TechFlow News, March 10 — Shares of SVB Financial Group, the parent company of Silicon Valley Bank (SVB), plunged more than 60% on Thursday and fell nearly another 20% in after-hours trading, after reports emerged that several funds, including Founders Fund led by Silicon Valley "venture capital godfather" Peter Thiel, advised their clients to withdraw funds from the bank. As concerns mount over SVB's financial stability, the fund told its clients that withdrawing funds would "do no harm." It was also reported that "several" venture capital firms, including Coatue, have advised their portfolio companies to consider pulling money out of Silicon Valley Bank. After market close on Wednesday, SVB lowered its earnings outlook and disclosed substantial losses from selling securities and issuing stock. According to sources familiar with the matter, SVB CEO Greg Becker held a conference call on Thursday urging the bank's customers to "stay calm."
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