BREAKING NEWS: Silicon Valley Bank halts trading pending an announcement after Peter Thiel’s venture capital fund warns startups to PULL money from the troubled bank
Silicon Valley Bank suspended trading of its shares in the premarket on Friday pending an announcement.
Shares of SVB were down 63% in premarket trading on Friday, after slumping about 60% in the previous session, with investors concerned about the strength of its balance sheet.
On Thursday night, Founders Fund, the venture capital fund co-founded by Peter Thiel, advised startups to pull their money from Silicon Valley Bank amid concerns about its financial stability, according to Bloomberg.
It came after SVB Financial Group announced a massive equity raise to cover a $1.8 billion loss on the sale of bonds, which the bank was forced to liquidate to cover a steep decline in deposits.
Developing story, more to follow.
On Thursday night, Founders Fund, the venture capital fund co-founded by Peter Thiel, advised companies to pull money from Silicon Valley Bank