Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. https://www.fdic.gov/news/press-releases/2023/pr23016.html
I wonder how many companies are about to go under
Wow they actually failed wtf
Now wait for the chain reaction. Lots of high-flying startups will start to fold.
Those +$250k deposits just went poof.