Elon Musk Is Open To Buying Silicon Valley Bank Indicated By His Tweet Reply

Elon Musk: Twitter chief Elon Musk said on Saturday that he is open to the idea of buying the doomed Silicon Valley Bank (SVB) and turning it into a digital bank. Min-Liang Tan, co-founder and CEO of Razer (a consumer electronics company), tweeted, “I think Twitter should buy SVB and become a digital bank.”

To which Musk replied, “I’m open to the idea.”

Explain that Silicon Valley Bank was the 16th largest bank in America with a total of 17 branches in California and Massachusetts.

US regulator shut down Silicon Valley Bank

US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customers’ deposits in the biggest US bank failure since 2008. The move comes as a major tech lending firm scrambling to raise funds to cushion losses from asset sales hit by higher interest rates, reports the BBC.

SVB has defaulted

SVB faced ‘insufficient liquidity and bankruptcy’, the banking regulator in California, where the firm is headquartered, said. The Federal Deposit Insurance Corporation (FDIC), which usually protects deposits of up to $250,000, said it has taken charge of about $175 billion in bank deposits.

The bank has assets of $ 209 billion

Silicon Valley is the 16th largest bank in America. Such a big bank has closed after the 2008 financial crisis and it has shocked the tech industry. The bank had assets of $209 billion and deposits of $175.4 billion. This bank used to provide financial support to new-age tech companies and companies investing in venture capital. It was not clear how far SVB deposits exceeded the $250,000 limit at this time.

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