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Meanwhile, Peter Theil is openly encouraging everybody to tell each other that SVB is sinking and to pull their money [0]. What a guy. [0] Thiel Fund, Venture
by toss1 4y ago
Meanwhile, Peter Theil is openly encouraging everybody to tell each other that SVB is sinking and to pull their money [0].
What a guy.
[0] Thiel Fund, Venture Firms Advise Companies to Pull Money From SVB
- misssocrates 4y agoIs he wrong?
- dgacmu 4y agoHe could be attempting to create a problem so he can take advantage of it.
- borski 4y agoEntirely possible he shorted SVB.
- antihipocrat 4y agoIf the company goes into liquidation before the short seller closes their position, what happens?
- dgacmu 4y agoYou win but you may get stuck paying the borrow costs still for a while until either the stock is tradable or whatever happens with the resolution of the bankruptcy settles out (the residual shares potentially have _some_ value). In practice, before that, your broker or whomever you borrowed the shares from will probably just declare it a loss and close it out. They'll then get a little something from the bankruptcy, maybe. That's assuming a traditional short, and not something like selling naked calls. In the latter case they just expire worthless.
- dx034 4y agoWill only drive the stock price down so that another bank will buy them up. :Not sure if that's what he's aiming for.
- hnthrowaway0315 4y agoProbably selling short
- chinchilla2020 4y agothey aren't publicly traded
- toss1 4y agoWrong, they are, ... um were, publicly traded under the symbol SIVB. [0] Trading Halted. They were down 66% on the day before halt On 08-March-2023, they were trading at $267.90, by the end of the 9th, 106.08. By trading halt today, $39.49. Now, it's worthless. Imagine thinking you got a bargain at $106, or $39... [0] https://finance.yahoo.com/quote/SIVB https://finance.yahoo.com/quote/SIVB
- toss1 4y agoYup, it was Theil who started the bank run [0]. [0] https://www.fastcompany.com/90864395/silicon-valley-bank-an-its-a-wonderful-life-bank-run-for-the-digital-age https://www.fastcompany.com/90864395/silicon-valley-bank-an-...