Elon Musk says I am open to buy collapsed Silicon Valley 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".
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.
Also Read: Silicon Valley Bank collapse leaves Indian startups worried – here’s why
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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
03:33 PM IST