Per CNBC
Silicon Valley Bank CEO says 'My ask is to stay calm because that’s what is important' as stock halted after another 60% drop
3/10/2023
Silicon 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.
Faber reported that large financial institutes are already expressing interest in potentially buying SVB. The bank was reportedly trying to sell $1.25 billion in common stock.
On top of that, the company is also trying to sell convertible preferred shares worth $500 million. Morgan Stanley analysts Manan Gosalia and Betsy Graseck wrote a statement regarding their take on the situation.
Morgan Stanley analysts: “Current pressures facing SIVB are highly idiosyncratic and should not be viewed as a read-across to other banks,”
Perish Square CEO Bill Ackman tweeted that the effects of the situation could reach VC-backed companies. Ackman shared that the government should consider a potential bailout.
Ackman: "The failure of @SVB_Financial could destroy an important long-term driver of the economy as VC-backed companies rely on SVB for loans and holding their operating cash. If private capital can’t provide a solution, a highly dilutive gov’t preferred bailout should be considered."
Previously, Silicon Valley Bank CEO previously told investors to stay calm and not to panic. The company's stock remained bearish since Feb 15.
In similar news, Citadel and Securities and Blackrock recently bought a 5.5% and 7% stake, respectively.
See flow at unusualwhales.com/flow.
Other News:
- Silicon Valley Bank, $SIVB, CEO has said to investors: "stay calm and don’t panic"
- Investment firms Citadel Securities and BlackRock recently took major stakes in Silvergate
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