On Friday, federal regulators seized the Silicon Valley Bank (SVB) following a run on the bank, and streaming device company Roku said that 26 percent of its cash and equivalents, approximately $487 million, had been deposited with the bank with the Federal Deposit Insurance Corporation (FDIC) only guaranteeing insurance on deposits up to $250,000.
According to the New York Post, in a regulatory filing, Roku claimed its “deposits with SVB were largely uninsured, sending its shares down 10 percent in extended trading.”