Silicon Valley Bank Shuts Down, Bloodbath In US Startup Industry
Regulators shut down US-based Silicon Valley Bank (SVB), which was the 2nd biggest US lender entity. It rattled entire startup stocks in the US. Regulators closed down Silicon Valley Bank (SVB), a US-based institution, as a result of Silvergate Capital Corp.’s abrupt closure and SVB’s careless fundraising. Stocks in the US startup business are in a massacre as a result of the abrupt drop. SVB Financial Group (SIVB.O), a lender with a focus on startups, experienced an abrupt collapse on Friday that left billions of assets belonging to businesses and investors stranded and made it the largest bank failure since the financial crisis. The bank, which operated under the name Silicon Valley Bank, was shut down by California banking regulators on Friday and the Federal Deposit Insurance Corporation (FDIC) was named as receiver for a subsequent sale of its assets. The FDIC announced that Silicon Valley Bank ’s main office and all of its branches will reopen on March 13 and that all insur...