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.
to other financial institutions, days after the digital media firm's stock slumped on news of its exposure to the troubled bank.
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.The company's decision to move its money comes despite the U.S. Federal Deposit Insurance Corporation having guaranteed all depositors of SVB access to their money.Reporting by Eva Mathews in Bengaluru; Editing by Devika Syamnath
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