On March 9, 2023, Silicon Valley Bank's stock price plummeted by 60% as investors grew concerned about its financial health. Michael Burry, the investor famed for predicting the subprime mortgage crisis, issued a warning in a later-deleted tweet: "Today, we may have found our Enron." Depositors of Silicon Valley Bank, mainly venture capital firms and tech startups, began withdrawing their funds. Peter Thiel's venture capital fund, Founders Fund, pulled all its deposits.
Silicon Valley Bank's stock price plummets by 60%
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On March 9, 2023, Silicon Valley Bank's stock price plummeted 60% due to investor concerns about its financial condition.
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