Musk: Silicon Valley Bank collapse reminiscent of 1929
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.
Lot of current year similarities to 1929
— Elon Musk (@elonmusk) March 15, 2023
Musk ‘open’ to buying Silicon Valley Bank
Responding to a Twitter user who suggested that the social media platform “buy SVB and become a digital bank,” Musk tweets that he’s “open to the idea.” (In 2022, he purchased Twitter, which was also struggling.)
I’m open to the idea
— Elon Musk (@elonmusk) March 11, 2023