Tesla/Twitter boss Elon Musk said that he is open to the idea of buying the collapsed Silicon Valley Bank and turning it into a digital bank. This came after an exchange of tweets between Min-Liang Tan, co-founder and CEO of Razer tweeted: "I think Twitter should buy SVB and become a digital bank". To which Musk replied: "I'm open to the idea".
The US regulators on Friday shut down Silicon Valley Bank and took control of its customer deposits in the largest failure of an American bank since 2008. The moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates, BBC reported.
SVB faced "inadequate liquidity and insolvency", banking regulators in California, where the firm has its headquarters. The Federal Deposit Insurance Corporation (FDIC), which typically protects deposits up to $2,50,000, said it had taken charge of the roughly $175 billion in deposits held at the bank, the 16th largest in the US.
Silicon Valley Bank was the US's 16th largest bank, with a total of 17 branches in California and Massachusetts. The collapse has led to stress in the global stock markets, the correct picture is likely to emerge on Monday morning.