Todd Spangler NY Digital Editor About one-fourth of Roku’s cash and equivalents — nearly half a billion dollars — has been held in Silicon Valley Bank (SVB), which was shut down by financial regulators Friday after it collapsed.
And the streaming platform company said it’s unsure the extent to which it will be able to recover that cash. SVB, after it faced a run on deposits and failed to raise capital to make up the shortfall, was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver of its assets.
Roku disclosed in an SEC filing that about $487 million of its $1.9 billion in cash and equivalents is held at SVB, or about 26% of the company’s cash and cash equivalents balance as of March 10.
The remaining $1.4 billion is “distributed across multiple large financial institutions,” Roku said in the filing. “The company’s deposits with SVB are largely uninsured.
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