Foxconn Has $100 Million of ‘Indirect Exposure’ to SVB Fallout
(Bloomberg) — Apple Inc.’s main iPhone-making partner has indirect exposure to the meltdown of Silicon Valley Bank (SVB) of about $100 million, joining the ranks of finance and tech companies shaken by the startup linchpin’s failure.
Taiwan’s Hon Hai Precision Industry Co., also known as Foxconn, parked capital with investment funds that in turn funneled money into startups that banked with the California lender, Chairman Young Liu said. It’s now going through its books carefully but expects minimal impact since the U.S. guaranteed SVB’s deposits, he told reporters after reporting results Wednesday.
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