Description
Twitter chief Elon Musk, known for his witty comments on the social media platform, said in a recent post that he was open to buying the collapsed Silicon Valley Bank. Silicon Valley Bank was closed and placed in receivership by California authorities on Friday. Following the company's failed attempt to sell shares, startups began pulling funds at the behest of venture capitalists. (ALSO READ: Silicon Valley bank collapse: What we know so far about the failed US lender) Musk's comment comes after Min-Liang Tan, co-founder and CEO of global US gaming hardware maker Razer, suggested that Musk turn the failed bank into a digital bank. “I think Twitter should buy SVB and become a digital bank,” he wrote on Twitter. To this, the Twitter boss replied: "I'm open to the idea."
His comment quickly gained popularity on the internet, prompting a flood of responses from users. One user said: "What a chance. Otherwise 2-3 years to get a bank clearance. Just make sure you check out those toxic assets!" While another user launched a poll to find out if Elon Musk should buy SVB. More than 5,000 users have already voted, with a majority of affirmative responses.
Musk, who is also the founder of Tesla Inc. and SpaceX, recently bought Twitter in a hotly contested $44 billion deal to "ensure the sanctity of free speech."
Silicon Valley bank collapse
The Silicon Valley Bank collapse has become the biggest US banking failure since 2008, with some comparing the situation to the Lehman Brothers bankruptcy.
The California Department of Financial Innovation and Protection, after taking over the bank, cited insufficient liquidity and insolvency. The Federal Deposit Insurance Corporation has been appointed as receiver.
