HomeU.S.BankRazer CEO says Twitter should buy SVB, Elon Musk says...

Razer CEO says Twitter should buy SVB, Elon Musk says…

After SVB’s catastrophe, Razer CEO Min-Liang Tan said on Twitter that the social media company should purchase SVB and become a digital bank. Elon Musk responded to his tweet by saying, “I’m open to the idea.”

In a Tweet, Razer CEO wrote, “I think Twitter should buy SVB and become a digital bank.”

SVB Financial Group, a startup-focused lender, became the greatest bank failure since the financial crisis on Friday, riling global markets and stranding billions of assets belonging to entrepreneurs and investors.

On Friday, California banking authorities shuttered Silicon Valley Bank and named the Federal Deposit Insurance Corporation (FDIC) as receiver for the later disposal of its assets.

In a video address to staff, SVB CEO Greg Becker said that “he is working with banking authorities to identify a partner for the bank.”
He stressed that there is “no assurance” that an agreement will be reached.

The lender is now under the jurisdiction of the Federal Deposit Insurance Corporation (FDIC).

In other events, Bloomberg reported that Becker sold $3.6 million of company shares on February 27th as part of a trading strategy. According to regulatory documents, Becker sold 12,451 shares in the parent business, SVB Financial Group, last month for the first time in more than a year. On January 26, he submitted the plan that permitted him to sell the shares. According to the news agency, the transactions were done via a revocable trust managed by Becker.

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