Hollywood actress Sharon Stone says she lost half of all of her money in the ongoing Silicon Valley Bank collapse.
“I know that thing that you have to get on and figure out how to text the money is difficult. I’m a technical idiot, but I can write a f-cking check,” she said as she accepted the Courage Award during the Women’s Cancer Research Fund’s fundraiser. “And right now, that’s courage, too, because I know what’s happening. I just lost half my money to this banking thing, and that doesn’t mean that I’m not here.”
SVB was founded in 1983 and was the 16th largest U.S. bank before its collapse. SVB Financial Group, the former parent company of Silicon Valley Bank filed for bankruptcy on Friday. SVB disclosed it had taken a $1.8 billion hit from a $21 billion fire sale of its bond holdings.
President Joe Biden told investors that their money was safe: “No losses will be borne by the taxpayers,” he said, adding “that the banking system is safe. Your deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier knowing they’ll be able to pay their workers and pay their bills, and their hard-working employees can breathe easier as well.”
[social_warfare]