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Who exactly withdrew $40 billion in a day? Is this public info, or will it be?
by beebmam 4y ago
Who exactly withdrew $40 billion in a day? Is this public info, or will it be?
- gruez 4y agoA few days ago a VC warned all the companies in its portfolio that SVB was in trouble and they should withdraw all their funds. That's probably what OP was talking about.
- loeg 4y agoA bunch of customers. I don't know if a list will ever be published or why. https://fortune.com/2023/03/11/silicon-valley-bank-run-42-billion-attempted-withdrawals-in-one-day/ https://fortune.com/2023/03/11/silicon-valley-bank-run-42-bi... > Customers immediately tried to pull their money, including many of the venture-capital firms the bank had cultivated over decades. Peter Thiel’s Founders Fund, Coatue Management, Union Square Ventures and Founder Collective all advised their startups to pull their cash from the bank, people familiar with the matter said.
- consumer451 4y agoOur (my) favorite villain for one: > Peter Thiel’s Founders Fund, Coatue Management, Union Square Ventures and Founder Collective all advised their startups to pull their cash from the bank, people familiar with the matter said. https://fortune.com/2023/03/11/silicon-valley-bank-run-42-billion-attempted-withdrawals-in-one-day/ https://fortune.com/2023/03/11/silicon-valley-bank-run-42-bi...
- bcrosby95 4y agoIt's funny that the very same people that caused a run on the bank are likely lobbying the government to make the companies they invested in whole.
- AlchemistCamp 4y agoThat’s not how bank runs work. The people who run first get their money out. It’s the ones who didn’t start the bank run that lose their money.
- deleted 4y ago[deleted]
- FireBeyond 4y agoYeah, I'm sure Thiel has some friends at the executive/C-level of SVB, if not the board, given all the business he pushes their way...