Oh no – one of the largest pension plans in Sweden had 50% of its investments in the Silicon Valley Bank that went under on Friday.
We’ve reported how SVB’s failure may be the beginning of other banks going under. First Republic Bank is one bank where investors have concerns. We reported on lines outside the bank in California.
We also know that at least one firm related to Goldman Sachs and cryptocurrencies is in trouble as well. CIRCLE announced that it had over $3 billion in the SVB and its stablecoin is no longer pegged to the dollar in early weekend trading.
It’s not just silicon valley folks, a very large pension plan in Sweden was invested heavily in the Silicon Valley Bank.
We’ll see what other companies and individuals are hit hard as a result of this bank’s failure.