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Engineers at Polymath Robotics were working late Wednesday night on multiple projects when co-founder and CEO Stefan Seltz-Axmacher noticed chatter about Silicon Valley Bank in a YC founder WhatsApp group. The conversation was related to an article published that day about SVB’s plan to launch a $2.25 billion share sale and an agreement by General…
Hi folks, Kylie Robison from the tech team here. I’m at ground zero for tech-branded apparel, also known as South by Southwest (SXSW). Just as the party is getting started here in Austin, Texas, the toast hit the floor, marmalade-side down. Silicon Valley Bank, one of the most prominent lenders and banks in the private…
Data: Yahoo Finance. Chart: Axios Visuals Silicon Valley Bank, long one of the most popular financial institutions among tech and life sciences startups, saw its shares fall more than 60% on Thursday, wiping out a whopping $9.4 billion in market value. Driving the news: Several top venture capital firms, including Coatue and Founders Fund, have…
The FDIC took over after SVB’s efforts to raise around $2 billion from investors failed. The lender has been hit by both a drop in deposits and a fall in the value of $91 billion in bonds it bought at the worst possible moment, just before interest rates began rising. It sold a chunk this…
At least 10 European VC funds have told their founders to pull funds out of Silicon Valley Bank. That follows prominent US investors telling their firms to get their money out through Thursday. The tech lender was plunged into crisis after a $21 billion firesale of its bond portfolio. Silicon Valley Bank’s woes spread overseas…
Silicon Valley Bank, or SVB, collapsed on Friday, sending shock waves through the tech industry, which often turned to SVB for startup lending. It’s the largest bank collapse since 2008, though its downfall was a classic scenario: SVB was suddenly upside down on its books, investors caught wind, and a run on the bank followed….
LATEST March 10, 3:10 p.m. Rippling relied on Silicon Valley Bank to process its customers’ employee paychecks, but when the bank suddenly collapsed, the human resources startup had to quickly pivot. The firm’s CEO, Parker Conrad, posted an update Friday afternoon, saying that though SVB’s systems indicated that payments were processed, money hadn’t actually gone…
Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced Friday, in what is the largest U.S. bank failure since the global financial crisis more than a decade ago. The collapse of SVB, a key player in the tech and venture capital community, leaves companies and…
Download this press release (PDF) SAN FRANCISCO – The California Department of Financial Protection and Innovation (DFPI) announced today that, pursuant to California Financial Code section 592, it has taken possession of Silicon Valley Bank, citing inadequate liquidity and insolvency. The DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of Silicon Valley Bank….
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