Silicon Valley Bank, which serves startups and venture capitalists, lost 60% of its value Thursday after saying it was selling assets and raising money.
the day before that it had sold $21 billion in assets and was selling more of its own stock to raise money. Tech investors and founders on Twitter said the move was unexpected, and some encouraged start-ups who had money deposited with the bank to withdraw it. Others cautioned investors and CEOs not to act too hastily, warning that a full run on the bank could cause damage to many companies who had deposited money with it.
Over the last year, share prices for tech companies have cratered as high interest rates and concerns about the economy cut into the amount of money available for investment in big tech projects and start-up funding. Both big and small companies have laid off tens of thousands of workers — though most companies are still making money and growing, and concerns are far lower than they were during the dot-com crash or the financial crisis.
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