Silicon Valley is turning on its bank
of its bond portfolio, which led to a loss of $1.8 billion, thanks to higher interest rates and other factors. Because of this loss, SVB said it would raise about $2 billion from investors by selling stock and issuing related securities. This caused some VCs and founders to worry about the financial strength of their banking institution.
A source familiar with the Red Beard Ventures firm told Insider they are moving their accounts out of SVB and have told the startup founders in their portfolio to do the same. This person said keeping the money at SVB was not worth the risk. The media relations and investor relations departments of SVB did not return an email seeking comment on Thursday. SVB CEO Gregory Becker told clients on a Thursday call to stay calm and that there's no need to worry, according to
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