The FDIC began an auction process for Silicon Valley Bank SVB late Saturday night, according to reports.
, an auction for SVB began on Saturday evening, and final bids will be selected on Sunday.
Anonymous sources cited by Bloomberg say the FDIC is working swiftly to sell off SVB assets before branches open on Monday. The report states that final bids are due by Sunday afternoon, with a final decision potentially not being announced until Sunday evening. Bloomberg contributor Matthew Monks attempted to contact the FDIC for comment but was unable to reach anyone outside of their normal business hours.
The failure of SVB has sparked a significant debate over whether the bank will receive a bailout. However, based on Yellen’s statements, it appears that a bailout is not being considered. Many tech founders and venture capitalists, including Galaxy Digital’s
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