Mar 14, 2023

BuzzFeed says most of cash and cash equivalents held at SVB

Posted by in category: finance

March 13 (Reuters) — BuzzFeed Inc (BZFD.O) said on Monday that most of its cash and cash equivalents were held at Silicon Valley Bank (SIVB.O), which was shut down last week.

The digital media firm said it had about $56 million in cash and cash equivalents at the end of 2022.

Startup-focused lender SVB Financial Group last week became the largest bank to fail since the 2008 financial crisis, sending shockwaves through the global financial system and prompting regulators to step in to contain the fallout.

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