According to ChainCatcher news, the stock price of SVB Financial Group, the parent company of Silicon Valley Bank, plunged more than 60% on Thursday, and fell further by nearly 20% after hours. Several funds, including Silicon Valley "godfather of venture capital" Peter Thiel's Founders Fund, are advising clients to withdraw their money from the bank, according to reports.
It was also reported that "several" VC firms, including Coatue, have also advised their portfolio companies to consider divesting from SVB.
According to previous news, SVB lowered its performance forecast after the market on Wednesday and disclosed huge losses from the sale of securities and the issuance of shares.
