iPhone & Twitter were babies when WAMU failed, making SVB the first social media bank run ever
Kali Hays at Business Insider has collected a lot of now-deleted tweets from tech leaders that led to Silicon Valley Bank’s first-ever social media fueled bank run.
She notes how even tech folks realized their twitter panic was a mistake — and how even SVB deleted its twitter account.
It made me remember The Basis Point did a timeline comparing the rise of real-time media with the fall of finance during the 2008 crisis.
And the biggest bank failure before SVB was WAMU, which happened when the iPhone was only a year old.
Here’s that piece from the archives.
TIMELINE: The Rise of iPhone & Twitter And The Fall Of Finance & Mortgage Rates
And go read Kali’s piece which includes long-time regulator and tech-minded market structure leader Tom Vartanian commenting on how to look at outmoded regs.
– SVB is the first social media bank run in history. The crisis will change the banking industry forever.