Wow, just wow. Silicon Valley Bank saw customers withdraw $42 billion dollars by the end of Thursday, leaving it with a negative balance. It’s too late for any more withdrawal as regulators moved in and shut the bank down before it could sustain any further losses.
Roku reported $487 million, or 26 percent, of their cash reserves are tied up in SVB. Many smaller companies are also impacted.
Published 3/10/2023. Read full article.