Bill Ackman warns of financial contagion risk spreading to largest banks.

Hedge fund manager Bill Ackman expressed concern over the spreading of risk of financial contagion to achieve a "false sense of confidence" in First Republic Bank (FRB), after it announced it would receive $30bn in uninsured deposits from larger banks and suspend its dividend. Tesla CEO Elon Musk also commented on the situation, calling the inefficiency of money "astounding." Ackman called for a temporary systemwide deposit guarantee until an expanded and modernized FDIC insurance system is made widely available.