Topline Shares of Silicon Valley Bank Financial Group were halted after plunging further in pre-market Friday, following measures it took to shore up its financial position Thursday, prompting some venture capital funds to urge their portfolio firms to withdraw funds—and raising fears of a bank run. Greg Becker, chief executive officer of Silicon Valley Bank, participates in a panel discussion … [+] during the Milken Institute Global Conference in Beverly Hills, California.© 2022 Bloomberg Finance LP Key Facts Shares of SVB Financial Group fell more than 64% by 8 a.m. ET Friday after cratering by more than 60% on Thursday, following an announcement that the lender lost $1.8 billion after selling securities worth $21 billion to hedge against a challenging market. According to Bloomberg, companies backed by VC firm Founders Fund were urged by the company to remove their money from the bank, telling them that there was “no downside” to a withdrawal…. Click below to read the full story from Forbes
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