https://www.google.com/search?q=svb+bankrupt
Washington Post: Silicon Valley Bank collapses as FDIC takes over
Reuters: SVB is largest bank failure since 2008 financial crisis
NU.nl: Amerikaanse start-upbank SVB failliet, grootste die omvalt sinds bankencrisis
CNBC: Silicon Valley investors and founders express shock over SVB’s collapse, describe struggles to get money out
Washington Post: Silicon Valley Bank collapses as FDIC takes over
Reuters: SVB is largest bank failure since 2008 financial crisis
NU.nl: Amerikaanse start-upbank SVB failliet, grootste die omvalt sinds bankencrisis
CNBC: Silicon Valley investors and founders express shock over SVB’s collapse, describe struggles to get money out
The Federal Deposit Insurance Corporation, or FDIC, said Friday that U.S. federal regulators shut down Silicon Valley Bank, the premier financial institution for Silicon Valley tech startups for the past 40 years. The collapse of SVB represents the biggest banking failure since the 2008 global economic crisis.
The general sentiment is that SVB did a poor job communicating to clients when it announced Wednesday that it would be raising $500 million from venture firm General Atlantic while also unloading holdings worth roughly $21 billion at a loss of $1.8 billion. One VC said that SVB announcing that it’s raising money while at the same time essentially saying that everything is “fine” seemed to trigger people’s memories of Lehman Brothers, who they remember acted similarly at the time.
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