Among the thousands of businesses that will face some form of financial compensation following the collapse of the Silicon Valley Bank (SVB), recipients of federal bailout money will include mainstream media outlets, social media companies, and the business interests of several Democratic elected officials across the country.
According to the Washington Free Beacon , while SVB was most well-known for having numerous tech companies among its clients, the bank also did business with several mainstream media outlets as well. Two examples are BuzzFeed and Vox. On Monday, BuzzFeed revealed to its investors that, of the $56 million in cash that the company held at the end of 2022, the majority of it was being held at SVB. The news capped off a disastrous year for BuzzFeed, as 2022 saw the company lose an estimated $201.3 million, as well as the firing of 40 percent of its newsroom staff, and its […]
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