Silicon Valley Bank's collapse means startups and VCs face billions in losses
. While there were likely billions in deposits withdrawn prior to SVB's closure, there's still likely to be many billions left at risk., meaning it stood to lose as much as a fifth, or almost $100 million, as per Moody's estimates., SVB banked close to half of all US venture-backed startups by December.
A failed attempt at a $2.3 billion stock saleThe scramble among investors to sell the stock in the wake of its failed equity raise added to unease about SVB.moved in recent days to pull their funds from SVB, per Bloomberg. Some encouraged the startups they back to do the same, fueling fears of a bank run.
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