Twitter boss Elon Musk, recognized for his witty remarks on the social media platform, says in a latest submit that he’s open to the thought of shopping for the collapsed Silicon Valley Bank.
Silicon Valley Bank was closed and positioned beneath receivership by California authorities on Friday. Following the corporate’s unsuccessful try and promote shares, start-ups started withdrawing funding on the urging of enterprise capital corporations. (ALSO READ: Silicon Valley Bank collapse: What we all know to this point about failed US lender)
Musk’s comment comes after Min-Liang Tan, co-founder and CEO of American world gaming {hardware} producer Razer, steered Musk flip the failed financial institution right into a digital financial institution. “I think Twitter should buy SVB and become a digital bank,” he wrote on Twitter. To this, Twitter’s boss replied, “I’m open to the idea.”
His remark shortly gained reputation on the web, drawing a variety of responses from customers. One person stated, “What an opportunity. 2-3 years to get a banking charter otherwise. Just make sure you go through those toxic assets with a fine-tooth comb!” While one other person began a ballot to see if Elon Musk can purchase SVB.Over 5,000 customers have already voted, with a majority of affirmative responses.
Musk, who can also be the founding father of Tesla Inc. and SpaceX, just lately purchased Twitter in a a lot contested $44 billion deal to ‘ensure the sanctity of free speech’.
Silicon Valley Bank collapse
Silicon Valley Bank collapse grew to become America’s greatest banking failure since 2008 with some evaluating the state of affairs with that of Lehman Brothers’ chapter.
The California Department of Financial Protection and Innovation, after taking management of the financial institution, cited inadequate liquidity and insolvency. The Federal Deposit Insurance Corporation was designated because the receiver.
Source web site: www.hindustantimes.com
