'Twitter-fueled bank run': How social media helped bring down Silicon Valley Bank
The second largest bank failure in US history was the collapse of Silicon Valley Bank in less than 48 hours.
Customers withdrew $42 billion from Silicon Valley Bank in a single day last week.
Which is about a quarter of the total deposits of Silicon Valley Bank.
Rep. Patrick McHenry, chairman of the House Financial Services Committee, R.N.C. in a statement days after the collapse of Silicon Valley Bank.
In which he said that "this was the first Twitter-fueled bank run,"
The Wall Street Journal reported that concerns arose after a poor financial report last Wednesday.
The Wall Street Journal reported that some depositors discussed their reactions on WhatsApp and in Slack groups dedicated to the startup.
Shares of the Silicon Valley bank plunged 60% on Thursday in response to concerns about the bank's troubled financial condition.
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