‘I’m Open to the Idea’ of buying Silicon Valley Bank: Elon Musk
Elon Musk’s recent remarks on the Silicon Valley Bank collapse were disjointed but not shocking. Elon Musk has said he’s open to the idea of buying the collapsed Silicon Valley Bank and turning it into a digital bank. His remark came after US regulators pulled the plug on Silicon Valley Bank (SVB) on Friday.
Min-Liang Tan, co-founder and CEO of Razer, tweeted “I think Twitter should buy SVB and become a digital bank.”
“I’m open to the idea,” Musk tweeted in response. The entrepreneur had last year acquired Twitter in a $44 billion deal. He had then pointed out the idea of bringing payments to the microblogging platform as the first step towards making Twitter an ‘everything app.’
On Friday silicon valley bank faced the biggest collapse since the global financial crisis in 2008. The move put nearly $175 billion in customer deposits under the control of the Federal Deposit Insurance Corp. Here’s what we know so far about this developing story. Silicon valley bank is one of the major lenders to many big names in the market. Most of the bank investments are bond to US-based market caps.