Silicon Valley Bank: The First Bank Run Ever Organized by Slack

Sudden collapse of Silicon Valley Bank shocked the startup and venture capital community worldwide. Tech CFOs were concerned about their ability to continue business operations if that money was unavailable. By Friday morning the bank had been totally wiped out. Customers had demanded $42 billion of their money back in a single day, a quarter of the bank's total deposits. The run was so sudden that the coffers were completely drained and the bank was left with a negative cash balance of almost $1 billion. Yesterday evening the Treasury, Federal Reserve and FDIC announced that they were dealing with the problems themselves. Both banks would be resolved and their depositors insured and uninsured would be made whole.