Silicon Valley Bank’s sudden cash crunch has sparked fears of a “run on the bank.”
Levi told Newcomer that he went to the SVB branch after one of the institution’s bankers told him “to go and get a cashier’s check from the New York office if he wanted to move his funds.”
Newcomer said he had spoken to a “major investor who said that about ten of his portfolio companies had pulled out about $1.5 billion collectively from Silicon Valley Bank.” Peter Thiel’s Founders Fund was among the institutions telling clients to pull their money out of SVB.
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