Peter Thiel’s venture capital firm Founders Firm advised clients to withdraw their deposits from the bank.
over liquidity concerns — sparking share losses across the banking sector worth some $52 billion on Thursday.
The company’s stock was down another 45% in pre-market trading on Friday — dragging down the share price of several other publicly traded banking giants. Shares of JPMorgan Chase, which fell 5% on Thursday, dropped another 1% in pre-market trading on Friday. It said in an investor prospectus it needed the proceeds to plug a $1.8 billion hole caused by the sale of a $21 billion loss-making bond portfolio consisting mostly of US Treasuries.
Ackman likened the turmoil engulfing Silicon Valley Bank to the 2008 financial crisis, when the Federal Reserve bailed out JPMorgan Chase after the Wall Street giant bought investment bank Bear Stearns, whose market value was eviscerated due to its involvement in the risky subprime mortgage markets.
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