What do you need to know about Silicon Valley Bank’s collapse, the 3rd biggest bank failure in the history of America?
Silicon Valley Bank crashed in a spectacular fashion, creating the biggest bank failure in America since the Great Recession. On March 10th, the California-based Silicon Valley Bank was forced to close by the state’s financial regulator.
The closing comes after a couple of tumultuous days after the technology startup’s lender announced it had sold no less than $21 billion in securities, at a loss of $1.8 billion, and it might seek to raise $2.25 billion in capital.
The wide majority of shares of the parent company, SVB, were completely halted on the same day, after falling 64% in pre-market trading and taking a 60% dive on Thursday, as investors rapidly sold shares.
