Twitter Silicon Valley Bank: Twitter boss Elon Musk, known for his witty comments on the social media platform, has said in a recent post that he is open to the idea of buying bankrupt Silicon Valley Bank. The Silicon Valley bank was shut down by California authorities on Friday and placed under receivership. After the company’s failed attempt to sell shares, start-ups began withdrawing funds at the urging of venture capital firms.
Musk’s comments came after Min-Liang Tan, co-founder and CEO of American global gaming hardware maker Razer, suggested Musk turn the failed bank into a digital bank. “I think Twitter should buy SVB and become a digital bank,” Tan said. To this the Twitter boss replied, “I am open to the idea.”
His comment sparked a stir on the internet. One user said, ‘What a chance.’ While another user started a poll to see if Elon Musk should buy SVB. It has been polled by over 5,000 users and the majority have answered yes.
Musk who is also the founder of Tesla Inc and SpaceX. He recently bought Twitter in a much-hyped $44 billion deal to ‘ensure the sanctity of free speech’.
collapse of silicon valley bank
The collapse of Silicon Valley Bank became the biggest US banking failure since 2008, leading some to compare the situation to the bankruptcy of Lehman Brothers. The California Department of Financial Protection and Innovation cited insufficient cash and bankruptcy after taking control of the bank. The Federal Deposit Insurance Corporation was named as the receiver.