Roku Inc. is among those reporting the heaviest exposure. The maker of set-top boxes used for streaming film and television, had US$487 million ($654.9 million), or about a quarter of its cash and cash equivalents held at the bank. The disclosure late on Friday sent the stock down 3% in after-hours trading.
Shares of technology companies with money at Silicon Valley Bank may be active after US authorities pledged to fully protect all depositors’ funds following the collapse of the lender.
Dozens of companies have reported exposure to the bank, which in its four-decade history cultivated deep ties within the tech sector. The Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. on Sunday jointly announced efforts aimed at strengthening confidence in the banking system in the wake of SVB’s failure.
