Peter Thiel said he had $50 million in a personal account at Silicon Valley Bank when it collapsed, despite telling his portfolio companies to pull their money
Other VC firms,Coatue Management, Union Square Ventures, and Founder Collective, had similarly advised startup clients to transfer money from SVB after the bank revealed a $1.8 billion loss and the bank's share price collapsed.
These firms have pushed back against accusations that they were spreading panic, saying that they were giving financial advice they believed would be in the best interest of their clients. , Founders Fund CFO Neil Ruthven said that"Thursday morning it was clear we were in the middle of a bank run, and we reacted in line with our fiduciary duties."
Thiel told the FT that his account was frozen on Friday when regulators stepped in and took control of the bank. However, it is once again accessible after the US government stepped in earlier this week and shored up
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