© Reuters. A BuzzFeed sign is seen during the company’s debut outside the Nasdaq Market in Times Square in New York City, U.S., December 6, 2021. REUTERS/Brendan McDermid
(Reuters) – BuzzFeed Inc said on Thursday it had moved most of its cash from Silicon Valley Bank to other financial institutions, days after the digital media firm’s stock slumped on news of its exposure to the troubled bank.
Its shares have lost roughly 11% since the company said on Monday that most of its $56 million in cash and cash equivalents was held at the bank whose collapse sent shockwaves through the global financial system.
BuzzFeed’s stock was 4% lower in after-market trading on Thursday.
The company’s decision to move its money comes despite the U.S. Federal Deposit Insurance Corporation (FDIC) having guaranteed all depositors of SVB access to their money.
BuzzFeed said it did not expect any disruption to its ongoing operations.