BuzzFeed transfers most of its cash out of crisis-hit SVB

(Reuters) – BuzzFeed Inc said on Thursday it had moved most of its cash from Silicon Valley Bank to other financial institutions, days after the digital media firm’s stock slumped on news of its exposure to the troubled bank.

Since Monday’s announcement by the company that $56 million in cash and equivalents was held at the bank, its shares have fallen 11%. The collapse of the bank sent shockwaves through global financial markets.

BuzzFeed stock dropped 4% during after-market trading Thursday.

Despite the fact that all SVB depositors have been guaranteed access by the U.S. Federal Deposit Insurance Corporation, (FDIC), the company decided to move its money.

BuzzFeed stated that it didn’t anticipate any disruptions to its ongoing operations.

(Reporting by Eva Mathews, Bengaluru; Editing By Devika Syamnath

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