Weeks Before SVB’s Collapse, CEO Sells $3.6 Million in Shares

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CEO of Silicon Valley Bank (SVB) Greg Becker sold $3.6 million in shares of the bank’s parent company on February 27, just weeks before SVB collapsed, according to a filing with the Securities and Exchange Commission (SEC).  A month before a letter was sent to stakeholders announcing it was looking to raise over $2 billion in capital, Becker sold the shares in accordance with a trading plan filed on January 26.  After the announcement, SVB stock plunged as bank shares fell more than 60 percent, wiping out $9.4 billion in market value.