Tweets, particularly from those in the startup community, exacerbated the run on Silicon Valley Bank last month.
As Janet Yellen said: “No matter how strong capital and liquidity supervision are, if a bank has an overwhelming run that’s spurred by social media so that it’s seeing deposits flee at that pace, a bank can be put in danger of failing."
Even if panicky messages were coming from a radio or a TV broadcast, that's more of a one-way communique. Social media changes the game.The researchers examined a database of all tweets both in the months before the run on SVB and during the run period itself — which they define as March 1 to March 14.
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