This will trigger deleveraging around the world. Specifically, this will impact the venture capital in silicon valley. We'll likely start to see some angel/vc investors start to panic and withdraw from the market, shutting down startups, etc.
This _has_ been seen in prior US public market downturns - if a pension fund is allocating 90% to public market investments and 10% to private investments, and the public market drops 33%, their fund is now split 60/10 instead of 90/10. So to rebalance back to 90/10, they'll need to liquidate 33% of their private investment allocation and move it to public investments. (This is an oversimplification but you get the idea.)