🙏I am open to buying collapsed Silicon Valley Bank, says Elon Musk | Business Standard News

lipped from: https://www.business-standard.com/article/international/i-am-open-to-buy-collapsed-silicon-valley-bank-says-twitter-ceo-elon-musk-123031100334_1.html

Twitter boss Elon Musk on Saturday said that he is open to the idea of buying the collapsed Silicon Valley Bank (SVB) and turning it into a digital bank

Elon Musk

Twitter boss Elon Musk on Saturday said that he is open to the idea of buying the collapsed Silicon Valley Bank (SVB) and turning it into a digital bank.

Min-Liang Tan, co-founder and CEO of Razer (a consumer electronic company), tweeted: “I think Twitter should buy SVB and become a digital bank”.

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

US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of an American bank since 2008.

The moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates, BBC reported.

SVB faced “inadequate liquidity and insolvency”, banking regulators in California, where the firm has its headquarters.

The Federal Deposit Insurance Corporation (FDIC), which typically protects deposits up to $2,50,000, said it had taken charge of the roughly $175 billion in deposits held at the bank, the 16th largest in the US.

Silicon Valley Bank was the US’s 16th largest bank, with a total of 17 branches in California and Massachusetts.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s