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Elon Musk open to buying Silicon Valley Bank

Written by  Shgun S -- March 11th 2023 07:24 PM
Elon Musk open to buying Silicon Valley Bank

Elon Musk open to buying Silicon Valley Bank

San Francisco, March 11: Twitter CEO Elon Musk is open to buying the bankrupt lender Silicon Valley Bank (SVB), said the billionaire. Musk has also planned to turn it into a digital bank.

His tweet came less than two days after the California Department of Financial Protection and Innovation shut down SVB, less than two days after the bank tried to persuade clients not to withdraw their money due to concerns that it was running low on available cash. On Friday, Razer Co-Founder and CEO Min-Liang Tan tweeted, "I think Twitter should buy SVB and become a digital bank."

"I'm open to the idea," Musk responded.

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On March 10, US regulators closed the bank and seized its assets. Silicon Valley Bank is a prominent lender in the United States that specialises in startup financing. As of the end of 2022, it was the 16th largest US bank by assets.

Its assets totalled USD 209 billion, with deposits totalling approximately USD 175.4 billion.

Musk has spoken about creating a payments platform on Twitter, and the development of his tweets on the lender has fueled speculation that he is seriously interested in SVB.



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