The US listed media company BuzzFeed has $56 million in cash assets, most of which are stored in the bankrupt Silicon Valley Bank.

(Reuters)

[Instant News/Comprehensive Report] Although Silicon Valley Bank (SVB) was taken over by the Federal Deposit Insurance Corporation (FDIC) after its collapse, and the government guaranteed that depositors could get all their deposits, it still caused panic. BuzzFeed, a media company listed on NASDAQ, It was revealed that most of the company's cash assets of US$56 million (approximately NT$1.7 billion) were stored in SVB, causing the stock price to fall.

According to "Reuters" report, BuzzFeed said that as of the end of last year, the company's cash and cash equivalents totaled 56 million US dollars, most of which were placed in the bankrupt Silicon Valley Bank. Dollar.

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BuzzFeed has struggled to maintain the ad market amid concerns over economic stagnation, with ad revenue falling 27 percent to $50.5 million in the quarter ended Dec. 31 last year.

BuzzFeed expects total revenue in the first quarter of this year to be between US$61 million and US$67 million (approximately NT$1.86 billion to NT$2.04 billion), but revenue in the same period last year was US$91.6 million (approximately NT$2.8 billion).