Silicon Valley Bank shut down by regulators as investors worry about risk to broader financial market
the day prior that it had sold $21 billion in assets and was selling more of its own stock to raise money. Tech investors and founders on Twitter said the move was unexpected, and some encouraged start-ups who had money deposited with the bank to withdraw it.
Treasury Secretary Janet L. Yellen said at a hearing Friday that she is monitoring developments at a few banks, including Silicon Valley Bank.Advertisement “Our advice to founders: Call every debt line, close all primary rounds, do it now, and be willing to make concessions,” Sethi said. “The restructuring will be significant.”
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