The corporate media is now widely reporting on this, and the entire banking sector took a huge hit today, losing $billions in valuation, $52 billion lost just with the four largest banks in the U.S.
Bank runs and bank failures are no longer an “if,” but simply “when.” Which ones are next?
Banks Lose Billions in Value After Tech Lender SVB Stumbles
Investors dumped shares of SVB Financial Group SIVB -60.41% and a swath of U.S. banks after the tech-focused lender said it lost nearly $2 billion selling assets following a larger-than-expected decline in deposits.
The four biggest U.S. banks lost $52 billion in market value Thursday. The KBW Nasdaq Bank Index notched its biggest decline since the pandemic roiled the markets nearly three years ago. Shares of SVB, the parent of Silicon Valley Bank, fell more than 60% after it disclosed the loss and sought to raise $2.25 billion in fresh capital by selling new shares.
Banks big and small posted steep declines. PacWest Bancorp fell 25%, and First Republic Bank lost 17%. Charles Schwab Corp. fell 13%, while U.S. Bancorp lost 7%. America’s biggest bank, JPMorgan Chase & Co., fell 5.4%.
Turmoil at Silicon Valley Bank triggers market panic: Four biggest US banks lose staggering $52 BILLION in valuation and Dow drops 540 points
Sharp losses in banking stocks led Wall Street’s main indexes lower on Thursday, as turmoil at Silicon Valley Bank’s parent company triggered investor fears about the stability of the financial sector.
The S&P 500 bank index tumbled more than 6% in its biggest one-day drop in over two years, after SVB Financial Group announced a massive equity raise to cover a $1.8 billion loss on the sale of investments.
The four largest US banks — JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup — saw their share prices plunge between 4% and 6%, wiping $52.3 billion from their collective market capitalizations for the day.
Stocks fell broadly on Wall Street, with the Dow Jones Industrial Average dropping 543 points, or 1.66%. The S&P 500 lost 1.85% and the Nasdaq composite was down 2.05%.
Shares of SVB Financial, which owns Silicon Valley Bank, plunged more than 60% after the company announced a sale of new shares to cover losses on the sale of government bonds.
Thiel Fund, Venture Firms Advise Companies to Pull Money From SVB
Peter Thiel’s Founders Fund and several other high-profile venture capital firms advised their portfolio companies to pull money from Silicon Valley Bank on Thursday, responding to panic about the bank’s financial situation in tech startup circles.
Founders Fund, a prominent VC firm co-founded by billionaire Thiel, has asked its companies to move their funds, according to one person familiar with the matter who asked not to be identified discussing private information.
Coatue Management, Union Square Ventures and Founder Collective advised their portfolio companies to pull their money from the bank, people with knowledge of the matter said. Canaan, another major VC firm, told its portfolio companies to remove their cash on an as-needed basis, according to another person.
OK i am hearing from dozens of founders about what to do at SVB.
It’s an all out bank run.
— Howard Lerman (@howard) March 9, 2023
DMs & email threads re SVB are LIT.
Every company I know is scrambling to get their cash balances under 250k and the rest of cash off-platform or into big bank funds ASAP
— Alex Miller (@alexlmiller) March 9, 2023
All the VCs sending panic DMs around pulling money out of SVB means there’ll be a good ol’ run on probably the biggest, blue-chip bank in tech. Some companies will either get wrecked or have liquidity problems. Not good for tech. (Note: Spindl totally unaffected.)
— Antonio García Martínez (agm.eth) (@antoniogm) March 9, 2023
Understand the Times We are Currently Living Through
Year 2023: Will America Fulfill Its Destiny? Jesus Christ is the Only “Transhuman” the World Has Ever Seen or Will Ever See
An Invitation to the Technologists to Join the Winning Side
Synagogue of Satan: Why It’s Time to Leave the Corporate Christian Church
Spiritual Wisdom vs. Natural Knowledge – Why There is so Much Deception Today
How to Determine if you are a Disciple of Jesus Christ or Not
Epigenetics Exposes Darwinian Biology as a Religion – Your DNA Does NOT Determine Your Health!
What Happens When a Holy and Righteous God Gets Angry? Lessons from History and the Prophet Jeremiah
Insider Exposes Freemasonry as the World’s Oldest Secret Religion and the Luciferian Plans for The New World Order
Identifying the Luciferian Globalists Implementing the New World Order – Who are the “Jews”?
Fact Check: “Christianity” and the Christian Religion is NOT Found in the Bible – The Person Jesus Christ Is
The Seal and Mark of God is Far More Important than the “Mark of the Beast” – Are You Prepared for What’s Coming?
The Satanic Roots to Modern Medicine – The Mark of the Beast?
Medicine: Idolatry in the Twenty First Century – 7-Year-Old Article More Relevant Today than the Day it was Written
Having problems receiving our newsletters? See:
How to Beat Internet Censorship and Create Your Own Newsfeed
We Are Now on Telegram. Video channels at Bitchute, and Odysee.
If our website is seized and shut down, find us on Telegram, as well as Bitchute and Odysee for further instructions about where to find us.
If you use the TOR Onion browser, here are the links and corresponding URLs to use in the TOR browser to find us on the Dark Web: Health Impact News, Vaccine Impact, Medical Kidnap, Created4Health, CoconutOil.com.
The post Four biggest US Banks Lost $52 BILLION in Valuation Today as Dow drops 540 points first appeared on Health Impact News.
This content was originally published here.