Birdwatch Note Rating
2023-03-14 14:39:50 UTC - HELPFUL
Rated by Participant: CCE8E39925345C7CF1392462339AECA804903DE67C43E62D21D6982494089410
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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