Silicon Valley Bank, long one of the most popular financial institutions among tech and life sciences startups, saw its shares fall more than 60% on Thursday, wiping out a whopping $9.4 billion in market value.
Several top venture capital firms, including Coatue and Founders Fund, have suggested to some portfolio companies that they strongly consider pulling money out of SVB, as concerns grow over the bank's stability.
Others, including Sequoia Capital, reiterated a longstanding message of diversification, via one-on-one conversations with portfolio companies. The Information reports that Union Square Ventures told portfolio companies to "only keep minimal funds in cash accounts" at SVB. Several founders have privately told Axios that they're moving funds, with a rival banker saying his form "got a lot of new clients today."Some venture capitalists and founders tell Axios that they've struggled to move their money. "We've tried to do some wires that have been stuck in limbo for over two hours," explains Ryan Gilbert, founder of venture firm Launchpad Capital.
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