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Fortune

Will Daniel

Silicon Valley Bank’s parent is reportedly struggling to pull off a fire sale after its stock blew up and it failed to raise capital

Silicon Valley Bank SVB Fortune Silicon Valley SVB Financial Bill Ackman Greg Becker CNBC

(Credit: Marla Aufmuth—Getty Images for Watermark Conference for Women 2018)

Executives at SVB Financial, parent company of embattled Silicon Valley Bank, are in talks to sell the company, CNBC reported Friday, citing unnamed sources. SVB Financial’s stock tanked roughly 60% on Thursday after it announced a plan to raise more than $2 billion in capital to cover losses at its startup-focused Silicon Valley Bank. From that level, after the stock took a haircut from around $268 to $106 per share, it looked poised to fall yet another 65% in premarket trading on Friday morning, before trading was halted as reports of a run on the bank swirled.

“It doesn’t smell good right now, and there’s a lot of panic,” one venture investor who spoke with dozens of SVB clients and requested anonymity told Fortune Thursday.

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