Peter Thiel Claims $50M Stuck in SVB Collapse
TL;DR Summary
Billionaire investor Peter Thiel had $50 million of his own money in Silicon Valley Bank when it was seized by regulators last week, despite his own venture fund, Founders Fund, warning that the bank could be in trouble. The bank, which catered heavily to the venture capital community, was shut down by California regulators and taken over by the FDIC on March 10 as depositors scrambled to pull their money out. The vast majority of the bank's deposits were above the $250,000 threshold insured by the FDIC, so panicked customers rushed to pull their funds over fears that they would be lost.
- Peter Thiel says he had $50M in Silicon Valley Bank when it shut down Fox Business
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- Peter Thiel's role in SVB collapse under scrutiny CNN
- SVB's collapse exposes the huge carry trade problem Financial Times
- Billionaire Peter Thiel claims he has $50m of his own money stuck in SVB fall The Guardian
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