Etsy, Bill.com, and Others Disclose SVB Exposure
As investors tried to gauge the impact of Silicon Valley Bank’s failure, many companies, including Bill.com Holdings (ticker: BILL), Roblox (RBLX), AcuityAds Holdings (AT. Canada), and LendingClub (LC) provided updates on their deposits at the bank.
Etsy didn’t disclose the amount of funds tied up in Silicon Valley Bank, but a spokeswoman said the company “expects to pay sellers via our other payment partners within the next several business days.”
Bill.com, which provides financial automation software for businesses, said on Saturday that it has about $670 million held at Silicon Valley Bank, including approximately $300 million in corporate cash, cash equivalents, and short-term investments, and around $370 million held in trust on behalf of its customers.
Ackman. I used to admire him for his work on Herbalife, but he has really lost his composure over this issue. He’s a mess this weekend. He’s not thinking clearly: