Silicon Valley Bank Scrambles to Reassure Clients As Shares Sink Amid Desperate Capital Raise Attempt
Silicon Valley Bank on Thursday scrambled to reassure its venture capital clients their money was safe after a capital raise led to its stock collapsing 60%.
Silicon Valley Bank on Thursday scrambled to reassure its venture capital clients their money was safe after a capital raise led to its stock collapsing 60%. To manage the cash crunch, the bank's publicly traded parent, SVB Financial, has sold fixed-income investments worth 21 billion US dollars at a roughly 1.8 billion after-tax loss and is now seeking to raise new capital through a share sale. Bank of England Hikes Interest Rates to 4%, Says Inflation in UK Has Peaked.
Silicon Valley Bank in Trouble:
Silicon Valley Bank scrambles to reassure clients after 60% stock wipe-out https://t.co/3nv67Cthsfpic.twitter.com/ZjjA5KrtEP
— Reuters (@Reuters) March 10, 2023
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