In the day leading up to the bank’s collapse, multiple prominent venture capitalists took to Twitter in particular -- and used their large platforms to raise alarms about the situation
Customers withdrew $42 billion in a single day last week from Silicon Valley Bank, leaving the bank with $1 billion in negative cash balance, the company said in a regulatory filing. The staggering withdrawals unfolded at a speed enabled by digital banking and were likely fueled in part by viral panic spreading on social media platforms and, reportedly, in private chat groups.
“What made the Silicon Valley Bank run unique was the ease with which its customers could execute withdrawals and the speed with which news of Silicon Valley Bank’s impending demise spread,” Ben Thompson, an analyst who tracks the tech industry, wrote in a post on Monday. “It was the speed, fueled by zero distribution costs for both rumors and withdrawals, that was so destabilizing.” Silicon Valley Bank was arguably uniquely susceptible to those factors given its tech-focused customer base.
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US regulators bail out SVB customers, who can access all their money Monday | CNN BusinessBiden administration says depositors will have access to their money Monday after SVB's collapse as a second regional bank in New York failed Sunday.
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US regulators say SVB customers will be made whole as second bank fails | CNN BusinessIn an extraordinary action to restore confidence in America's banking system, the Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have access to all their money starting Monday.
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Chinese companies and founders rush to calm investors after SVB collapse | CNN BusinessThe collapse of Silicon Valley Bank (SVB), which courted Chinese start-ups, has caused widespread concern in China, where a string of founders and companies rushed to appease investors by saying their exposure was insignificant or nonexistent.
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Asian markets tumble as SVB fallout fears rattle banking sector | CNN BusinessAsian stocks fell broadly on Tuesday, dragged down by banking shares, as fears over the fallout of Silicon Valley Bank's collapse gripped the market despite US government efforts to stabilize the financial system.
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JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank - AxiosJPMorgan Chase & Co and PNC Financial Service Group Inc are among those in talks about acquiring SVB Financial Group in a deal that would exclude its commercial banking unit Silicon Valley Bank that is currently under U.S. control, Axios reported on Monday citing sources.
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SVB collapse: The Treasury must make whole SVB investorsThe Treasury Department is right to ensure that investors at Silicon Valley Bank have access to their deposits.
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