Silicon Valley bank: Vinod Khosla says fallout from Silicon Valley bank collapse will linger for months
Khosla said his firm, Khosla Ventures, has urged the founders of their portfolio companies to leave all but three months of funds with Silicon Valley Bank. “We didn’t want to cause bank runs,” he told Bloomberg Television on Friday. “Unfortunately, not all of our peers did the same.”
US authorities launched an investigation into the collapse of the bank. Khosla said he encourages companies to put their money back into SVB because “the money is safe” there and the institution is under government control.
Khosla spoke days before he traveled to Washington for dinner with lawmakers to discuss “our technology race and economic war with China.” He said the event was organized “long before current events” and “it’s not really related to TikTok.” TikTok, owned by Chinese parent company ByteDance Ltd., is under increasing pressure from U.S. lawmakers who are discussing a total U.S. ban on the app.
The dinner, previously reported by the Wall Street Journal, is called the Hill & Valley Forum and will feature other tech leaders including Peter Thiel.
“This is due to the larger technological race for global technological power,” Khosla said. “Many of us believe that the US and the Western world as a whole should invest in technology.”
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