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Fortune
Fortune
Jessica Mathews, Anne Sraders

Silicon Valley Bank’s sudden shutdown sparks panic—but some saw red flags months ago

Silicon Valley Bank SVB Fortune Valley Leo Schwartz
(Credit: Justin Sullivan/Getty Images)

Good afternoon. Or not really. 

It has been quite the news day so we’re bringing Term Sheet readers the latest after a crazy stretch. In a mere 48 hours the world has been turned upside down for founders, VCs, bankers and the journalists that write about them given the sudden failure of Valley stalwart Silicon Valley Bank. Yesterday, investors and depositors tried to withdraw $42 billion in deposits from the bank, according to a California regulatory filing. And while most of the world was blindsided by a run on the bank, Fortune spoke to one short seller who saw the writing on the wall months ago. As Jessica wrote in Fortune earlier today:

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