Silicon Valley Bank officially files for bankruptcy
Image Credit: inc42
According to a tweet by The Spectator Index, Silicon Valley Bank has officially filed for bankruptcy. As per reports, Silicon Valley Bank has filed for Chapter 11 bankruptcy protection. The news comes after SVB Financial Group, its CEO, and its chief financial officer were targeted this week in a class action lawsuit. The lawsuit claimed that the company did not disclose the risks that future interest rate increases would have on its business.