"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 all customer deposits in SVB."

OMG folks....this poor guy didn't have access to about 1 percent of his net worth for ...a whole weekend

I’m sorry, am I supposed to feel sorry for the gobshite?

Yeah, because he was a co-founder of PayPal, he/company sold PayPal stock to himself for a fraction of a penny in his Roth. The initial $2000 IRA contribution grew to $5 billions tax-free.

True about the 250k, but that's temporary. SVB owns more than double the assets of what they would owe if they paid everyone out. So why did they need to step in?

That's fun. I blame the c-suite myself...

ijust hope I’ll be able to see space odyssey IRL… 22 years too late

That’s a headline

Just watched the Netflix documentary last night too. This is really interesting news, wonder what will happen now.

Investors lost it all. The bank doesn't exist as an ongoing concern and is in receivership. Lots of drama, the FDIC did it's job and protected depositors but deposits above 250k were not guaranteed on Friday of last week.

It was reported at $5B some years ago actually.

Does the wife of ceo count as employee?

What are you talking about?

Nobody is losing their money with SVB. My company uses them and there's really no issues since Monday... Media has made this much more dramatic

LOL, sure they do.

Wait so the company divisions separated entirely to become their own entities, but kept the same name?

They didn't have a bad strategy. Interest rates and Peter Thiel's VC triggering a bank run is what killed SVB.

Their strategy was so normal and common that any bank could end up in the same way if the same factors are aligned.

It's more like bad things happen and people blame it on whatever peeve is irking them. It's what happens when your investigation already has a conclusion and just needs you to fill in the rest to suit your wants.

He can pull himself up by his bootstraps and stop buying coffee and avocado toast.

Couldn't happen to a nicer person.... /s

No mainstream US politicians fit the definition of socialist very well.

Even Bernie Sanders is just barely left of center in global terms, with the Democratic party slightly right of center. The USA's overton window is skewed very far to the right.

Can’t get a return without risk.

YouTube is rife with all kinds a misleading ads and outright scams, it is time to put an end to this nonsense.

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It WAS owned by Volkswagen.

Edit: they own Audi, Bentley, Cupra, Lamborghini, Porsche, SEAT, Škoda, Ducati and several other heavy duty vehicle companies.

I was wrong about RR

Almost imperceptible, but i hear it.