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14 Mar, 2023

Musk: Silicon Valley Bank collapse reminiscent of 1929

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While not getting into specifics, Musk says the collapse of Silicon Valley Bank on March 10th bears some similarity to the 1929 Wall Street crisis, when the Dow Jones Industrial Average dropped 23% in two days and ushered in the Great Depression. Along with Silicon Valley Bank, Signature Bank and Silvergate Capital also imploded. In response to a thread by Ark Invest CIO Cathie Wood.

Lot of current year similarities to 1929

Musk’s statement contradicts most of those from Wall Street’s biggest names, who do not expect a similar stock market crash.

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