Peter Thiel risked losing $50m in SVB even as his firm sounded alarm
that he failed to follow his own Founders Fund firm in pulling out money from the bank, which experts say caused the crisis-sparking federal intervention last Friday.Thiel’s firm moved all its money out of the little-known, California-based tech lender that Thursday, a day after it disclosed a $1.8 billion loss on its bondholdings.
However, Thiel maintained that he left his own money in the bank because he was certain SVB would not fail.He risked losing it all had the Federal Reserve not intervened on Sunday, with its emergency funding protesting depositors, including the usually savvy tech investor. Still, unlike with many others, it would not have ruined Thiel, the first major investor in Facebook who is now worth more than $4 billion,
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