According to a report by Bloomberg, which cites anonymous people as its sources, the Federal Deposit Insurance Corporation (FIDC) of the United States started the auction process for Silicon Valley Bank on March 11. The procedure was scheduled to end on March 12, and bids were only going to be accepted for a few hours before the deadline.
In preparation for the opening of the market on March 13, the FDIC conducted buyer searches for the California bank throughout the course of the weekend. On the other hand, there is not yet a conclusive conclusion, and it is conceivable that the parties will not come to an agreement.
On March 11, the Federal Deposit Insurance Corporation (FIDC) of the United States started the bidding process for an auction for Silicon Valley Bank. The procedure was scheduled to end on March 12, and bids were only going to be accepted for a few hours before the deadline.
An investor in venture capital once told me, “I’ve had a couple firms sell for ninety cents on the dollar to ensure that they can pay their employees.” The SVB impact can be seen in each and every one of these businesses.
Silicon Valley was put out of business by California’s financial watchdog on March 10, after the company revealed plans to conduct a large sale of assets and stocks in an effort to raise $2.25 billion in capital to shore up operations.
Compiled by Coinbold
