'Mistakenly Released' FDIC Document Shows Big Venture Capital Firm Got Backstopped A Hefty Amount In SVB Collapse
Portfolio Pulse from AJ Fabino
The FDIC mistakenly released an unredacted document revealing Sequoia Capital had $1 billion deposited with Silicon Valley Bank (SVB) at the time of its collapse. Other major depositors included Kanzhun Ltd, Circle Internet Financial Ltd, BILL Holdings Inc, and ROKU. The FDIC's decision to cover all depositors at SVB and Signature Bank cost the deposit insurance fund about $15.8 billion.
June 23, 2023 | 3:18 pm
News sentiment analysis
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NEGATIVE IMPACT
BILL Holdings Inc had more than $761 million in deposits with the collapsed Silicon Valley Bank.
The news of BILL Holdings having a significant amount of deposits with the collapsed Silicon Valley Bank may raise concerns among investors about the company's financial management and potential losses, leading to a negative short-term impact on its stock price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80
NEGATIVE IMPACT
Kanzhun Ltd, a Beijing-based tech company, had more than $900 million in deposits with the collapsed Silicon Valley Bank.
The news of Kanzhun Ltd having a significant amount of deposits with the collapsed Silicon Valley Bank may raise concerns among investors about the company's financial management and potential losses, leading to a negative short-term impact on its stock price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80
NEGATIVE IMPACT
ROKU had just over $420 million in deposits with the collapsed Silicon Valley Bank.
The news of ROKU having a significant amount of deposits with the collapsed Silicon Valley Bank may raise concerns among investors about the company's financial management and potential losses, leading to a negative short-term impact on its stock price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
Sequoia Capital, a major depositor at the collapsed Silicon Valley Bank, is known for significant investments in tech companies, including Apple Inc.
Although Sequoia Capital is a major investor in Apple Inc., the news of its deposits at the collapsed Silicon Valley Bank does not directly impact Apple's stock price or operations.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 20