On Friday, the Federal Deposit Insurance Corporation announced that it had taken over Silicon Valley Bank, and as we rushed to plan coverage, one of my colleagues succinctly described the situation: “This is historic shit.”
A week later, we can all agree they were right. But a lot has happened, and unless it’s your job to edit the news, it’s possible you missed a slice of the saga, if not the entire story.
Here’s what went down:
How it started
The drama kicked into high gear in the middle of last week: SVB’s shares fell over 60% on Wednesday evening, when the bank said that it planned to sell
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Everything you need to get caught up on the SVB crisis
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