In the aftermath of the fall of Silicon Valley Bank, many Wall Street billionaires are taking to Twitter to discuss the fallout.
- Wall Street billionaires and investors, including Bill Ackman, Ray Dalio, Michael Burry, and Jeff Gundlach, have all taken to Twitter to discuss the fallout of Silicon Valley Bank, according to Bloomberg.
- Ackman tweeted a long message discussing what happened after the bank’s fall, stating, “The gov’t has about 48 hours to fix a-soon-to-be-irreversible mistake…”
- The tweet has nearly 15 million views, 7,000 retweets, and 27,000 likes.
- Ackman and others have tweeted hundreds of tweets about the fallout initiating a conversation about the current crisis.
Why it’s important
The recent fall of Silicon Valley Bank has sent America into a baking crisis similar to 2008, but this time social media is a key player—amplifying the message of calm or panic.
Key industry players with millions of followers are taking to social media, primarily Twitter, to discuss what is happening in the financial world and spread information about the current U.S. banking crisis.
Some of the information being spread is good, while other information is not, but regardless it is spreading rapidly on Twitter and other platforms.
“You saw some of the same players in 2008 arguing for massive responses to the developing financial crisis, they had a megaphone then as well,” says Columbia Business School professor Brett House. “But the ease of access, the voluminousness, and the unedited nature of it are distinct now from what it would have been then.”
The famous investors are tweeting to their vast following multiple times throughout the day, explaining what is happening and giving their opinions on the current situation.
The tweets are helping others stay up to date, but some fear it is causing more hysteria as some are guesses and opinions of what is to come.
The investors continue to grow their following as more onlookers become concerned and want to stay updated.
Though things seem similar to the 2008 financial crisis, one major thing is different—social media is today’s driving force of news delivery.