THIEL PLAYS KEY ROLE IN BANK COLLAPSE

Jason Parsley

Peter Thiel, a gay man, played a key role in the Silicon Valley Bank collapse that happened March 10.

Thiel is a founder of Founders Fund, a venture capital firm. On March 9 the fund advised their portfolio companies to pull money from the bank. SVB is a regional bank in California catering to the tech industry.

restrictions, but the 56% in support reflects the likely outcome in Florida’s Republicancontrolled legislature.”

The survey was conducted from Feb. 25 to March 7, with a total of 1,452 respondents.

The poll’s margin of error was 2.57 percentage points.

Financial experts said SVB failed because of bad investments. On March 8 the bank announced it had sold a lot of securities at a loss and would need to raise $2.25 billion to shore up its balance sheet. That triggered a panic among venture capital firms, including Thiel’s, who advised companies to withdraw their money from the bank. On March 10 federal regulators took the company over.

Thiel is best known for being a founder of PayPal and early investor of Facebook.