Social media blamed for SVB's collapse by regulators.

Regulators and industry experts are blaming social media for the rapid collapse of Silicon Valley Bank (SVB), which saw depositors withdraw more than $40bn after the bank revealed a $1.8bn loss within its bond portfolio and plans to raise more than $2bn in new capital. The Federal Reserve's vice chair for supervision, Michael Barr, said SVB's failure was a "textbook case of mismanagement", but added that social media played a key role in the bank's downfall. Regulators are now calling for more structural changes and risk management strategies to contain the inherent risks posed by social media to the banking system.