Day by day, month by month, year by year, greed is ruining the tech industry’s image.
This time it was tech’s response to the failure of its primary financial institution, Silicon Valley Bank. When it comes to privacy, child internet protections, curbing misinformation or, now, protecting our banking system, tech companies repeatedly put profit before the public good.
The federal government bailed out tech this time, but the public’s patience with the industry is running thin, threatening its future.
Silicon Valley Bank was a niche institution catering to financing for the tech industry. Two weeks before its collapse, the bank’s CEO, Greg Becker, reportedly sold $3.6 million in company shares.