SVB touted by Forbes on 2023 America’s Best Banks list last month
The Forbes magazine jinx reared up again as the financial publication rave🍎d about Silicon Valley Bank less than a month before the lender imploded.
Forbes — which has celebrated a host of public fig🍃ures such as Elizabeth Holmes of Theranos, Adam Neumann of WeWork and Sam Bankman-Fried of FTX before they suffered public downfalls — named SVB to its America’s Best Banks list in mid-February.
On Friday, the tech-focused bank was shut down by the feds over liquidity fears.
Before SVB’s sudden collapse, the bank celebrated making the Forbes list with a tweet to its 44,000 followers March 6.
“Proud to be on @Forbes’ annual ranking of America’s Best Banks for the 5th straight year and to have also been named to the publication’s inaugural Financial All-Stars list,” SVB wrote.
But Monday, the bank deleted its Twitter account and its website was taken dꦺown as US officials put in place a rescue plan to stave off a possible panic.
Forbes ended up taking ♓SVB off the list and ꦺadding an .
“After this list was published on February 16, 2023, SVB Financial Group’s Silicon Valley Bank collapsed and was placed under FDIC control on March 10 due to a bank run prompted by fears about its interest rate exposure,” the note read.
Follow The Post’s coverage of Silicon Valley Bank’s collapse
- Ex-Silicon Valley Bank CEO Greg Becker jets to Hawaii after col༒la♏pse
- Goldman Sachs lost $200M in recent US bankingܫ chaos: report
- Kevin O’Leary grilled on why he kept money at SVB if management were ‘idiots’
In the last decade, Forbes’ prestigious lists have been mocked for promoting people and businesses that have fallen from grace.
In October 2021, Bankman-Fried nಌabbed the cover of the glossy as a member of the 40th annual Forbes 400 list, which features the 400 richest Ameܫricans.
The story accompanying the list described Bankman-Fried as somebody who was trying to rake in as much money as possible so he could put it to♑ philanthropic use.
“He is an ‘effective altruist,’ which is sort of a Silicon Valley slant on philanthropy that relies on reason and data to do the most good in the world,” the story said.
Last year, his cryptocurrency exchange collapsed amid a surge in attempts to withdraw funds due to lack of♎ liquidity.
Bankman, 31, was extradited from the Bahamas, where he had headquartered FTX, to face criminal charges in a Manhattan court. He has b🔯een released on bail and is awaiting a fraud trial on Octo𓄧ber 2.
Meanwhile, Neumann, the co-founder of WeWork, was cel🦄ebrated as one of the most eligible young business leaders, appearing on an October 2017 cover.
Neumann made huge, unsustainable bets on the expansion of WeWork and then a failed IPO in 2019. He was ousted as the company’s CEO in 2019.
Theranos’ Holmes also got the star treatment in 2015 when she landed the magazine’s September cover.
Holmes was the founder of Theranos, a Silicon Valley startup claiming to revolutionize blood testing. But Theranos came under scrutiny after uncovered the company’s faulty technology.
Last November, she was sentenced to more than 11 years in prison for wire fraud and defrauding investors of hu𓂃ndreds of millions of dollars.
