Thiel is a literal tyrannical goon who wants to rent you your own body someday, but nothing he did here was wrong. SVB made terrible choices that put them in a bind, and it is not the responsibility of their depositors to keep them liquid. If I found out my bank was obviously and clearly broken, you bet I'm telling everyone I can. Propping up an institution that can't even do the basics of it's job would be stupid and bad for the economy as a whole. The companies getting fucked should probably have noticed that their giant hordes in the bank were uninsured and figured out better ways to manage that money, or at least diversify their accounts.
It's the duty of any corporate officer to act responsibly with regard to the fiduciary duty to the company and to the shareholders. If they get news that their assets are at risk, they must act. To do otherwise would create great legal risk.
I'm not saying I agree either way with the law, but if you don't just take out your money, but encourage others to take out theirs as well, you are encouraging a bank run and there are specific federal laws against doing so... speaking of legal risk.
