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Short-sellers make $600m in one day on Silicon Valley Bank crisis

Argonaut Capital CEO Barry Norris: 'Contagion will depend on how long it takes before the endgame'

Silicon Valley Bank’s share plunge has left European banking stocks reeling as Deutsche Bank and Societe Generale dropped by over 6% on 10 March
Silicon Valley Bank’s share plunge has left European banking stocks reeling as Deutsche Bank and Societe Generale dropped by over 6% on 10 March Photo: Getty Images

Short-sellers have made millions by betting big against Silicon Valley Bank after its parent company SVB Financial Group suffered a multi-billion dollar hit in securities sales.

SVB Financial Group launched a $1.8bn share sale on 8 March to cover a post-tax loss of $1.8bn caused by a larger-than-expected decline in deposits, which led to its stock plunging 60% on 9 March.

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