CEO of crisis-hit SVB flies first class to Hawaii, where he owns luxury home: Report

Greg Becker, CEO of the embattled Silicon Valley Bank.

Silicon Valley Bank's CEO Greg Becker has fled to his luxurious address in Hawaii amid the financial chaos triggered by the company's collapse, Daily Mail reported. Becker and his wife were photographed in Maui, where they reportedly own a townhouse worth $3.1 million.

The couple took a first class flight to Hawaii amid the bank's troubles

Becker is facing scrutiny for selling over $3 million worth of SVB shares just days before the bank revealed its big losses, CNBC reported. Over the last two years, he sold close to $30 million in the bank's shares.

SVB, an important startup lender, collapsed last week, after a sudden run on deposits. It was later seized by regulators.

Nearly a month before its collapse, the California-based business had reported a  “significant” impact on business because of remote work, according to Forbes magazine.

Even top executives were among those functioned remotely. Greg Becker, on occasions, operated from Hawaii while SVB President Mike Descheneaux would join in from Florida, The Financial Times reported.

Silicon Valley Bank, operating since 1983, lends to early-stage technology and biotech startups, and manages funds for venture capitalists.

It enjoyed great benefits in the era of easy monetary policy. But troubles began after apex banks around the world began tightening monetary policies as inflation spiralled because of the Russia-Ukraine war.

The bank's creditors recently formed a group as they brace for SVB's possible bankruptcy, news agency Reuters reported.

Meanwhile, SVB said it had brought a restructuring veteran on board but was not planning to file for bankruptcy.

From India alone, startups have an estimated $1 billion worth of deposits with Silicon Valley Bank.