{"id":1224,"date":"2023-03-18T23:17:38","date_gmt":"2023-03-18T23:17:38","guid":{"rendered":"https:\/\/yareport.com\/?p=1224"},"modified":"2023-03-18T23:17:39","modified_gmt":"2023-03-18T23:17:39","slug":"peter-thiel-claims-he-has-50-million-of-his-own-money-trapped-in-svb-fall","status":"publish","type":"post","link":"https:\/\/yareport.com\/index.php\/2023\/03\/18\/peter-thiel-claims-he-has-50-million-of-his-own-money-trapped-in-svb-fall\/","title":{"rendered":"Peter Thiel claims he has $50 Million of his own money Trapped in SVB fall"},"content":{"rendered":"\n

Peter Thiel, who is facing criticism for his investment fund’s involvement in the Silicon Valley Bank’s recent financial troubles, revealed to the Financial Times that he personally had $50 million in the bank when it collapsed and that his funds are currently “stuck.”<\/p>\n\n\n\n

Despite Thiel’s Founders Fund advising companies to withdraw their funds from the bank, a move that many believe contributed to the bank’s collapse, Thiel himself acknowledged that he had kept a portion of his $4 billion personal fortune in the bank.<\/p>\n\n\n\n

\u201cI had $50m of my own money stuck in SVB,\u201d Thiel told the Financial Times<\/a> in a story published on Thursday, saying that he believed the bank would not fail.<\/p>\n\n\n\n

Following the largest bank failure in the US since the 2008 financial crisis, venture capitalists in Silicon Valley have been engaging in a blame game over who caused the panic that led to a run on a significant bank in the tech industry.<\/p>\n\n\n\n

Founders Fund, the venture capital firm which Thiel started after his successes co-founding PayPal and investing early in Facebook, was \u201cone of the first to begin alerting portfolio companies to the risks at SVB\u201d, the Financial Times reported. As a prominent Silicon Valley player, the Founders Fund\u2019s view on the bank spread rapidly, as frightened tweets and group chat gossip amplified the panic.<\/p>\n\n\n\n

\n

\u201cForty-two billion dollars came out of this bank on one day, on Thursday. And, frankly, some actors, I think, were accelerating that run\u201d<\/p>\n\n\n\n

\u201cThis happened so, so quickly.\u201d<\/p>\nDemocratic senator Mark Warner told ABC News<\/a><\/cite><\/blockquote>\n\n\n\n

Founders Fund CEO Neil Ruthven stated in a statement to Axios that the company acted in accordance with their fiduciary responsibilities. However, the company did not immediately provide a response to requests for comments from Thiel or other leaders of the fund.<\/p>\n\n\n\n

The US government acted promptly to ensure that all depositors of Silicon Valley Bank, including those whose deposits exceeded the usual federally guaranteed limit of $250,000, would receive their money. <\/p>\n\n\n\n

Although Thiel’s account was briefly frozen, he has since regained<\/strong> access to it, according to the Financial Times.<\/p>\n","protected":false},"excerpt":{"rendered":"Peter Thiel, who is facing criticism for his investment fund’s involvement in…\n","protected":false},"author":2,"featured_media":1225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_mi_skip_tracking":false},"categories":[16],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/posts\/1224"}],"collection":[{"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/comments?post=1224"}],"version-history":[{"count":1,"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/posts\/1224\/revisions"}],"predecessor-version":[{"id":1226,"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/posts\/1224\/revisions\/1226"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/media\/1225"}],"wp:attachment":[{"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/media?parent=1224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/categories?post=1224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/tags?post=1224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}