Elon Musk says I’m open to purchase collapsed Silicon Valley Financial institution

Twitter boss Elon Musk on Saturday stated that he’s open to the thought of shopping for the collapsed Silicon Valley Financial institution (SVB) and turning it right into a digital financial institution.

Min-Liang Tan, co-founder and CEO of Razer (a shopper digital firm), tweeted: “I believe Twitter can purchase SVB and grow to be a digital financial institution”.

To which Musk replied: “I`m open to the thought”.

US regulators on Friday shut down Silicon Valley Financial institution (SVB) and took management of its buyer deposits within the largest failure of an American financial institution since 2008.

Additionally Learn: Silicon Valley Bank collapse leaves Indian startups worried – here’s why

The strikes got here because the agency, a key tech lender, was scrambling to lift cash to plug a loss from the sale of belongings affected by larger rates of interest, BBC reported.

SVB confronted “insufficient liquidity and insolvency”, banking regulators in California, the place the agency has its headquarters.

The Federal Deposit Insurance coverage Company (FDIC), which usually protects deposits as much as $2,50,000, stated it had taken cost of the roughly $175 billion in deposits held on the financial institution, the sixteenth largest within the US.

Silicon Valley Financial institution was the US`s sixteenth largest financial institution, with a complete of 17 branches in California and Massachusetts.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button