After cratering over 60% on Thursday, SVB Financial Group continued to fall, losing more than 20% in premarket trade on Friday. Concerns about SVB's issues potentially spilling over to the entire global banking sector affected other lenders, which were the worst performers on most stock exchanges all around the world.
Earlier this week, SVB announced it had sold approximately $21 billion of securities for an after-tax loss of around $1.8 billion. The lender that primarily backs technology start-ups also revealed it will sell a total of $2.25 billion of its common and depositary shares, with equity firm General Atlantic buying $500 million of common stock.
SVB's shares dropped 23.19% in the premarket.
