Lost half my money to this banking thing, says Sharon Stone on SVB collapse

While speaking at a fundraiser event for cancer research in Beverly Hills, American actor Sharon Stone revealed that she lost half her money to "this banking thing". This is being seen as an apparent reference to the Silicon Valley Bank (SVB) collapse, which has crashed markets around the globe.

The American actress in an emotional speech appealed to the guests present at the fundraiser to donate more, while also sharing her financial troubles.

While admitting that she is not great at online tranfers, she said "I’m a technical idiot, but I can write a 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." Stone added.

Earlier this month, the Silicon Valley Bank, a California-based startup lender, collapsed earlier this month, triggering fears of a possible repeat of the 2008 financial crisis.

Since last year the US Federal Reserve started hiking the interest rates. this reduced returns on bonds for banks and also caused a start-up winter with a slowdown in funding, which reduced the pace of deposits with SVB.

Another US bank, the Signature Bank too fell in the aftermath of SVB's fall, causing concern in the global banking sector.Credit Suisse a European bank also bore heavy losses and is now being taken over by UBS.