Here’s how the second-biggest bank collapse in U.S. history happened in just 48 hours
The company’s downward spiral began late Wednesday, when it surprised investors with news that it needed to raise $2.25 billion to shore up its balance sheet.
“This was a hysteria-induced bank run caused by VCs,” Ryan Falvey, a fintech investor of Restive Ventures, told CNBC.
All told, customers withdrew a staggering $42 billion of deposits by the end of Thursday, according to a California regulatory filing.
Now, those who remained with SVB face an uncertain timeline for retrieving their money.
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Government bail out as it's on the government balance sheet.