Silicon Valley Bank was forced to shutter after its core depositors — startup companies — took their money out in a shocking bank run, leaving many...
Silicon Valley Bank SIVB, a 40-year-old bank at the heart of the valley’s ecosystem, was forced to shutter Friday after its core depositors — startup companies — took their money out in a shocking bank run, leaving many unanswered questions in the tech world.
After Silicon Valley Bank announced Wednesday that it disclosed large losses in its secuities portfolio, startup companies began to get warnings from their investors to withdraw their funds. Bloomberg reported that Peter Thiel’s Founder Fund advised companies to take out their money, among many others.
But the recent cash burn at many startups over the past few months in a tough economy and a closed IPO window also were factors in the bank’s woes.
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