Hey there, Sam here: It had less to with the losses than it did the depositors' reaction to those losses. Remember this bank was pretty concentrated, venture's a big deal but it's also a little bit of a small world. So when word got out that SVB was taking steps to repair its investment portfolio, depositors -- startup founders, VCs, etc. -- fled en masse. $42B gone in a day -- likely would've been more if CA regulators and FDIC didn't step in. Hard to survive that kind of run.