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Billionaire Bill Ackman has urged the United States government to “guarantee” all deposits held by Silicon Valley Bank (SVB) within the next “48 hours,” or it risks the “destruction” of many financial institutions.
In a Mar. 11 tweet, Bill Ackman, CEO of hedge fund management firm Pershing Square, said a “giant sucking sound” will be heard from the ”withdrawal of substantially all uninsured deposits,” from all banks, besides the “systemically important banks (SIBs),” should the government fail to “guarantee all” of SVB’s deposits before the “open on Monday.”
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