SVB Financial inventory tumbles 22% after hours on experiences of funds advising shoppers to tug cash from financial institution

SVB Financial Group
SIVB,
-60.41%
fell greater than 22% within the prolonged session Thursday as experiences surfaced that a number of funds are advising shoppers to tug their cash from Silicon Valley Bank.

Bloomberg News late Thursday reported that Founders Fund, the San Francisco-based venture-capital fund co-founded by Peter Thiel, has suggested firms to do exactly so. The report cited individuals conversant in the matter.