Elon Musk open to thought of shopping for Silicon Valley Financial institution

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The billionaire responded Friday evening to a suggestion that “Twitter should purchase SVB and change into a digital financial institution,” from Min-Liang Tan, CEO of Razer, which sells gaming computer systems.

Musk replied, “I’m open to the concept.” 

Others additionally indicated their assist. “I believe Twitter may use a monetary leg,” Mikael Pawlo, head of branding at Swedish fintech agency Bokio, tweeted Friday. “Would make complete sense for your complete Musk ecosystem to purchase the ruins of SVB and will additionally create a viable enterprise mannequin going ahead for Twitter.” 

“What a possibility,” tweeted Kevin Paffrath, CEO of HouseHack, a real-estate and A.I. startup. “2-3 years to get a banking constitution in any other case. Simply be sure you undergo these poisonous property with a fine-tooth comb.” 

Musk, who helped launch PayPal, took over Twitter for $44 billion in late October. He goals so as to add funds to the platform, which an acquisition of SVB would presumably assist with.

“Shopping for Twitter is an accelerant to creating X, the every thing app,” he tweeted earlier that month. China’s WeChat affords an instance of such an app, that includes funds in addition to messaging, streaming, and video chats, amongst a lot else. 

Twitter has been making use of for regulatory licenses and creating software program to introduce funds on the platform, the Monetary Occasions reported in late January. 

Fortune reached out to Twitter for remark however didn’t obtain a direct reply.

After all, not everyone seems to be thrilled with the concept of Musk having one other distraction. Buyers in Tesla, notably, have been pissed off with Musk’s deal with Twitter. Musk bought billions value of Tesla inventory to assist finance his takeover of Twitter and has been preoccupied with reshaping the platform.

In December, Leo Koguan, one in every of Tesla’s largest particular person shareholders referred to as for a management change, tweeting: “Elon deserted Tesla and Tesla has no working CEO. Tesla wants and deserves to have working full time CEO.” 

On Friday, a self-described Tesla investor with the Twitter deal with @sanssoli responded to Paffrath’s “alternative” remark by writing, “And promote one other $20 billion value of $Tesla inventory. No thanks!”

In the meantime, as Musk ponders changing into a banker, he may also change into a landlord. Based on the Wall Avenue Journal, Musk is planning to build his own town alongside the Colorado River outdoors of Austin, Texas. Staff at Tesla, SpaceX, and The Boring Firm would reportedly be capable to dwell in new properties there at below-market charges.

A few of them, maybe, may also be clients of Silicon Valley Financial institution, which has branches close by. 

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