Silicon Valley execs cash out, Roku has a half of billion dollars stuck in bank , Elon Musk? PT.5

The market on Friday watched as regulators shut the doors at Silicon Valley Bank, capping off a speedy decline and marking the biggest bank failure since 2008.

The bank's collapse was a byproduct of the Federal Reserve's hiking of interest rates by 1,700% in less than a year. Once risk-free Treasurys started generating more attractive returns than what SVB was offering, people started withdrawing their money, and the bank needed a quick way to pay them. They were ultimately forced to sell their loan portfolio at a huge loss.

Police were called after 'about a dozen' financiers, including former Lyft executive Dor Levi, showed up outside the building on Park Avenue as a run on the bank Friday morning forced the Federal Deposit Insurance Corporation to seize its assets. SVB blocked them from entering and two cop cars arrived to tell the investors to get out of the building.

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