Roku Among Most-Exposed Firms With Assets Caught in SVB Failure
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Roku Among Most-Exposed Firms With Assets Caught in SVB Failure
Roku Among Most-Exposed Firms With Assets Caught in SVB Failure
(Bloomberg) -- Of the companies listing assets caught up in the collapse of Silicon Valley Bank on Friday, Roku Inc. is among those reporting the heaviest exposure.
Most Read from Bloomberg
Dozens of companies have reported exposure to the bank, which in its four-decade history cultivated deep ties within the technology sector. The Federal Deposit Insurance Corp. has said SVB’s customers will have full access to insured deposits up to $250,000 on Monday. However, the vast majority of funds held at the bank far exceed that limit. The agency is racing to sell assets and make a portion of clients’ uninsured deposits available as soon as Monday.
The maker of set-top boxes used for streaming film and television, had $487 million, or about a quarter of its cash and cash equivalents held at the bank. The disclosure late on Friday sent the stock down 3% in after-hours trading.
Rocket Lab USA Inc., a space launch startup, said it had about $38 million of cash and cash equivalents at SVB. Meanwhile, video-game company Roblox Corp. had about $150 million of its $3 billion in cash and securities at the bank.
Here’s a look at many of the companies that have disclosed exposure to Silicon Valley Bank:
In its filing with the SEC, Roku disclosed that about 26% of its cash and cash equivalents balance as of March 10 — roughly $487 million — is held at SVB. Roku said it isn’t sure how much of those deposits it will be able to recover. The filing also notes that it has approximately $1.4 billion of additional cash and cash equivalents “distributed across multiple large financial institutions.”
Roblox
The company said Friday it its filing roughly 5% of its $3 billion of cash and securities balance as of Feb. 28 is held at SVB. “Regardless of the ultimate outcome and the timing, this situation will have no impact on the day to day operations of the Company.” Shares of the video-game maker fell about 0.9% in post-market trading Friday.
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