218. Biggest Crash since 2008 - Sillicon Valley Bank's Sudden Collapse
About this episode
Last weekend, the Silicon Valley Bank based out of Santa Monica, CA, collapsed, leaving billions of dollars worth of assets and customers in limbo.
SVB is a bank mainly funding tech-related ventures and startups, with many of its clients having accounts over the $250,000 FDIC insurance cap. When they couldn't resolve their accounts with about $2 billion in money they couldn't raise from their investments. As a result, this caused its customers to pull about $42 billion out of their accounts, causing a run on the bank.
So why did this happen? and do you need to be worried?
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