Featured Image Credit: Twitter/@chrissgardner
Topics: Film and TV, Celebrity
Niamh Spence
Hollywood actress Sharon Stone has revealed she's lost half her financial fortune due to 'this banking thing', in a nod to the recent Silicon Valley Bank collapse.
The actress made the confession while making an emotional speech at the Women’s Cancer Research Fund’s (WCRF) An Unforgettable Evening fundraiser, where she was moved to tears as she received the Courage Award.
Watch the video here:
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The actress, known for her appearances in Basic Instinct and Total Recall, told attendees at the event that she had lost half her money to a banking incident.
The actress made a speech as part of her accepting an award for courage, for her own experiences of fighting breast cancer including a full mastectomy in 2001.
Getting emotional as she pushed those watching her speak to donate money to the WCRF for further research, Sharon said: "I know that thing that you have to get on and figure out how to text the money is difficult. I’m a technical idiot, but I can write a f****** 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."
Whilst Sharon didn't elaborate further on her finances, it's thought the Hollywood icon was referring to the recent Silicon Valley banking collapse.
Last weekend, one of the biggest banks in the US collapsed, causing chaos for many customers and businesses who keep their money with the bank.
As a result of the collapse, the US financial markets have faced volatility with banking stocks being hit by fears that the institution's collapse could also have a 'domino effect' on others.
It was also revealed just days after the collapse that the Silicon Valley Bank had apparently gave out huge bonuses to its staff just hours before the financial institution collapsed.
According to Axios, the bank promised employees who stayed on with them five times their normal salary to stay working for them for 45 days as well as the annual bonus they just received. Hourly workers were also promised double their rate if they continued to work for the bank despite it folding.
It was reported last weekend that Silicon Valley Bank execs recently sold billions of dollars' worth of stock in parent company SVB Financial Group.
After a massive drop in share price, SVB tried and failed to find alternative funding, including selling the company all together.
This led to the Federal Deposit Insurance Corporation announcing the bank had been shut down and placed in receivership.
Meanwhile in the UK, HSBC has swooped in and saved the UK branch of Silicon Valley Bank, buying it for just a £1.