A number of known baalei tzedaka who donate tens of millions of dollars to the Olam HaTorah had funds in the Silicon Valley Bank (SVB) that collapsed on Friday, Kikar H’Shabbat reported on Sunday. “This is a huge crisis,” an associate of one the affected baalei tzedaka told Kikar. “I know of many baalei tzedaka who had their money there and didn’t manage to withdraw it in time.” “This can harm a number of large kollelim that are supported by gvirim who lost a lot of money in the collapse. A lot of tefillos are needed now. We hope we survive the crisis.” Prime Minister Binyamin Netanyahu said on Motzei Shabbos that if needed, the government will assist Israeli companies to get through the crisis caused by the bank’s collapse. Finance Minister Betzalel Smotrich stated that he’s establishing a special team that will include officials from the Finance Ministry, the Bank of Israel, and the Innovation and Securities Authorities to assist tech companies through the crisis. (YWN Israel Desk – Jerusalem)
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