Business
FDIC auction for SVB assets said to be underway
An auction for the remaining assets of the failed Silicon Valley Bank is reportedly underway, with final bids due this afternoon and a result potentially arriving late Sunday, according to Bloomberg.
Bloomberg says that the U.S. Federal Deposit Insurance Corp. (FDIC), which stepped in and shut down SVB on Friday as it was experiencing an unprecedented run on funds by its clients, is hoping to conclude the auction before markets open on Monday morning.
A fast sale could help the FDIC make at least some of the uninsured deposits of SVB customers available to them by Monday. Already, the U.S. agency has said it’ll make the insured amounts available in full in time for next week to kick off.
When contacted, a spokesperson for the FDIC said that they are not providing comment on these reports.
As a potential resolution looms in the background, others in the startup ecosystem are jumping up to find liquidity options for entrepreneurs trying to make payroll next week. Most recently, Brex CEO Henrique Dubugras said he is working to raise over a billion dollars in a weekend to help fund an emergency bridge credit line.
-
Business6 days ago
Google Gemini: Everything you need to know about the new generative AI platform
-
Entertainment7 days ago
2024 summer TV preview: 33 TV shows to watch this summer
-
Business4 days ago
Haun Ventures is riding the bitcoin high
-
Entertainment4 days ago
Hands-on with the Claude AI app: It’s pleasant to use, but janky
-
Entertainment6 days ago
‘Bridgerton’: Everything you need to remember before Season 3
-
Entertainment3 days ago
Apple Watch Series 9 vs. SE: A smartwatch skeptic tested both for 13 days
-
Entertainment4 days ago
5 essential gadgets for turning your home into a self-care sanctuary
-
Entertainment5 days ago
How to unblock porn sites: Greatest VPN for porn in 2024