Last weekend, the Silicon Valley Bank based out of Santa Monica, CA, collapsed, leaving billions of dollars worth of assets and customers in limbo.
SVB is a bank mainly funding tech-related ventures and startups, with many of its clients having accounts over the $250,000 FDIC insurance cap. When they couldn't resolve their accounts with about $2 billion in money they couldn't raise from their investments. As a result, this caused its customers to pull about $42 billion out of their accounts, causing a run on the bank.
So why did this happen? and do you need to be worried?
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AJ Osborne Podcast