Silicon Valley Bank collapses, becoming the largest bankrupt since 2008
Silicon Valley Bank (SVB), which accounts for half of all venture-backed tech and healthcare companies in the US, has gone bankrupt and been taken over by the government. Thus, SVB became the second largest bankrupt in US history. The first is Washington Mutual Bank, which closed in 2008. The precursor to the collapse was that key venture capital firms began withdrawing money from the bank as SVB tried to sell its shares in order to somehow strengthen its balance sheet. After this, the bank's shares finally collapsed. All insured depositors will receive full access to deposits, while uninsured depositors will receive an “advance dividend.”
Source: Telegram channel “US NEWS | AMERICA"
