Elon Musk compared the Silicon Valley Bank collapse to the 1929 Wall Street crash.

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An employee gets into his car after arriving to work to a shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Deposit Insurance Corporation.

He shared this opinion after Cathie Wood, the CEO, and CIE of Ark Invest, an investment company, posted a Twitter thread about the U.S. government banking system seizing activities in response to bank failures.

"While the US banking system was seizing up in response to bank runs threatening regional banks, Bitcoin, Ethereum, and other crypto networks didn't skip a beat," said Cathie Wood.

Elon Musk Compares Silicon Valley Bank Collapse to the 1929 Wall Street Crash

According to Business Insider Markets' latest report, Elon Musk commented on Wood's Twitter thread, saying that the SVB collapse has lots of similarities to the 1929 Wall Street crash.

(Photo : Photo by JIM WATSON/AFP via Getty Images)
Elon Musk pauses and looks down as he speaks during a press conference at SpaceX's Starbase facility near Boca Chica Village in South Texas on February 10, 2022. - Billionaire entrepreneur Elon Musk delivered an eagerly-awaited update on SpaceX's Starship, a prototype rocket the company is developing for crewed interplanetary exploration.

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However, he didn't provide the specific similarities he was referring to. But, based on Wood's tweet that he replied on, the billionaire could be referring to the popularity of cryptocurrencies.

Recently, Elon Musk's already warned about the possible serious consequences of the Silicon Valley Bank collapse.

However, many Wall Street experts disagreed with him. They explained that the SVB crash will not have a stock market route similar to the Wall Street crash in 1929.

"Any issues are finite and idiosyncratic. In other words, they don't threaten the whole system and should not lead to endless contagion," explained Rich Handler, the CEO of Jefferies.

Elon Musk Wants to Acquire SVB

After the collapse of the Silicon Valley Bank, Elon Musk said that he is open to an SVB acquisition. 

The Daily Mail UK reported that a Twitter user asked the billionaire if Twitter should purchase SVB and become a digital bank. 

Elon Musk said that he is open to this idea. However, it is unclear if the tech CEO will really make another big acquisition. 

Other stories we recently wrote about SVB and Elon Musk: 

Previously, rumors about Elon Musk's Snailbrook town in Texas appeared, claiming that the billionaire already purchased land outside Austin. We also reported about the new class-action lawsuit that the ex-SVB CEO and CFO face. 

For more news updates about other business tech topics, always keep your tabs open here at TechTimes.  

Related Article: Elon Musk Says He is 'Open' to Acquiring Silicon Valley Bank Following its Collapse