Things worsened for Silicon Valley Bank when the bank announced on Wednesday, 8th March 2023 that it had a loss of $1.8 billion after-tax. The bank now needs to raise more capital in order to pacify its depositors (customers). Because of the economic tightening currently ongoing as the Feds kept raising the interest rates to curb the inflation rate, SVB was unable to get any funding and since the announcement of the loss of $1.8 billion after-tax on the 8th of March, 2023; things became worse as other customers were panicky and tried to withdraw their funds from the bank which already had no more cash even after selling its bonds at a huge loss.