BuzzFeed sees $106.4M net loss in Q4—company had funds at Silicon Valley Bank

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BuzzFeed, Inc. announced financial results for the full year and fourth quarter on Monday, with the media company reporting a huge net loss. The report also revealed that the California-based company kept a majority of its cash and cash equivalents at the recently-defunct Silicon Valley Bank.

The statement went on to quote a joint release from the US Department of the Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation that says that depositors would be fully protected from the bank’s folding.

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