Stock trading halted; Silicon Valley Bank tumble sends financial tremblor through tech industry

Shares of SVB were halted Friday morning after falling more than 60% in premarket trading. The stock tumbled 60% Thursday.

Essentially dealing with a bank run, SVB told investors it had to sell a portfolio of US Treasuries and $1.75 billion in shares at a loss to cover rapidly declining customer deposits. "The risk of failure and deposit losses here is that the next, least well-capitalized bank races a run and fails and the dominoes continue to fall," Ackman wrote.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks making the biggest moves after hours: SVB Financial, Oracle, Gap and moreThese are the stocks posting the largest moves in postmarket trading. Bond/treasury note loss is a common situation now due to our governments, like TLT...However, rapidly pulling out money from the stock market or banks can be a serious situation for the stock market like in 2008. All banks are under FDIC...No need to panic...
Source: CNBC - 🏆 12. / 72 Read more »