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Axios

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Silicon Valley Bank spooks Silicon Valley

SVB Coatue Founders Fund Axios

Data: Yahoo Finance. Chart: Axios Visuals

Silicon Valley Bank, long one of the most popular financial institutions among tech and life sciences startups, saw its shares fall more than 60% on Thursday, wiping out a whopping $9.4 billion in market value.

Driving the news: Several top venture capital firms, including Coatue and Founders Fund, have suggested to some portfolio companies that they strongly consider pulling money out of SVB, as concerns grow over the bank's stability.

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