SVB Collapse Is 'First Twitter-Fueled Bank Run': Lawmaker

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House Financial Services Committee Chairman Patrick McHenry, R-N.C., on Sunday called the Silicon Valley Bank collapse “the first Twitter fueled bank run,” after one theory has surfaced that the run was sparked by “one email newsletter and an accompanying tweet, and the Twitter reaction that followed,” as reported by Fortune.

According to Fortune, Evan Armstrong, lead writer of the business-focused newsletter Napkin Math, tweeted on Friday: “This is the first time we’ve seen a social media induced bank run — if your customer base is active on twitter, this can happen to you just as easily.”

Kinda insane that this entire debacle was potentially caused by @ByrneHobart’s newsletter. Here’s how the butterfly effect happened.

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