Elon Musk, the CEO of Tesla, offered his opinions on the continuing crisis brought on by bank collapses. This occurs amid intense criticism of the way regulators handle banks. The value of bank equities fell dramatically throughout markets as a result of the failure of Silicon Valley Bank and Signature Bank in the United States as well as the most recent emergency merger agreement between Credit Suisse and UBS Group. In the meantime, the cryptocurrency market exhibited inverse behavior to the macro trend driven by the news of bank crises.
In the meantime, Silicon Valley Bank, which is already functioning as a nationally chartered bank, is being acquired by the Federal Deposit Insurance Corp (FDIC), which is improving the bidding process for the acquisition. On Monday, the news of the Credit Suisse UBS merger caused a decline in bank and bond shares since investors in the riskier Credit Suisse bonds suffered significant losses because the agreement essentially caused the $17 billion worth of Credit Suisse notes to be written off.
Musk recently compared the bankrupt cryptocurrency exchange FTX to Lehman Brothers, Credit Suisse, and Silicon Valley Bank in a tweet. This expresses his opinion on the devastating impact the failure of the Sam Bankman-Fried corporation had. The millionaire is well-known in the cryptocurrency community not just for his connections to memecoin Dogecoin (DOGE), but also for his strong relationships with CZ, CEO of Binance.
— Elon Musk (@elonmusk) March 20, 2023
