SVB collapse is first social media-based bank run, senator says ...Middle East

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The collapse of Silicon Valley Bank (SVB) marked the first “social media, internet-based bank run” in U.S. history, Sen. Mark Warner (D-Va.) said Thursday. During a Senate Finance Committee hearing, Warner placed blame on venture capitalists and other depositors at the bank for coordinating their bank withdrawals over social media and online group chats. That all but ensured that SVB would go under, Warner said. “I've been supportive of the venture capital community — I was a venture capitalist before — but I think there were some bad actors in the VC community who literally started to spur this run by virtually crying fire in a crowded theater in terms of rushing all these depo

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Last updated : 16 March 2023 clock 07:17 PM

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SVB collapse is first social media-based bank run, senator says ...Middle East

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