I lost half my fortune in the banking crisis

At the fundraising event to receive the Courage Award - Axelle/Bauer-Griffin

At the fundraising event to receive the Courage Award – Axelle/Bauer-Griffin

As one of Hollywood’s most famous seductresses, Sharon Stone frequently plays the role of a seductive and alluring woman who lures gullible men to beatings and ruin.

However, the Oscar-nominated actress claims to have accidentally fallen victim to a banking crisis, losing “half” of her substantial fortune.

Appearing at a fundraising event in Los Angeles to receive the Courage Award, the star of 1990s films like Basic Instinct and Silver shed tears as she explained thing“affected her.

The 65-year-old Oscar-nominated actress is speaking at the Women’s Cancer Research Foundation in Beverly Hills.

She received a reward for raising awareness about breast cancer after she opened up about the surgery she underwent after discovering a benign lump in her breast.

But then she talked about mobile banking before seemingly referring to the demise of Silicon Valley Bank (SVB).

“I know it’s hard to get started and figure out how to send money,” she said at the ballroom of the Beverly Wilshire hotel. “I’m a technical idiot, but I can write a great check.

“And right now, that’s also courage, because I know what’s going on. I just lost half of my money on this bank, and that doesn’t mean I’m not here.”

Stone, who also appeared in Martin Scorsese’s Casinodid not explain exactly how “banking” cost her so much.

It was assumed she was referring to the turmoil surrounding SVB’s demise on March 10.

All deposits at SVB were protected following the intervention of Joe Biden, the president of the United States.

However, anyone with a stake in the bank will incur a large loss.

High-end investors collapsed

Stone’s comments come after several prominent investors were caught up in the fallout. Peter Thiel, German-American billionaire venture capitalist, says he had $50m (£41m) in SVB when it went bust, even though his venture fund warned investors think that technology lenders are at risk.

His venture capital firm Founders Fund is among those that have advised clients to split their deposits with other lenders because of growing banking concerns.

Thiel later revealed that he maintained a substantial personal account at the bank despite fears it was exposed.

Speaking to the Financial Times, Mr Thiel, who co-founded tech companies PayPal and Palantir in addition to Founders Fund, said: “I’ve got $50 million of my money stuck in SVB.”

Losing that money wouldn’t destroy Thiel, who was the first major investor in Facebook and is now believed to be worth more than $4 billion. On the other hand, SVB’s parent company filed for bankruptcy.

The turmoil caused by the debacle also sent Credit Suisse’s share price plummeting, with rival bank UBS lined up to launch a rescue takeover over the weekend.

San Francisco-based First Republic was also affected by the drop in share prices, suggesting it could also be affected by the panic that is engulfing the industry.

Stone’s comments come after she also revealed that her brother, Patrick Stone, passed away in February of heart disease at the age of 57.

She told an audience in LA, “My brother just passed away, and that doesn’t mean I’m not here,” Stone said, according to The Hollywood Reporter. “This is not an easy time for any of us. This is a difficult time in the world. … So stand up. Stand up and say your worth. I challenge you. That’s courage.”


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