If Joe Saunders could pinpoint the most stressful moment of his work life, the morning of March 9 is definitely a top contender.
That’s when the CEO and founder of Tysons Corner cybersecurity company RunSafe Security got a call from an investor about the turmoil at Silicon Valley Bank. The only other moment that came close in recent years was in March 2020, when he was in Germany and former President Donald Trump announced the U.S. border’s shutdown due to the spread of Covid-19, and the tech entrepreneur wasn’t sure if he’d make it back into the country. (He did.)
But when he learned late last week that SVB was trying to sell $1.75 billion in stock to cover a cash shortfall for deposits, he was told he should probably get RunSafe’s money out of the institution before it was too late. By that Thursday evening, he had a stark decision to make: to take RunSafe Security’s money out or keep it in the bank.
Any other Thursday, he said, that would have been an easy call — the fiscally…Read the full story from the Washington Business Journal.