Montecito residents Prince Harry and Meghan Markle “lost everything” when the Silicon Valley Bank collapsed on Friday, according to reports that suggest Harry has “screwed up royally.”
Silicon Valley Bank collapsed after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history.
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Banking regulators have taken over and closed the Silicon Valley Bank, known as a fashionable bank for celebrities in California, in the biggest US bank failure since Washington Mutual during the global financial crisis in 2008.
While relatively unknown outside of Silicon Valley and Los Angeles, SVB was among the top 20 American commercial banks, with more than $300 billion in total assets at the end of last year, according to the FDIC.
Unfortunately for the celebrities and high rollers who held accounts with the SVB, the FDIC only insures bank deposits up to $250,000.
Prince Harry and Meghan Markle are understood to have set up accounts with SVB following the advice of friends after moving to the United States, joining the ranks of many in the tech industry who are set to lose funds.
The Silicon Valley Bank collapse is the latest body blow to Montecito’s Royal residents.
Prince Harry and Meghan Markle are said to be completely “stunned” by King Charles’ decision to evict them from their British residence, Frogmore Cottage.
A spokesperson for the Sussexes confirmed on Wednesday that they had been asked to pack their things and leave the property.
“The Duke and Duchess of Sussex have been requested to vacate their residence at Frogmore Cottage,” the statement read.
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