Silicon Valley Bank Stock Plunges 60%, Founders Fund and Other Firms Advise Clients to Withdraw Funds

March 10, TuoniaoX.com news, according to Bloomberg citing sources, venture capital fund Founders Fund, co-founded by "Silicon Valley godfather" Peter Thiel, has advised companies to withdraw funds from Silicon Valley Bank due to concerns about its financial stability. The bank's parent company SVB Financial Group saw its stock price plummet more than 60% on Thursday and sold nearly all available-for-sale securities in its investment portfolio. According to Bloomberg, SVB led declines in the KBW Bank Index, which recorded its biggest drop since June 2020.