Shares of SVB Financial Group, the parent company of Silicon Valley Bank, plunged more than 60% on Thursday and fell nearly 20% further after the market closed.
It has been reported that several funds, including Silicon Valley venture capital godfather Peter Thiel's Founders Fund, have advised clients to withdraw their investments from the bank.
It is reported that several venture capital firms such as Coatue have also advised their portfolio companies to consider withdrawing funds from Silicon Valley Bank. Earlier, SVB lowered its performance expectations after the market closed on Wednesday and disclosed huge losses from the sale of securities and the issuance of stocks. (Bloomberg)
