In the wake of the bank’s crisis, venture capitalists have been trading accusations over who is responsible for the collapse
“$42bn came out of this bank on one day, on Thursday. And, frankly, some actors, I think, were accelerating that run,” Democratic senator Mark WarnerAmid scrutiny of Thiel’s role in the crisis, Axios reported that Thiel “” to move the fund’s money out of the Silicon Valley Bank. The news outlet also noted that recriminations over the bank’s failure included speculation over whether the Founders Fund’s move was “intentional, as payback for some unknown grudge between the two groups”.
“We reacted in line with our fiduciary duties,” Founders Fund CEO Neil Ruthven said in a statement to Axios.The US government quickly moved to guarantee that all of Bank’s depositors would get their money, including many whose deposits exceeded the typical federally guaranteed level of $250,000. Thiel’s account was briefly frozen, but he now has access to it again, the Financial Times reported.in the 2022 midterms, including helping to elect Ohio Republican senator JD Vance.
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