Thiel had $50M in Silicon Valley Bank before collapse, FT reports

Technology founder and investor Peter Thiel had $50M in Silicon Valley Bank (SIVB) when it collapsed, despite his venture fund warning portfolio companies that the lender was at risk, The Financial Times’ George Hammond reports. Thiel told The Financial Times this week that he had maintained a substantial personal account at SVB even as fears mounted over its fate and later resulted in a run on the bank that ultimately toppled it. Thiel said he did not draw down from his account because he believed the bank would not fail. Thiel co-founded PayPal (PYPL) and Palantir (PLTR) in addition to Founders Fund. Reference Link