#SVB had $175 billion in deposits according to regulatory filings (linked above), so this article tells us that 25% of the bank's deposits were pulled within 48 hours. And all of this happened because ::checks notes:: FOMO. This is so fucking on-brand for VCs that it's honestly not a bit surprising. JFC.
“All told, customers withdrew a staggering $42 billion of deposits by the end of Thursday, according to a California regulatory filing.”
https://www.cnbc.com/amp/2023/03/10/silicon-valley-bank-collapse-how-it-happened.html
This part is important b/c the situation at #SVB isn't as dire as VCs made it seem when they blasted emails to their portfolio companies to get the bank-run going: ”[24 hours ago] SVB had a negative cash balance of $958 million, according to the filing” -- that's after $42 billion in withdrawals. But the damage is done, and the dominoes have begun to fall. And this is where things get *really* interesting for many VCs because many of them just screwed themselves…
https://www.cnbc.com/2023/03/10/silicon-valley-bank-collapse-how-it-happened.html
This part is important b/c the situation at #SVB isn't as dire as VCs made it seem when they blasted emails to their portfolio companies to get the bank-run going: ”[24 hours ago] SVB had a negative cash balance of $958 million, according to the filing” -- that's after $42 billion in withdrawals. But the damage is done, and the dominoes have begun to fall. And this is where things get *really* interesting for many VCs because many of them just screwed themselves…