Two of silicon valley bank - Latest News Update, Information, Photos & Videos on Two of silicon valley bank at Lokmat Times

New York, March 11 Two of Silicon Valley Bank's top officials dumped millions of dollars worth of stock just two weeks before the firm collapsed on Friday, according to a media report.CEO Greg Becker offloaded over $3.5 million worth of stocks - which amounted to nearly 12,500 shares - in a pre-planned, automated sell-off on February 27, according to a US Securities and Exchange Commission filing, the New York Post reported.That same day, the bank's third-in-command CFO Daniel Beck sold $575,180 in stocks, Newsweek reported.Silicon Valley Bank, the once leading tech lender, was shut down by federal authorities just 11 days later.Becker and Beck sold off their massive stakes in a legal corporate trading plan established by the SEC to thwart insider trading, so it is not clear whether the CEO and CFO knew the company would collapse in just two weeks, New York Post reported.The firm was abruptly shut down Friday by the California Department of Financial Protection and Innovation due to liquidity fears.SVB disclosed it had taken a $1.8 billion hit from a $21 billion fire sale of its bond holdings.It faced a cash crunch due to surging interest rates and a recent meltdown in the tech sector led many customers to pare their deposits, New York Post reported.Shares of SVB Financial, the bank's parent, had plunged by a whopping 60% on Thursday. The stock was down by another 60% in premarket trading Friday until being halted.The sudden collapse has investors worried about a recession event similar to the 2008 financial crisis, though it's not yet clear what the full impact will be, New York Post reported.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Lok Sabha Election 2024

Heatwave In India

Mumbai Water Cut

Maharashtra Lok Sabha Election

IPL 2024

Salman Khan

Two Of Silicon Valley BankFOLLOW

Two of silicon valley bank, Latest News

Business :US lenders SVB, Signature Bank execs set to testify before the Senate this week

New York [US], May 15 : The US Senate Committee on Banking, Housing and Urban Affairs is holding three ... ...

Business :Banking sector crisis in US tightened credit conditions: Fed Chair

Washington [US], May 4 : The recent banking crisis in the US appears to have resulted in tighter credit ... ...

Politics :Silicon Valley Bank CEO sold $3.5 mn in shares just two weeks before collapse

New York, March 11 Two of Silicon Valley Bank's top officials dumped millions of dollars worth of stock ... ...