Shark Tank Colombia expressed his concern for the employees of his companies who, unexpectedly, they had to be removed from their posts in a matter of an afternoon.
“It has been a week of extreme anxiety and uncertainty for me and many others. If you were affected too, stay strong, stick with it, and hug your loved ones. He will get over”, Mentioned Torrenegra.
BRIEFCASE
