By Katie Roof and Gillian Tan from bloomberg.com
Founders Fund, the venture capital fund co-founded by Peter Thiel, has advised companies to pull money from Silicon Valley Bank amid concerns about its financial stability, according to people familiar with the situation.SourceMoneyGuru-https://www.mgkx.com/3732.html
The firm told portfolio companies that there was no downside to removing their money from the bank, according to the people, who asked not to be identified because the information isn’t public.SourceMoneyGuru-https://www.mgkx.com/3732.html
Shares of SVB Financial Group, the bank’s parent, plunged on Thursday after announcing a stock offering, selling substantially all of the available-for-sale securities in its portfolio and updating its forecast for the year to include a sharper decline in net interest income.SourceMoneyGuru-https://www.mgkx.com/3732.html
SVB Chief Executive Officer Greg Becker held a conference call on Thursday advising Silicon Valley Bank clients to “stay calm” amid concern about the bank’s financial position, according to a person familiar with the matter.SourceMoneyGuru-https://www.mgkx.com/3732.html SourceMoneyGuru-https://www.mgkx.com/3732.html
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