Thiel’s Founders Fund Withdrew Millions From Silicon Valley Bank

(Bloomberg) -- Peter Thiel’s Founders Fund had no money with Silicon Valley Bank as of Thursday morning as the bank descended into chaos, according to a person familiar with the matter. Most Read from BloombergFounders Fund withdrew millions from SVB, said the person, who asked not to be identified discussing private information. It joined other venture funds that took dramatic steps to limit exposure to the now-failed financial institution. Quickly, Founders Fund asked its investors to transfer the money to other banks instead. Story continuesFounders Fund went further than many other venture firms, which kept some money with Silicon Valley Bank in order to maintain a relationship with the institution.