Peter Thiel, the founder of the American payment system, kept about $50 million in his own account at the bankrupt Silicon Valley Bank (SVB). The entrepreneur did not withdraw money from the deposit, as he did not believe that the credit institution specializing in investing in technology startups would collapse, informs Financial Times newspaper.
Thiel’s California bank account was frozen when the Federal Deposit Insurance Corporation closed the SVB on Friday, March 10. However, the article explains that the deposit became available again after the Federal Reserve System (Fed) intervened on the 12th of this month with emergency funding measures to protect depositors from losing money.
“I had $50 million of my own money at SVB. I did not withdraw money from my account because I believed the bank would not go bankrupt,” said Thiel.
March 17 Bloomberg reportedHe said that after the collapse of the American investment bank Silicon Valley Bank and Swiss Credit Suisse, the best foreign exchange results in the global stock market were shown in the shares of Chinese credit institutions. It was about the Bank of China, the Industrial and Commercial Bank of China, the Construction Bank of China and other major banks in China.