"Leaked Document Exposes Top Tech Giants as Beneficiaries of SVB Deposit Insurance"

The FDIC accidentally revealed details on Silicon Valley Bank's biggest customers, including Sequoia Capital and Kanzhun, a Beijing tech firm. After the bank's collapse, the FDIC and other regulators decided to make all of the bank's customers whole, including those with more funds than the $250,000 insurance limit. Critics argue that the rescue amounted to a bailout, one that would help foreign companies. The FDIC estimates the SVB failure will cost its deposit insurance fund $16.1 billion.