Silicon Valley Bank just lost $80B+ in 24 hours And has officially collapsed!

Silicon Valley Bank (SVB) was a commercial bank headquartered in Santa Clara, California. SVB was on the list of largest banks in the United States and was the biggest bank in Silicon Valley based on local deposits, with a 25.9% market share as of June 30, 2016.[2] It was a subsidiary of SVB Financial Group, a bank holding company.[3] On March 10, 2023, after a bank run on its deposits, it suffered from bank failure and was taken into receivership by the Federal Deposit Insurance Corporation in the second largest bank failure in American financial history.

source: https://www.vox.com/technology/23634433/silicon-valley-bank-collapse-silvergate-first-republic-fdic

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