Silicon Valley Bank stock crashes 60% in a day, wipes out $80 bn from bank stocks

Shares of California-based Silicon Valley Bank (SVB) crashed 60% on Thursday after the tech-focused lender announced a $1.75 billion share sale. The share decline, which was the worst in SVB's 35-year history, led to over $80 billion being wiped out in value from other bank shares. SVB has warned that venture capital funding could remain constrained in the near term.