A couple weeks later now, but today Steve Schwarzman, CEO of Blackrock, a private equity firm with nearly $1 trillion in assets, also attributed the SVB failure to a classic run-on-the-bank panic made infinitely faster by social media:

“This crisis was caused by people on iPhones and other devices, hearing on social media that some bank might be in trouble. They responded with huge withdrawals in a very short period of time, collapsing the bank.”

Example news coverage: Fortune magazine article, 30 Mar 2023.