Billionaire Bill Ackman on US banking crisis: 'I fear we are heading for a train wreck'

03/26 03:37

According to Bitcoin.com, Billionaire Bill Ackman, CEO and portfolio manager of Pershing Square Capital Management, has warned of an incoming train wreck. Pershing Square is a hedge fund management company with approximately $18.5 billion in assets under management. Ackman’s net worth is about $3.4 billion. Commenting on the current banking crisis following the failures of major banks, including Silicon Valley Bank and Signature Bank, Ackman tweeted Wednesday: "Consider recent events impact on the long-term cost of equity capital for non-systemically important banks where you can wake up one day as a shareholder or bondholder and your investment instantly goes to zero." Systemically important banks (SIBs) are banks that are considered to be so large or complex that their failure could have a significant impact on the financial system and the wider economy. On the Financial Stability Board’s (FSB) 2022 list, there are 30 systemically important banks, including JPMorgan Chase, Bank of America, Citigroup, HSBC, and the troubled Credit Suisse.

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