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Title: SVB collapse is first social media-based bank run, senator says
Source: The Hill
URL Source: https://thehill.com/business/bankin ... a-based-bank-run-senator-says/
Published: Mar 17, 2023
Author: Karl Evers-Hillstrom
Post Date: 2023-03-17 02:31:47 by Charles_Byrd
Keywords: None
Views: 19

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.

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