Silicon Valley Bank, the Bay Area financing powerhouse, had a really terrible day on Wall Street.
SVB Financial Group, parent company of the Santa Clara bank, saw its stock plunge 60% Thursday after disclosing that it is selling a big chunk of its securities portfolio and recording a loss of roughly $1.8 billion in the first quarter of this year. The company also said it hopes to raise new capital
Founded in 1983, Silicon Valley Bank emerged as an important financial player for many early-stage tech startups. The bank’s recent clients include 44% of the venture capital backed U.S. companies that went public in 2022. You might like Study: SF among top 10 cities with smallest apartment size San Francisco ranked higher than other California cities like Los Angeles, San Diego and San Jose
“Silicon Valley Bank's fortunes, and its stock price, have always tended to wax and wane with tech cycles,” Todd Baker, a senior fellow with the Richman Center for Business, Law and Public Policy, told The Examiner.
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