People begin to notice SVB’s struggles from a SeekingAlpha post on December 19, a viral tweet thread in January, and a newsletter post from Byrne Hobart on February 23, 2023.
Pretty much every VC I know starts to pay very, very close attention to SVB earnings.
On March 8, SVB has to raise capital to help resolve the insolvency issue. It communicates why this is happening—poorly.
Peter Thiel, USV, and Coatue send out messages to portfolio companies to pull out funds.
Tech Twitter catches word of this and mass hysteria spreads through group chats.
A bank run happens on Thursday, March 9. SVB collapses and is taken over by the FDIC on Friday, March 10.
Sunday, March 12, the Federal Reserve guarantees depositors, meaning people who banked there will be made whole