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The Guardian - US

Business

Lois Beckett

Billionaire Peter Thiel claims he has $50m of his own money stuck in SVB fall

Peter Thiel SVB Founders Fund the Financial Times United States Axios the Silicon Valley Bank

Thiel’s Founders Fund advised companies to move their money from the bank — Thiel’s Founders Fund advised companies to move their money from the bank Photograph: Roger Askew/The Oxford Union/Rex/Shutterstock

Facing heat for his investment fund’s role in triggering the run on the Silicon Valley Bank last week, billionaire Peter Thiel told the Financial Times that he had $50m of his own money “stuck” in the bank when it collapsed.

Even as Thiel’s Founders Fund was advising companies to move their money from the bank, a decision that has been widely blamed for precipitating its failure, Thiel said that he kept a portion of his own $4bn personal fortune in the bank.

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