There might be some hope for Silicon Valley Bank to spring back to life.
Twitter and Tesla big boss Elon Musk hinted at the possibility of the social media behemoth purchasing the beleaguered Silicon Valley Bank.
“I think Twitter should buy SVB and become a digital bank,” tweeted Min-Liang Tan in the face of the ongoing chaos. Tan is cofounder and CEO of Razer, a company that sells gaming computers.
Elon Musk responded to Tan’s tweet by stating:
“I’m open to the idea.”
On Friday, US regulators announced the closure of Silicon Valley Bank and seized all of the institution’s assets.
I think Twitter should buy SVB and become a digital bank.
— Min-Liang Tan (@minliangtan) March 11, 2023
Silicon Valley Bank Implosion Rattles Global Markets
The move, which makes SVB the largest retail bank to fail since 2008, shook global markets and left billions of assets belonging to firms and investors stranded.
On the same day, startup founders withdrew assets in response to the bank’s dropping stock price following a capital raising announcement on Thursday evening.
One Twitter user supported Musk’s proposal, stating “What an opportunity!” However, another individual named Sanjay replied, “And sell another $20 billion in Tesla stock.” No thanks!”
The largest US bank failure since the 2008 Great Recession pushed Wall Street traders into frenzy. Source: Getty Images
The impact of Elon Musk’s tweets on the stock market, cryptocurrency prices, and public opinion of his enterprises can be substantial.
The billionaire’s tweets frequently draw broad media attention, and his comments can cause large price fluctuations in equities and cryptocurrencies.
In additi
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Author: Christian Encila
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