These Companies Are Caught in SVB Crash – Very Likely Someone in Your Family Gives Them Business

Click here to read the full article.

The demise of Silicon Valley Bank will spread ripples throughout America’s economy.

Silicon Valley Bank’s main focus was funding technology startups, according to CNBC. Although the Federal Deposit Insurance Corp. insures up to $250,000 per client deposit, CNBC said the FDIC’s protection has limited impact because most of its customers were businesses.

As of December, about 95 percent of the deposits at Silicon Valley Bank were not insured,  Securities and Exchange filings said.

That’s bad news for companies like the TV streaming company Roku, which had $487 million in Silicon Valley Bank, most of which is not insured, according to The New York Times. Roku said in an SEC filing that it did not know “to what extent” it would be able to recover the cash.

A report on CNN listed Toronto-based AcuityAds Holding, which had 90 percent of its cash in the bank, and Crypto currency lender BlockFi, which had $277 million in the bank.

The report also cited Roblox, an online gaming company that said 5 percent of its $3 billion in cash was in the bank.

Continue reading here.

Scroll down for comments and share your thoughts!


What do you think?

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

‘The Office’ Star Calls Out Hollywood for ‘Anti-Christian Bias’ After New Hit Show Makes It Sickeningly Clear

SAVANAH HERNANDEZ REPORTS: University of Texas women say biological males should have rights to women's spaces