The collapse of Silicon Valley Bank on Friday marks the worst U.S. financial institution failure since the Great Recession. SVB, which was the 16th largest bank in the U.S., had $209 billion in total assets at the end of 2022.

The failure was precipitated by its shares falling 60% on Friday morning, after nosediving 60% the previous day. SVB had sold off $1.75 billion in shares to compensate for declining customer deposits.

Ackman said that "the destruction of these important institutions" will begin once depositors start draining money from regional and community banks. He asserted that the U.S. government could have guaranteed SVB's deposits in exchange for penny warrants to avoid its collapse and create potential for profits.

"Instead, I think it is now unlikely any buyer will emerge to acquire the failed bank," he continued. "The gov’t’s approach has guaranteed that more risk will be concentrated in the SIBs at the expense of other banks, which itself creates more systemic risk."

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