HomeBusinessCompaniesI am open to buying collapsed Silicon Valley Bank, says Elon Musk

I am open to buying collapsed Silicon Valley Bank, says Elon Musk

Elon Musk, the CEO of Twitter, said on Saturday that he is open to the notion of purchasing the failed Silicon Valley Bank (SVB) and transforming it into a digital bank.

“I believe Twitter should purchase SVB and become a digital bank,” said Min-Liang Tan, co-founder and CEO of Razer (a consumer electronics business).

“I’m open to the notion,” Musk said.

Silicon Valley Bank (SVB) was closed down and its client accounts were taken over by US authorities on Friday, the greatest collapse of an American bank since 2008.

The measures occurred as the business, a prominent IT lender, scrambled to find funds to cover a loss from the sale of assets impacted by increased interest rates, according to the BBC.

SVB was facing “inadequate liquidity and bankruptcy,” according to banking authorities in California, where the company is headquartered.

The Federal Deposit Insurance Corporation (FDIC), which generally insures savings up to $250,000, said that it had assumed control of the bank’s nearly $175 billion in deposits, making it the 16th biggest in the United States.

Silicon Valley Bank was the 16th biggest bank in the United States, with 17 locations across California and Massachusetts.

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