Silicon Valley Bank, one of America's biggest banks, has gone bankrupt.
After the bankruptcy of Silicon Valley Bank, its regulator seized the bank's assets and closed it.
The primary customers of this bank were startups and other tech-focused companies struggling for cash.
Withdrawal requests from customers increased, and the bank was forced to sell its assets to meet these requests.
Some startups that have accounts with Silicon Valley Bank are facing difficulties in paying their employees.
Two weeks before the bankruptcy of Silicon Valley Bank (SVB), its CEO sold shares worth $3.6 million.
This is the collapse of the largest financial institution in America after nearly a decade. Earlier there was the collapse of Washington Mutual.
This incident of bankruptcy of Silicon Valley Bank can affect the wider banking system in America.
Many banking experts believe that this is a sign that we may face a 2008-like crisis again.
After the bankruptcy of Silicon Valley Bank, the threat of recession is looming around the world including America.