In reference to the recent collapse of Silicon Valley Bank, Hollywood actress Sharon Stone has disclosed that she has lost 50% of her financial wealth due to "this banking thing".
While receiving the Courage Award at the Women's Cancer Research Fund's (WCRF) An Unforgettable Evening fundraiser, the actress delivered an emotional speech and tearfully admitted that she had lost half her financial fortune due to "this banking thing".
The video can be viewed here:
During the event, the actress famous for her roles in Basic Instinct and Total Recall, informed the attendees that she had lost 50% of her finances due to a banking mishap.
While accepting an award for her bravery, which was bestowed upon her due to her personal struggle with breast cancer, including a full mastectomy in 2001, the actress delivered a speech.
Sharon became emotional during her speech, urging the audience to contribute to the WCRF's research by donating money. She said: "I know that thing that you have to get on and figure out how to text the money is difficult. I'm a technical idiot, but I can write a f****** check. And right now, that's courage, too, because I know what's happening."
"I just lost half my money to this banking thing, and that doesn't mean that I'm not here."
Although Sharon did not provide any further details about her financial situation, it is believed that the Hollywood icon was referring to the recent collapse of Silicon Valley Bank.
Over the weekend, one of the largest banks in the United States experienced a collapse, leading to turmoil for numerous customers and businesses who had deposited their funds with the bank.
The financial markets in the United States have encountered instability as a consequence of the collapse. Banking stocks have been impacted by apprehensions that the collapse of the institution could trigger a 'domino effect' on other banks as well.
In the days following the collapse, it was disclosed that Silicon Valley Bank had allegedly distributed significant bonuses to its employees mere hours before the bank's downfall.
Axios reported that the bank offered its employees who remained with them a salary five times their regular rate to continue working for the next 45 days, in addition to their annual bonus. Even hourly workers were offered double their standard hourly wage if they chose to stay employed with the bank despite its collapse.
Recent reports indicated that executives of Silicon Valley Bank had sold billions of dollars' worth of stock in the bank's parent company, SVB Financial Group, over the weekend.
Following a significant decline in its share price, SVB attempted to secure alternative sources of funding, including selling the company altogether, but was unsuccessful.
As a result, the Federal Deposit Insurance Corporation declared that the bank had been closed down and placed in receivership.
In the United Kingdom, HSBC has come to the rescue by purchasing the UK division of Silicon Valley Bank for a mere £1.