On 10 March 2023, news broke that Silicon Valley Bank (SVB) would be shut down by the United States Federal Deposit Insurance Corporation (FDIC). SVB was the bank of choice for many tech startups, accelerators and venture capitalists. SVB customers are FDIC insured up to $250,000 USD and theUnited States government says it will intervene in order to mitigate negative impacts to tech workers, entrepreneurs and tech startups. However, analysts are saying that the impacts will be "severe, widespread and potentially catastrophic for many". In particular, there have already been many reports of tech startups from the Global South that remain in doubt about how they will manage to continue operations and ensure that their staff are paid.