The Australian share market is set for a bumpy start amid the fallout from the collapse of startup-focused lender Silicon Valley Bank (SVB), the biggest US bank failure since the 2008 financial crisis.
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Australia’s big tech investors could be caught up in the collapse of Silicon Valley Bank, the second-biggest bank failure in US history. Companies including Canva have money tied to the financier through the nation’s major venture capital funds.Authorities are considering safeguarding all uninsured deposits at the bank, to prevent what they fear would be a panic in the US financial system.
According to a report from Reuters, SVB Financial President and CEO Gregory Becker sold almost $3.6 million of SIVB shares about two weeks before the company's Silicon Valley Bank failed when it was unable to raise capital to shore up its liquidity.
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