Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

BuzzFeed transfers most of its cash out of crisis-hit SVB

Published 03/16/2023, 06:03 PM
Updated 03/16/2023, 06:05 PM
© Reuters. A BuzzFeed sign is seen during the company's debut outside the Nasdaq Market in Times Square in New York City, U.S., December 6, 2021.  REUTERS/Brendan McDermid

(Reuters) - BuzzFeed Inc said on Thursday it had moved most of its cash from Silicon Valley Bank to other financial institutions, days after the digital media firm's stock slumped on news of its exposure to the troubled bank.

Its shares have lost roughly 11% since the company said on Monday that most of its $56 million in cash and cash equivalents was held at the bank whose collapse sent shockwaves through the global financial system.

BuzzFeed's stock was 4% lower in after-market trading on Thursday.

The company's decision to move its money comes despite the U.S. Federal Deposit Insurance Corporation (FDIC) having guaranteed all depositors of SVB access to their money.

BuzzFeed said it did not expect any disruption to its ongoing operations.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.