Before the collapse of Silicon Valley Bank, $SIVB, the CEO sold $3.57 million of stock within the last two weeks.
This was part of their trading plans, the 10-51-b plans.
Gregory Becker, CEO, sold 11% on Feb 27, 2023.
Numerous corporate executives sold Silicon Valley Bank, SIVB, stock before the collapse
3/11/2023
Michael Zucker, General Counsel, 19% on Feb 5.
Daniel Beck, CFO, sold 32% on Feb 27.
Michelle Draper, CMO, sold 25% on Feb 1.
Silicon Valley Bank has collapsed, the largest bank since 2008.
Silicon Valley was the 16th largest bank in the US, holding $210 billion in assets.
ilicon Valley Bank CEO Greg Becker gave a statement trying to calm investors and entrepreneurs on Thursday afternoon. The company didn't open for trading at 9:30 after its shares dropped by 62% premarket trading.
Becker: “My ask is to stay calm because that’s what is important... We have been long-term supporters of you — the last thing we need you to do is panic.”
The bank was reportedly in talks to sell itself, per David Faber, after it tried but failed to raise capital, per CNBC. A hired advisor was also hired by the bank to see if a potential sale would be possible. All those efforts failed.
SIVB is now federally controlled. Silicon Valley Bank, $SIVB, has been closed by regulators, which are now in charge of the bank’s deposits, according to a release sent out by the Federal Deposit Insurance Corporation, per TechCrunch.
See full trades here: https://unusualwhales.com/insiders/trades?limit=50&ticker_symbol=SIVB&transaction_codes[]=C&transaction_codes[]=D&transaction_codes[]=E&transaction_codes[]=F&transaction_codes[]=G&transaction_codes[]=H&transaction_codes[]=I&transaction_codes[]=J&transaction_codes[]=K&transaction_codes[]=L&transaction_codes[]=M&transaction_codes[]=O&transaction_codes[]=P&transaction_codes[]=S&transaction_codes[]=U&transaction_codes[]=V&transaction_codes[]=W&transaction_codes[]=X&transaction_codes[]=Z
Note: There is no suggestion of unusualness in these trades, nor that they violated any laws. Nor is there a suggestion of any alleged insider trading.
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