 Hello, and welcome to SiliconANGLE News. I'm John Furrier, reporter with SiliconANGLE. Co-host of theCUBE, breaking news. There seems to be a run on Silicon Valley Bank, shares of Silicon Valley Bank's parent company, SVB financial group fell more than 60% today, Thursday, after the bank announced plans to sell 2.2 billion in stock. The stock sale comes after the bank experienced losses in its security portfolio and expects continued higher interest rates and cash burn from clients. The bank's CEO, Greg Becker, stated that the proceeds from the sale would help the bank more easily manage recent losses and potentially save the company. SiliconANGLE Bank is a crucial institution. The tech industry, especially in Silicon Valley, counting number of startups and venture capital from amongst its clients, as well as other companies. The bank estimates that the client base includes about half of all venture backed tech companies in the Silicon Valley area and the United States. So this is going to be an interesting story as the bank recently sold large shares of bonds. This glows at 1.8 billion after the tax loss on that sale. The bank still holds about 91 billion of held to maturity securities. A lot of VCs are telling their companies to get their money out of the bank. This is a crisis for Silicon Valley and Silicon Valley Bank. This is theCUBE's host, John Furrier, reporting for SiliconANGLE News. Thanks for watching.