Business Insider: “Peter Thiel’s Founders Fund had no cash left in Silicon Valley Bank by Thursday as it began to unravel, Bloomberg reported.
“A source told Bloomberg the PayPal cofounder’s fund had moved to close its exposure to the failing bank after running into problems using SVB’s services.
“The venture capital group had been engaging in a ‘capital call’ — where it asked investment partners to send funds to invest in a company — by transferring funds to its Silicon Valley Bank account. However, the funds didn’t immediately go through as expected.
“Following the withdrawals, the fund no longer had any exposure to SVB as of Thursday morning, the unnamed source told Bloomberg. It wasn’t clear whether the transfers happened on that day, or earlier.”