It took about 36 hours from when rumors on Twitter started about Silicon Valley Bank’s troubles to when the bank was ultimately shuttered on Friday. Tech investors used Twitter to warn startups to withdraw their money from SVB, as the bank is widely known, to keep their cash safe. The bank’s customers ended up shifting $42 billion from their accounts the day before the collapse.
On Tuesday, Twitter chief Elon Musk, whose service played a big role in the bank’s demise, chimed in about the banking crisis by saying that it had a “lot of current year similarities to 1929.” That was the year of the infamous “Black Monday” which marked the largest selloff in stock market history and the start of the Great Depression.
Lot of current year similarities to 1929
— Elon Musk (@elonmusk) March 15, 2023
