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These companies held money at Silicon Valley Bank and aren't sure if they'll recover the funds | CNN Business

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These companies held money at Silicon Valley Bank. They aren’t sure if they’ll recover the funds.

That’s approximately 26% of the company’s cash and cash equivalents, Roku\n \n said, adding that most of its deposits with the bank are uninsured. “The company’s deposits with SVB are largely uninsured,” Roku said. “At this time, the company does not know to what extent the company will be able to recover its cash on deposit at SVB.

The FDIC is acting as a receiver, which typically means it will liquidate the bank’s assets to pay back its customers, including depositors and creditors. Other companies face fallout Roblox also said in a filing that 5% of its $3 billion in cash was held at SVB. The video game company said the collapse will not affect its day-to-day operations. Crytpo lender BlockFi, which filed for bankruptcy in November, disclosed it held $227 million with SVB in a bankruptcy filing Friday.

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Any bank that is tied to Crypto is definitely under the watch since the crash of that. This bank witch held 227 million dollars of that causes a roll down affect.

Too bad.

I don't think it's possible because it's bankrupt

I blame Trump. Isn’t that CNN’s response to everything? He’s like Hitler right?

TY, Maria for letting us use your service. We see this kind of retribution coming for WF WellsFargo 4 All the customers and employees they injured in like manner! Yes! Remember, WF you can't use billions as SVB thought🤔 to avoid Uncle Sam! cbs abc nbc SenWarren retribution

alla fine si sapeva come andava a finire

You can bank on it - will no longer be the proverbial statement of guarantee. When banks can be brokerages and brokerages can be banks it is free season for the money mafia. These guys are always a step ahead of regulators.

Bidenomics 🤢

They will, if not all the $ certainly most of it. The question is whether they will survive until then.

Capitalism fails wherever it's tried 😄

WE WOULDN'T NEED BANKS IF THERE WAS UNIVERSAL BASIC INCOME! CAPITALISM IS A STUPID AND FAILED IDEA WE NEED MORE GOVERMENT PROGRAMS TO MAKE SURE THINGS LIKE THIS DONT HAPPEN AGAIN! STAND UP AGAINST CAPITALISM! ⚠️😤😡

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