Elon Musk says he’s willing to buy defunct Silicon Valley Bank

Elon Musk has said he would purchase the defunct Silicon Valley Bank (SVB) and convert it into a digital bank.

Elon Musk, the CEO of Twitter, stated on Saturday that he is open to the notion of purchasing the defunct Silicon Valley Bank (SVB) and converting it into a digital bank.

“I think Twitter should buy SVB and become a digital bank,” tweeted Min-Liang Tan, co-founder and CEO of the consumer electronics business Razer.

Musk answered, “I’m open to the notion,” in response.

As the largest failure of an American bank since 2008, US regulators shut down Silicon Valley Bank (SVB) on Friday and took control of its client money.

The actions were taken as the company, a major lender to the technology industry, rushed to raise cash to cover a loss on the sale of assets that were negatively impacted by increasing interest rates, according to the BBC.

In California, where the company’s headquarters are located, banking regulators cited “inadequate liquidity and insolvency” as a problem for SVB.

The Federal Deposit Insurance Corporation (FDIC), the 16th largest bank in the US and a company that generally insures accounts up to $2,50,000, said that it had assumed control of the roughly $175 billion in deposits held at the bank.

With a total of 17 branches across Massachusetts and California, Silicon Valley Bank ranked as the 16th-largest bank in the United States.

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