Episode 1537 • • 28:07 - 32:30
1537: Dig Up Canada!
Silicon Valley Bank Collapse, Peter Thiel Bank Run
Silicon Valley Bank (SVB) collapsed and was seized by the FDIC after a massive bank run triggered by venture capitalist Peter Thiel advising his portfolio companies to withdraw their funds. The bank's failure was exacerbated by a $1.8 billion loss on long-term bonds that lost value as the Federal Reserve rapidly increased interest rates. This event marks the largest bank failure since the 2008 financial crisis, leaving many tech startups unable to access cash for payroll.