'This is a hard time': Sharon Stone tearfully claims she lost 'half' her money in Silicon Valley Bank crisis
BEVERLY HILLS, CALIFORNIA: Actress Sharon Stone tearfully said on the night of March 16 that the recent economic turmoil brought on by the collapse of Silicon Valley Bank and Signature Bank of New York cost her "half" her wealth. Stone delivered a speech at the star-studded fundraising gala for the Women's Cancer Research Fund in Beverly Hills, urging attendees to donate to cancer research while also discussing the financial blow she endured.
“I know that thing that you have to get on and figure out how to text the money is difficult,” Stone said during her speech. “I’m a technical idiot, but I can write an (expletive) 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.”
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Spiraling financial crisis
The 'Basic Instinct' star did not go into detail about her financial position or precisely what led to her personal losses days after SVB and Signature Bank collapsed, becoming the second- and third-largest bank failures in US history, respectively, as per New York Post.
Sharon Stone breaks down in tears asking guests to donate more money. She says writing a check for her requires courage since she “lost half my money to this banking thing,” presumably referring to Silicon Valley Bank collapse. “This is not an easy time for any of us.” pic.twitter.com/ZTSP5TQ2od
— Chris Gardner (@chrissgardner) March 17, 2023
It is doubtful that the actress could have lost money tied to either of the two companies because the federal government intervened to guarantee all deposits made at the two banks, whether they were insured or not. However, the crisis led to a run on neighborhood banks and significant stock declines this week. It is possible Stone's losses may be connected to the selloff that took place in the days following the failure of the banks.
'This is a hard time'
Stone, who received the organization's Courage Award, delivered an emotional account of her own breast cancer journey while also praising other survivors present. An applause followed the speech's conclusion.
Stone also brought up her brother Patrick, who died from heart illness last month at the age of 57. “My brother just died, and that doesn’t mean that I’m not here. This is not an easy time for any of us,” Stone said. “This is a hard time in the world, but I’m telling you what, I’m not having some politician tell me what I can and cannot do. How I can and cannot live, and what the value of my life is and is not. So stand up. Stand up and say what you’re worth. I dare you. That’s what courage is.”