Bloomberg Law
March 30, 2023, 4:22 PM

Thiel Capital’s Jack Selby Says Idea of VCs Saving SVB ‘Rubbish’

Devon Pendleton
Devon Pendleton
Bloomberg News

The venture capital community had no obligation to rescue Silicon Valley Bank as it struggled to stay afloat amid a run by depositors, Thiel Capital’s Jack Selby said.

“There have been other VCs saying, ‘We’re a community. Why didn’t we step up to save it?’” Selby said. “Personal opinion: that’s rubbish. Our number one fiduciary responsibility is to make money.”

Selby, one of PayPal Holdings Inc.’s first employees who is now a managing director at Peter Thiel’s family office, made the comments Thursday at the FII Institute’s Priority summit in Miami Beach.

Watch: Selby says VCs weren’t obligated to save SVB.
Source: Bloomberg

SVB’s collapse emphasized the fiduciary role ...

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