Twitter Set To Buy Collapsed Silicon Valley Bank? Elon Musk Says He's Open To The Idea

Tech Billionaire Elon Musk has said that he was open to the idea that Twitter should buy the collapsed Silicon Valley Bank (SVB) and become a digital bank.

After the debacle of SVB, Razer CEO Min-Liang Tan posted on Twitter and said that social media giant should buy SVB and become a digital bank.

Musk's responded to Tan's tweet by saying that he was "open to the idea".

In a tweet, Razer CEO wrote, “I think Twitter should buy SVB and become a digital bank".

In a swift turn of events culminating in the second-largest bank collapse in US history since the 2008 financial crisis, SVB Financial Group, which operates Silicon Valley Bank (SVB), was shuttered by US regulators and its assets seized after a run on the bank on Friday (March 10).

The bank saw nearly $80 billion worth of shareholder value get wiped off after it initiated and then abandoned a capital raising program,e through equity and debt. 

The crisis that enveloped SVB also triggered a global sell-off in banking stocks after it launched a rescue share sale to plug a near-$2 billion gaping hole in its finances.

"Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver." the Federal Deposit Insurance Corporation (FDIC), the US regulator that guarantees bank deposits of up to $250,000, said in a statement.

As of 31 December 2022, SVB had approximately $209.0 billion in total assets and about $175.4 billion in total deposits, the FDIC said.