Actually, it was started through a tweet by the co-founder of consumer electronics maker Razer. Razer co-founder Min-Liang Tan said in a tweet that Twitter should buy Silicon Valley Bank and turn it into a digital bank. Elon Musk did not take long to reply to this tweet. He said in response that he is ready for this idea. That is, they can consider buying Silicon Valley Bank.
Silicon Valley Bank (SVB) was completely shut down by US regulators last Friday. Regulators seized consumer deposits inside the bank. This is the biggest failure of any US bank since 2008. Media reports have revealed that the firm was unable to recover losses from the sale of assets due to increased interest rates, hence it had to be closed.
Silicon Valley Bank has been one of the largest banks in America. It was the 16th largest bank in the US with 17 branches in California and Massachusetts. Now after Elon Musk’s tweet, the discussion about the bank has started again. Only time can tell about what further ideas Elon Musk comes up with about buying it now.
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