Dozens of companies have reported exposure to the bank, which in its four-decade history cultivated deep ties within the technology sector. The Federal Deposit Insurance Corp. has said SVB’s customers will have full access to insured deposits up to $250,000 on Monday. However, the vast majority of funds held at the bank far exceed that limit. The agency is racing to sell assets and make a portion of clients’ uninsured deposits available as soon as Monday. The maker of set-top boxes used for streaming film and television, had $487 million, or about a quarter of its cash and cash equivalents held at the bank. The disclosure late on Friday sent the stock down 3% in after-hours trading. Rocket Lab USA Inc., a space launch startup, said it had about $38 million of cash and cash equivalents at SVB. Meanwhile, video-game company Roblox Corp. had about $150 million of its $3 billion in cash and securities at the bank. Here’s a look at many of the companies that have disclosed exposure to Silicon Valley Bank: Roku In its filing with the SEC, Roku disclosed that about 26% of its cash and cash equivalents balance as of March 10 — roughly $487 million — is held at SVB. Roku said it isn’t sure how much of those deposits it will be able to recover. The filing also notes that it has approximately $1.4 billion of additional cash and cash equivalents “distributed across multiple large financial institutions.” Roblox The company said Friday it its filing roughly 5% of its $3 billion of cash and securities balance as of Feb. 28 is held at SVB. “Regardless of the ultimate outcome and the timing, this situation will have no impact on the day to day operations of the Company.” Shares of the video-game maker fell about 0.9% in post-market trading Friday. Juniper Networks Inc. The networking equipment maker said that while it “maintains operating accounts” at Silicon Valley Bank, they represent less than 1% of its total cash, cash equivalents and investments. As a result the company say its exposure to loss from SVB is “immaterial.” Shares of the company were unchanged after the close of trading Friday. Rocket Lab Shares of the space startup slumped 2.6% in post-market trading Friday after it said in a filing that it had deposits of roughly $38 million in accounts with SVB, about 7.9% of its total cash and cash equivalents and marketable securities as of the end of December. AcuityAds Holdings Inc. The Canadian advertising-tech firm said in a statement Friday that nearly all of its cash is held at SVB. AcuityAds, which sells digital-advertising technology, says it had roughly $55 million in deposits at the now defunct bank and about $4.8 million at other banks, which it says it will use to “support continuing operations.” No Exposure Some firms on the other hand, disclosed that they had no exposure or relationship with SVB at all. More than a dozen stocks filed form 8-Ks with the SEC simply to tell investors that they were aware of the situation and that they had no deposits with the bank. Others waited until Saturday to clear the air, with Plug Power Inc.’s Director of Investor Relations Roberto Friedlander telling investors and analysts in an emailed statement that it only banks with tier one US banks. Shares of the hydrogen and fuel-cell maker had slumped more than 5% during Friday’s session.
VMEO) - said its account balance was under the $250,000 threshold. "Therefore, the company believes it does not have exposure to any liquidity concern at SVB," the company said in a filing. "The company has a well structured and diverse set of banking partners with no bank holding over 25% of its total cash." Sports streaming company Fubo (FUBO) - said it "does not hold any deposits at SVB or have any other direct investments at SVB."
Stoney!!!! Get ready for a nice bounce. CPI will come in nicely, and WS will think Powell will back off now in light of the SVIB failure. Write it down Stoney.
While SVB was well known among venture capitalists and the tech companies they funded, the bank had also acquired Boston Private Bank & Trust Company in 2021 whose clients ranged from small to medium-sized companies and non-profit organizations in various industries. For the past 40 years, Landvest banked with Boston Private and stayed with the bank after SVB acquired it, Joseph Taggart, president of LandVest told TheStreet. Landvest's office was next door to Boston Private's headquarters... !
Finally waking up! Good. That has been our call in print, it looks stupid when you go against it. Stay Strong!
WHO CARES?!!!! Quit following the herd Stoney. We can read all this crap elsewhere. Focus on winners like I do here. >>>>BJ's has ZERO $'s deposited at SVIB.... will be buying the May $80's for $1.70 at the bell. BJ's IS GOING UP THIS WEEK... BUY BUY BUY $74.78 ~vz
The Feds response to all of this will certainly be interesting. There is a strong feeling led by Jamie Dimon that there should be no Gov save here-- banks must fail... And an equally strong push by folks like ackerman and Cubin that something has to be done now and fast. The Fed seems to want people out of work... Andrew Yang, the entrepreneur who grabbed national attention during his 2020 White House run and his 2021 New York City mayoral run, urged government intervention following the Silicon Valley Bank (SVB) collapse, warning of potential mass layoffs in the near future and a "financial contagion." "In the absence of some kind of action you’ll see thousands of mass layoffs and defunct companies, a wiped out generation of start-ups." Yang warned. Hummmmmmmm.
Nobody's waking up. The table has changed and I'm making the call now. The Fed will go back to .25 or may temporarily pause. Huge bounce on that.