Silicon Valley bank failures spread to Russia.

(Reuters)

[Financial Channel/Comprehensive Report] The TMT Investments fund founded by the founder of Russia’s RBC TV station exploded. Most of the funds were placed in the bankrupt Silicon Valley Bank. It's all in Silicon Valley Bank.

Russian media Cnews reported that the TMT Investments Fund announced that it has deposited 8 million US dollars in the bankrupt American bank Silicon Valley Bank (SVB), and about 72% of the funds are stored in Silicon Valley Bank.

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Meanwhile, five of the fund's 56 portfolio companies have large deposits in Silicon Valley Silver and six have small deposits.

The report pointed out that the TMT Investments fund is engaged in start-up investment and was created in 2010 with the participation of the co-founders of Russia's RBC Holdings Herman Kaplun and Alexander Morgulchik.

In 2021, the fund's revenue was $98.7 million and its net profit was $86.7 million.

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