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Peter Thiel’s Founders Fund Advises Companies to Withdraw Money From SVB

Bloomberg business news
SVB Races to Avoid Bank Run as Funds Advise Pulling Cash
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Founders Fund, the venture capital fund co-founded by Peter Thiel, has advised companies to pull money from Silicon Valley Bank amid concerns about its financial stability, according to people familiar with the situation.

The firm told portfolio companies that there was no downside to removing their money from the bank, according to the people, who asked not to be identified because the information isn’t public.