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.

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