Sharon Stone Says She Just Lost A Whole Bunch Of Money Because Of Banks
Sharon Stone admitted during the Women's Cancer Research Fundraiser that half of her money was in Silicon Valley Bank, and following the bank's failure, it's now gone, likely for good.
Sharon Stone can not seem to catch a break. According to CinemaBlend, the award-winning star of Basic Instinct and Casino disclosed at the Women’s Cancer Research Fund’s recent fundraiser that she lost half of her money in the recent Silicon Valley Bank (SVB) collapse. In an inspiring speech, Stone exclaimed that things are hard right now for everyone, and even cutting a check takes courage, making sure to direct praise and adoration onto the organization. It’s not the first time that she’s spoken up over personal tragedy in her life, and unfortunately, it likely won’t be the last, but she still wanted to support a group that means a lot to her, and it should be commended.
Sharon Stone returned to the mainstream spotlight following her wordless performance on Saturday Night Live during Sam Smith’s musical performance two months ago. Since then, she’s been a podcast guest, explaining how she lost custody of her son thanks to a judge’s ruling based on Basic Instinct, and given interviews to publications where she talks about the misogyny she experienced on movie sets. All of this follows her brother’s recent passing in November from a heart attack, so it’s been a rough few months for the Hollywood legend.
The SVB collapse should never have happened, but multiple factors happened to culminate in the worst-case scenario for the bank. High-interest rates reduced the cost of the bonds purchased three years ago, causing the company to try and rebalance their investments, but in doing so, they spooked investors and set off a bank run. What made the situation unique is that most customers at SVB had over $250,000 in their accounts, exceeding the federally-insured limit.
This meant that, in cases like Sharon Stone’s, any money lost would be lost with no means of recovery. The United States government is promising that all customers will receive their money at some point, but for now, it’s easy to understand how anyone could have lost half their fortune given the situation. Well-regarded financial planners were caught off guard by the sheer speed of the bank’s collapse, meaning no one could have expected a star from Catwoman to know what was about to take place.
Emergency actions by the Federal Reserve have been taken to prevent other similar banks from collapsing, though one of Switzerland’s largest institutions, Credit Suisse, also had a collapse within the last week. In the case of the Swiss bank, over $1 billion in shareholder assets were wiped away when rival UBS bought out the company. There’s still a chance that, unlike the Swiss banking customers, Sharon Stone and others, including Roblox and Roku, could get their money back at some point, though it will take a while.
Sharon Stone’s most recent film, What About Love, is still waiting for a wide release after a limited run last month. The romantic drama, co-starring Andy Garcia, follows parents discovering their love from the example set by their daughter. Despite the limited run, hopefully, the film can continue Stone’s journey back to the mainstream after taking a few years away to help raise her children.