Birdwatch Note Rating
2023-03-14 19:27:13 UTC - HELPFUL
Rated by Participant: 1E6F7A92C01DED0D2597948EF3A3CB75ADFD3AD474AA7C60CF91F648454A4FD9
Participant Details
Original Note:
The rapid rise in interest rates was the direct cause of the SVB failure. As interest rates rose, SVB depositors pulled out their deposits, causing SVB to sell bonds at a $1.8B loss. Venture Capitalists then encouraged a run on the bank of about $42B in one day. https://www.fastcompany.com/90864027/why-svb-failed-silicon-valley-bank-collapse
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