Elon Musk Speaks, FTX Among the World's Biggest Economic Failures!


 "FTX also fell badly, so it's not surprising that Musk said that."

In the wake of the ongoing banking crisis, Tesla CEO Elon Musk has shared his views amid intense criticism of how banks are run by regulators.

It is already known that bank stocks experienced a drastic decline when Silicon Valley Bank (SVB) and Signature Bank in the United States (US) met with failure coupled with the collapse of Credit Suisse.

However, the crypto market saw the opposite situation as the prices of most digital assets soared despite the deepening bank crisis.

Additionally, the Federal Deposit Insurance Corporation (FDIC) is currently in the bidding process to acquire SVB which currently operates as a nationally chartered bank.

While the merger of Credit Suisse and UBS sent bank shares and bonds down on Monday after it resulted in $17 billion of Credit Suisse's bonds being written off, bringing huge losses to investors.

Back to Musk, he on his Twitter account has placed the doomed crypto exchange company FTX among Lehman Brothers, Credit Suisse and SVB to show his views on the disastrous impact left by FTX.


— Elon Musk (@elonmusk) March 20, 2023

In general, Musk is a staunch supporter of memecoin Dogecoin (DOGE) and has a close relationship with Binance CEO Changpeng Zhao (CZ), where it was revealed that the crypto exchange company owns equity in Twitter.