Just days after a Senator was caught asking whether there were systems in place to censor social media in an attempt to prevent a bank run, “disinformation experts” are partially blaming the Silicon Valley bank collapse exacerbation on online conspiracy theorists on social media.
“Russian media outlets, far-right websites, short sellers and doomsday preppers were among those who pushed and amplified conspiracy theories online focused on the collapse of Silicon Valley Bank,” Bloomberg alleges.
According to anti-disinformation for-profit firm Alethea, a wide range of accounts used the bank’s collapse to promote their own agendas.
The firm’s founder Lisa Kaplan told Bloomberg that the claims by venture capitalists speculating the collapse of the bank that were amplified “propagandists and foreign influencers” contributed to the collapse of the bank.
“We assess that these outlets may have increased online panic and contributed to the broader cross-platform spread of false or misleading content about SVB,” Kaplan said to Bloomberg.
“We also assess that conspiratorial narratives may have accelerated panic, which then posed a risk to the broader financial system,” she said.
“This shut down a bank, and I’m concerned about it happening again,” Kaplan added.
Multiple pundits and websites claimed that the bank collapsed because of the prioritizing of environmental, social, and government initiatives over risk management.
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