Brazilian startups hastily withdraw hundreds of millions of dollars from SVB

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Founders of Brazilian startups drew hundreds of millions of dollars from Silicon Valley Bank (SVB) on Thursday (9) after the bank launched a US$2.25 billion stock sale to bolster its balance sheet and mitigate the effects of falling deposits from startups struggling for cash at a time of scarcer capital for venture and technology assets.

SVB shares plummeted about 60% on Thursday on the Nasdaq; and retreated more than 20% in after-hours trading.

A bank focused on serving early-stage startups, SVB is a reference for technology companies from Brazil that receive money from venture capital funds . . .

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