Silicon Valley Bank suspended trading of its shares in the premarket on Friday pending an announcement, as the bank appeared to teeter on the brink of ruin.Shares of SVB were down 44% in premarket trading, after slumping about 60% in the previous session, after disclosing plans to raise over $2 billion from investors to counter $1.8 billion in losses from the sale of its bond portfolio. On Thursday night, Founders Fund, the venture capital fund co-founded by Peter Thiel, advised startups to pull their money from Silicon Valley Bank amid concerns about its financial stability, according to Bloomberg.
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