SVB's stock price plummeted by 60%, and funds like Founders Fund advised clients to withdraw their investments from the bank

ChainCatcher news, the stock price of SVB Financial Group, the parent company of Silicon Valley Bank, plummeted over 60% on Thursday, and further declined nearly 20% in after-hours trading. This was due to reports that several funds, including the Founders Fund led by Silicon Valley "venture capital godfather" Peter Thiel, advised clients to withdraw their investments from the bank.

Additionally, it was reported that several venture capital firms, including Coatue, also advised their portfolio companies to consider withdrawing from Silicon Valley Bank.

Previously, SVB lowered its earnings expectations after hours on Wednesday and disclosed significant losses from the sale of securities and stock issuance. (Source link)