Shares of SVB were halted Friday morning after falling more than 60% in premarket trading. The stock tumbled 60% Thursday.
Essentially dealing with a bank run, SVB told investors it had to sell a portfolio of US Treasuries and $1.75 billion in shares at a loss to cover rapidly declining customer deposits. "The risk of failure and deposit losses here is that the next, least well-capitalized bank races a run and fails and the dominoes continue to fall," Ackman wrote.
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