The Blubber

Mark Cuban reportedly had between $8-10 Million at Silicon Valley Bank

The legendary investor and entrepreneur says he has an exposure between $8 million and $10 million to the California bank, per the Street.

"I'm only exposed to maybe $8 to $10 million," the Shark Tank star said during a Twitter Spaces on March 11. "CostsPlus Drugs.com deals with SVB. So we had, I think, $3.1 million there."

"We're scrambling and opening up accounts and staying up late talking to bankers to get accounts opened up at other banks. And you know, I'm writing checks on Monday morning [March 13] first thing, to make sure that payroll is payable and, you know, because this CostPlus Drugs.com is my baby," Cuban continued.

"Right now I'm not letting it go anywhere. I'm playing offense in every way that I know."

"If nobody gets anything, and payrolls aren't made, vendors aren't paid. And those vendors when they don't get paid, they can't pay their payroll. So there's a second, third and fourth order that happens, you know, every two weeks effectively for payrolls, and so if there's no money paid out in 'advanced dividends, we have a problem," he said

Meanhile, the Fed provided emergency resources to the banks.

Biden said:

At my direction, @SecYellen and my National Economic Council Director worked with banking regulators to address problems at Silicon Valley Bank and Signature Bank. I’m pleased they reached a solution that protects workers, small businesses, taxpayers, and our financial system.

Read more: https://unusualwhales.com/news/fdic-no-losses-for-silicon-valley-bank-will-be-borne-by-the-taxpayer