David Sacks

@DavidSacks ↗

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Last Checked April 3, 2023

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Tue Mar 14 21:10:06 +0000 2023

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David Sacks @DavidSacks

The idea that one needed “non-public information” to understand that SVB was at risk is drivel being peddled by populist demagogues. Any depositor who could read the WSJ or watch the stock ticker could understand that there was no upside in waiting to see what would happen next. — PolitiTweet.org

Posted March 14, 2023

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David Sacks @DavidSacks

On Thursday morning, the financial press widely reported SVB’s need for new capital, and short sellers were all over the stock. The CEO’s disastrous “don’t panic” call later that morning only heightened fears and undermined confidence in the bank. https://t.co/7u0KDRbvdH — PolitiTweet.org

Posted March 14, 2023

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David Sacks @DavidSacks

By Friday the run on other banks had begun. This became abundantly clear when regulators placed Signature Bank in receivership, announced a backstop facility for First Republic, and temporarily halted trading of regional bank stocks on Monday. Even giant Schwab was halted. — PolitiTweet.org

Posted March 14, 2023