There has been some unsourced reporting from insiders saying there were only about 20 minutes away from raising the required capital necessary before the VCs rang the alarm on Twitter.
SVB mismanaged the situation by announcing the raise before it was happening, maybe in the name of transparency, but that doesn't mean they didn't have a workable plan for patching the situation. What they (and no bank anywhere) had a plan for was a massive coordinated bank run within a single day.
SVB mismanaged the situation by announcing the raise before it was happening, maybe in the name of transparency, but that doesn't mean they didn't have a workable plan for patching the situation. What they (and no bank anywhere) had a plan for was a massive coordinated bank run within a single day.