How Twitter helped push Silicon Valley Bank over the edge
CBSN
When prominent businesses and investors started pulling their money out of Silicon Valley Bank over concerns about the bank's solvency, word spread fast on Twitter.
"Run on the bank!" entrepreneur Kim Dotcom posted in a March 12 tweet that was viewed by 2.4 million people and retweeted nearly 3,500 times. "Get your money out. First thing on Monday. US banks are in trouble. FED emergency meeting. Deposits may get locked. Possible withdrawal limits. When markets collapse your bank deposits that US banks use to invest may be in danger. Cash is king. Get out now!"
Social media chatter, which amplified offline conversations within California's clubby tech community, as well as the ease of online banking, helped fuel a devastating — and very modern — bank run. In the modern age, panic can be transmitted with just a few keystrokes.
