SVB Financial stock tumbles on reports of funds advising clients to pull money from bank

SVB Financial Group
SIVB,
-60.41%
fell more than 22% in the extended session Thursday as reports surfaced that several funds are advising clients to pull their money 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 advised companies to do just so. The report cited people familiar with the matter.