A cauldron of trouble from lack of deals to a cash crunch in the tech sector as a surprise drop in deposits causes SVB Financial to scramble for its life.
No matter how good a company may be, if the ground holding up its business shifts, it’ll suffer or even fail.
This appears to be the case with SVB Financial Group SIVB , as the parent company of Silicon Valley Bank was closed today by the California banking regulators, with the FDIC in receivership. This world has been roiled in part by a drop in activity from 2022 levels and jitters around higher interest rates.
On Friday, the stock remains halted, as reports surfaced that it would be unable to raise the $2.25 billion.Centerview Partners and law firm Sullivan & Cromwell LLP have been hired by the comapany to help assess its options, according to reports. “The failure of Silicon Valley Bank could destroy an important long-term driver of the economy as VC-backed companies rely on SVB for loans and holding their operating cash,” hedge fund manager CEO Bill Ackman said in a Tweet on Friday.CNBC earlier reported on the scrapped share sale and bank talks.
Exit activity including sales of companies, financings and initial public offerings, fell to $565 billion in 2022 from $969 billion in 2021.
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