Tech's Perfect Storm

Bank run. In short: Wednesday night, following the collapse of Silvergate Bank, Silicon Valley Bank signaled shocking news concerning financials already considered dire — publicly — for over two weeks. Thursday morning, around the time Axios reported on SVB’s attempt at a $1.75 billion stock sale at a loss, shares plummeted 50% on fears of insolvency, and there was a run. SVB attempted to quell concern in a disastrous, counterproductive call with investors at 11:30 AM PT, which the Information reported out just after 12:00 PM PT, and chaos erupted across social media. Thirty minutes later, wires out of SVB were already failing. It was the largest bank collapse since 2008, and the second largest in US history.