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Brace, Brace! U.S. Silicon Valley Bank Needs Cash Infusion To Finance Billion-Dollar Losses!
First, it hit the Californian Silvergate Bank. Now, shares of SVB Financial (SIBV), which owns Silicon Valley Bank, the 16th largest bank in the US, plunged 60.41% after the company announced it was raising more than $2 billion in new capital to offset $1.8 in losses. The shares are now down 84% from November 2021 high. Silicon Valley Bank is heavily involved with all aspects of the U.S. startup scene, including crypto.