Austin tech bro’s newsletter may have triggered collapse of Silicon Valley Bank, reports say
An Austin tech bro's newsletter may have triggered the collapse of California-based Silicon Valley Bank (SVB), Fortune theorizes in a new report. Bryne Hobart, author of the venture capital-focused newsletter The Diff, told his more than 50,000 paying subscribers on Feb. 23 that SVB had a debt-to-asset ratio of 185 to 1, essentially suggesting the bank was bank insolvent, according to Fortune. After SVB missed earnings the wake of Hobart distributing his newsletter, depositors rushed to get capital out of the bank, leading to its collapse, the magazine further reported.
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