SVB Financial Group's announcement that it needed to sell billions of dollars of assets to make its customers whole continued to send Wall Street into panic mode.
Shares of SVB were halted Friday morning after falling more than 60% in premarket trading. The stock tumbled 60% Thursday.
Essentially dealing with a bank run, SVB told investors it had to sell a portfolio of US Treasuries and $1.75 billion in shares at a loss to cover rapidly declining customer deposits. "The risk of failure and deposit losses here is that the next, least well-capitalized bank races a run and fails and the dominoes continue to fall," Ackman wrote.
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