Shares of SIVB continue to slide as VCs pull money from the bank

CNBC's Hugh Son joins 'Fast Money' to report that shares of Silicon Valley Bank have continued to slide as VCs and others continue to pull money from the bank.

[Emily-leop]

America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..

[Robertgriffinne]

There are lots of mixed opinions about stocks and there projection in the next coming years, I aim for short term solid gains from market correction and I'd definitely jump on the boat if I knew a thing or two about day-trading, but then again what do I really know? I'm just looking for the right moves to grow and hedge my stagnant reserve of $370k from inflation.

[RedEyeFish]

FTX taught us a lesson ....Your money is safe ....RIGHT ON... As for FDIC insured...I do not want to wait for years to get my money back....Roll the dice and good luck depositors.

[scrubbwhite]

This reporter is just doing the facts of the cuff.

[Nessal]

Correction to this report. You can initiate a wire after hours but it will not go through until the following day. SVB has a cut-off at 2pm for domestic and 2:30pm for international wire transfers.

[Bryanbkk]

Why didn’t they sell their long term bonds?

[dyardsale]

I almost bought SIVB stock when it was at $185. If dropped from $240 to $185 and I wanted to buy shares thinking it would go up. It was before the market opened so liquidity was very low and I could not buy any shares at $185 so I decided to not buy any. The stock dropped to $34 before NYSE halted trading it all together. I just missed a total disaster.

[frankguerrero]

It's a opportunity to buy SIVB it's either going to be acquired or bailout

[wtzfekk]

The negative impact of SVB and SI debacles has been reflected in the regional bank ETF (KRE) which has witnessed a decline of over 20%. This event has triggered contagion effects, dragging the entire market lower. However, historically speaking, a localized and narrow contagion of this nature presents an opportune time to invest in strong, financially stable companies with substantial cash reserves on their balance sheets.

[watb]

quick pleasw withdraw your money from that bank. My cousin work for the bank, there are many withdrawal going on. There is going to be a bank run

[brendansmith]

I van just hear Jim saying svp is fine!

[haroldcruz]

Pull your money out of the banks while you still can

[PM-pcql]

None of the talking heads predicted this.
All they talked about the woke new banking of S.V.B.
Same as the failed woke S.B.F.

[wifidaybreak]

Keep your money away from bank or you will be banked.

[hangender]

It's FDIC insured bank so....no need to pull out

[frankguerrero]

People are withdrawalling their $$$ to put it in cds banks will need to raise apy rates or deposits will further dwindle