One tech billionaire CEO claims that venture capitalists ‘almost brought down the entire system’ by making companies store all of their cash at Silicon Valley Bank.

Tom Siebel, the multibillionaire CEO of C3.ai, provided a harsh analysis of the impact from Silicon Valley Bank.

Leading venture capitalists like Peter Thiel and Marc Andreessen let firms to commit their financial operations to a “C minus bank,” he claimed.

As far as analyses of the demise of Silicon Valley Bank go, millionaire Tom Siebel offers a straightforward one: Leading venture investors need to have prepared their portfolio firms and anticipated it, he said Insider.

“These folks didn’t didn’t meet their fiduciary duties to anybody, they almost pulled the whole system down,” Siebel, CEO of software business C3.ai, told Insider on Monday.

He asked, alluding to the VC elites, “How is it conceivable that Marc Andreessen, Peter Thiel, Douglas Leone, and every other name you’ve heard, are letting all of their firms put all of their money in one, best case scenario, C-minus financial institution?

Andreessen is a partner at Sequoia Capital, Leone is a cofounder of the venture capital firm Founders Fund, and Peter Thiel founded Andreessen Horowitz.

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Sequoia Capital’s spokesman declined to comment, despite the company not being a C3.ai investment.

Since then, the Biden administration has said that the bank’s clients, many of whom are smaller companies struggling to pay staff, will be reimbursed for their deposits.

A Silicon Valley Bank spokesperson did not immediately respond to an email requesting comment on Monday evening, and a representative from the FDIC declined to do so.