Calm returns to markets after US banks join forces to rescue First Republic – business live
Asian shares rise as $30bn lifeline for US bank eases fears of imminent collapse and US Treasury Secretary Janet Yellen says US banking system ‘is sound’
Facing heat for his investment fund’s role in triggering the run on the Silicon Valley Bank last week, billionaire Peter Thiel told the Financial Times that he had $50m of his own money “stuck” in the bank when it collapsed.
Even as Thiel’s Founders Fund was advising companies to move their money from the bank, a decision that has been widely blamed for precipitating its failure, Thiel said that he kept a portion of his own $4bn personal fortune in the bank.
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