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Al Jazeera
Al Jazeera
Business

THE TRUTH ABOUT: First republic s market value plunges below 1bn from 40bn peak | History Defined

Trading in First Republic Bank's shares was halted multiple times on Wednesday [File: Mike Segar/Reuters]

First Republic Bank’s market value plunged below $1bn for the first time ever on Wednesday after a report said the United States government was unwilling to intervene in the rescue process, hammering the lender’s stock.

After a brutal selloff, the bank’s market capitalization was about $886m at its lowest on Wednesday, a far cry from its peak of more than $40bn in November 2021.

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