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Business News›Tech›Tech & Internet›Roku says $487 million held in deposits with
Silicon Valley Bank



THE ECONOMIC TIMES DAILY NEWSPAPER IS AVAILABLE ONLINE NOW.

Read Today's Paper


ROKU SAYS $487 MILLION HELD IN DEPOSITS WITH SILICON VALLEY BANK

SECTIONS
Roku says $487 million held in deposits with Silicon Valley Bank
ReutersLast Updated: Mar 11, 2023, 10:48 PM IST
Synopsis


ROKU IN A REGULATORY FILING ALSO SAID ITS DEPOSITS WITH SVB WERE LARGELY
UNINSURED, SENDING ITS SHARES DOWN 10% IN EXTENDED TRADING.

Reuters
Streaming devices maker Roku Inc said on Friday it had about $487 million, or
26% of its cash and cash equivalents, held in deposits with SVB Financial Group,
which has been closed down by California banking regulators.

Roku in a regulatory filing also said its deposits with SVB were largely
uninsured, sending its shares down 10% in extended trading.

SVB was shuttered by banking regulators on Friday in a bid to protect depositors
following a dive in the value of its investment holdings and a rush of
withdrawal requests starting just two days ago.



Regulators appointed the Federal Deposit Insurance Corp (FDIC) as receiver,
which said that insured depositors will regain access to their deposits no later
than Monday.

The shutdown sent shockwaves through the startup community as the bank has been
central to the formation of many early-stage companies.

Online gaming firm Roblox also said it had about $150 million in deposits with
SVB.



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