🏦📉 SVB Crash Explained📉🏦
Silicon Valley Bank—#16 largest US bank with $212B — just crashed 60% in 1 day & fell 22% post-close. Stock halted now.
@BillAckman is calling a US gov bailout.
@peterthiel is calling a bank run.
JPM, BAC, WFC all dropped 6%.
What's next?
Is this (a) Lehman moment or (b) overblown?
Are depositors screwed or just equity investors?
And what do the terms "AFS", "HTM", "NII", & "FDIC Insurance" actually mean?
👇THREAD ON SVB
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This is an extraordinary, historic moment in China
Protests are breaking out across the country-from Beijing, to elite colleges, to other major cities, and even far flung places
Shocking to hear people chanting for Xi to step down
This is people past their breaking point @cnn
The NFT space is yet to experience the extent of the FTX collapse.
Rumors, and leaked balance sheets, suggest a hole in excess of $6b.
Contagion is in effect, with announcements emerging as founders take stock of their exposure.
The fallout will pass, NFTs are NOT dead 👇🧵
6) (Note that https://t.co/fCrWGQ4y7w and https://t.co/Ju8CkfrLYH–two separate companies–are not currently impacted by this. https://t.co/fCrWGQ4y7w’s withdrawals are and have been live, is fully backed 1:1, and operating normally.)