FDIC Backstops Billions for Wealthy Depositors and Tech Giants Amid Banking Crisis

The US government spent over $12.75 billion to bail out Silicon Valley Bank's 10 wealthiest depositors, according to an unredacted document released by the Federal Deposit Insurance Corporation (FDIC). The document reveals the names of the firms that were bailed out, including stablecoin issuer Circle, venture capital giant Sequoia, and fintech firm Bill.com. The FDIC guaranteed the deposits of these firms, which exceeded the $250,000 FDIC protection limit per account, following SVB's collapse in March.