Swedish Retirement Pension was SVD’s 4th Largest Shareholder with Holdings of Nearly $280 Million in Stock on Friday

Oh no – one of the largest pension plans in Sweden had 50% of its investments in the Silicon Valley Bank that went under on Friday. 

We’ve reported how SVB’s failure may be the beginning of other banks going under.  First Republic Bank is one bank where investors have concerns.  We reported on lines outside the bank in California.

TOP EXECUTIVES with Silicon Valley Bank Sold Their Shares Weeks Before Crash – Investors Tried to Pull $42 Billion on Thursday before Bank Failed on Friday

We also know that at least one firm related to Goldman Sachs and cryptocurrencies is in trouble as well.  CIRCLE announced that it had over $3 billion in the SVB and its stablecoin is no longer pegged to the dollar in early weekend trading.

Oh No! Crypto Company CIRCLE Admits It had a $3.3 Billion Exposure at Silicon Valley Bank

It’s not just silicon valley folks, a very large pension plan in Sweden was invested heavily in the Silicon Valley Bank.

The fallout from Silicon Valley Bank has spread to Sweden’s largest pension group after the fund more than doubled its holdings in the Californian bank during the past year.

Stockholm-based Alecta, which oversees more than $104 billion in assets, was SVB’s fourth-biggest shareholder at the end of last year with a holding worth $605 million, according to data compiled by Bloomberg. Following a 60% plunge in SVB’s stock on Thursday, the value of the stake was worth only $279 million.

“The holding represents less than 1% of our assets and will not impact our solvency metrics,” said Alecta’s head of communications Jacob Lapidus, who confirmed the pension fund has added to its SVB holding since it became a shareholder in 2019.

We’ll see what other companies and individuals are hit hard as a result of this bank’s failure. 

Dear Reader - The enemies of freedom are choking off the Gateway Pundit from the resources we need to bring you the truth. Since many asked for it, we now have a way for you to support The Gateway Pundit directly - and get ad-reduced access. Plus, there are goodies like a special Gateway Pundit coffee mug for supporters at a higher level. You can see all the options by clicking here - thank you for your support!
Photo of author
Joe Hoft is a Radio Host at TNTRadio.live, Author, Former International Corporate Executive in Hong Kong for a Decade, and a Contributor at TGP since 2016. Joe is the author of five books, including his new bestseller, "The Steal: Volume II - The Impossible Occurs" which addresses the stolen 2020 Election and provides an inventory of issues that prove that the 2020 Election was uncertifiable and never should have been certified for Joe Biden.

You can email Joe Hoft here, and read more of Joe Hoft's articles here.

 

Thanks for sharing!