CNN — The tech industry, already on-edge from widespread layoffs in an uncertain economy, fell into a panic over the past 24 hours as moves by a major Silicon Valley lender spurred a steep sell-off on Wall Street and sparked fears of a run on the bank. A number of startups are said to have weighed pulling their money this week from Silicon Valley Bank amid liquidity concerns, according to media reports and public posts from venture capitalists. Other prominent figures in the startup community are urging caution to avoid fueling what one venture capitalist called “mass hysteria” that could further destabilize a financial institution that has long been a key partner to the tech industry. Bank run fear: SVB is reportedly exploring a sale as Wall Street calls for a bailout SVB Financial Group’s stock plunged 60% on Thursday after the prominent tech lender told investors it had to sell shares and a portfolio of US Treasuries in order to cover for plunging customer deposits. Shares were halted on Friday morning after falling more than 60% in pre-market trading. The bank is now reportedly in talks to sell itself after failing to raise additional capital, while some, including […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
