Report: Streaming Giant Roku Has $487 Million in Cash Held by Failed Silicon Valley Bank

Streaming giant Roku owns about a quarter of the cash and cash equivalents of the nearly half a billion dollars held in the failed Silicon Valley Bank (SVB), according to a detailed report.

The entertainment company is still not sure how much of that money it will recoup, however. according to diverse.

As reported by Breitbart News, SVB’s collapse was triggered by a massive bank run, with customers withdrawing $42 billion this week.

The bank was placed into federal deposit insurance receivership on Friday after the California Department of Financial Protection and Innovation (DFPI) determined that the bank had become insolvent.

The financial institution ranked sixteenth among the largest banks in terms of assets, as US Federal Reserve data showed that the bank had assets worth $209 billion as of December 31.

SVB had been trying to find a buyer in the run-up to its bankruptcy but was ultimately unsuccessful.

Rocco It was disclosed in the SEC filing That about $487 million of the $1.9 billion in cash and cash equivalents held in SVB, or about 26 percent of the company’s cash and equivalent balance as of March 10.

As I reported before, the remaining $1.4 billion is “distributed across several large financial institutions,” Roku said in the filing. diverse.

The company’s deposits with SVB are largely uninsured. At this time, the company does not know to what extent the company will be able to recover its funds held in SVB,” Rocco said.

Roku Inc. announced Last November it said it planned to lay off 200 employees, joining other big tech companies in cutting staff thanks to Biden’s slowing economy and growing fears of inflation.

The announcement came just weeks after the film’s premiere strangea feature film produced by Rocco starring Daniel Radcliffe as “Weird Al” Yankovic.

The company too announce It will pay up to $31 million in the fourth quarter in severance pay and costs related to layoffs, which are expected to reduce headcount by five percent.

Roku joins the likes of Facebook’s former Meta, which is reducing its workforce.

Meta cut 11,000 jobs last November, which is said to be about 13 percent of its workforce.

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