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After the Silicon Valley Bank on Wednesday launched a $1.75 billion share sale to shore up its balance sheet and navigate declining deposits from startups struggling for funds amid increased spending the stocks took a hit massively.
The company’s shares suffered their worst drop in over 35 years on Thursday. Following a capital offering that caused SVB Financial Group’s stock to collapse 60 percent and contributed to the loss of over $80 billion in value from bank shares, the company hurried on Thursday to convince its venture capital clients that their money was safe.
The Santa Clara, California-based SVB announced a public offering, liquidated nearly all of the securities in its portfolio that were on the market, and revised its annual forecast to reflect a more significant fall in net interest income.
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‘We are taking these actions because we expect continued higher interest rates, pressured public and private markets, and elevated cash-burn levels from our clients as they invest in their businesses,’ SVB Chief Executive Officer Greg Becker said in a letter to shareholders Wednesday.
As a result of this, US bank stocks tumbled by the most in almost three years. On Thursday, the KBW Bank Index declined 7.7 percent facing its biggest drop since June 2020. Further Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co. all slid nearly 5 percent
