Former PayPal executive, tech investor and entrepreneur David Sacks says another bank run is already underway at a second regional bank following the abrupt collapse of Silicon Valley Bank.
In a new interview with UnHerd, Sacks says he knows of at least one other bank that is already facing mass withdrawals from corporate clients.
“I already know of at least one other bank, I don’t want to say the name, but the runs have already started. It’s a regional bank and then there’s a list of other ones.
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You can look and see which regional banks, their stocks were down 20% on Thursday and Friday because the market was throwing the question of whether the SVB problem would spread.”
When asked specifically whether he’s
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