“We live in the most interesting of times,” Elon Musk tweeted at 5:07 p.m. ET on Monday, to almost 25 million views. I second that, especially in the banking industry: the news had just hit that First Republic Bank
FRC
This shaved 50% off First Republic shares on Tuesday, down to the $8 range. Today FRB plummeted another 30% to under $6 per share, valuing the business at a $1 billion market cap. That’s smaller than many of Arc’s fintech banking peers… And keep in mind that FRB stock was near $150 a share in February, at $115 in early March—and down to $12 by March 20, post-SVB.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.