Elon Musk Says I’m Ready to Buy Collapsed Silicon Valley Bank

Twitter CEO Elon Musk said on Saturday he was open to the idea of ​​buying the collapsing 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.”

U.S. regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the biggest collapse of an American bank since 2008.

Also Read: Silicon Valley Bank Collapse Worries Indian Startups – Here’s Why

The moves came as the company, a major tech lender, struggled to raise money to offset a loss on the sale of assets hit by higher interest rates, the BBC reported.

SVB faced “inadequate liquidity and bankruptcy,” according to banking regulators in California, where the company is headquartered.

The Federal Deposit Insurance Corporation (FDIC), which normally protects deposits up to $2,50,000, said it took on about $175 billion in deposits at the bank, the 16th-largest in the US .

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