Crashed! After Bankrun, U.S. Regulator Shut Down Control Of Silicon Valley Bank!
Yesterday, FinTelegram reported on the problems of SVB Financial Group, the owners of Silicon Valley Bank, a key player in the tech and venture capital community. SVB shares had collapsed against the backdrop of losses and acute capital needs at its bank. SVB faced a bankrun and ran out of liquidity. On Friday, The U.S. FDIC took control of the company. Many startups will probably lose their funds.