Elon musk just said on twitter he is open an idea to buy "Silicon valy Bank' and trun it into a digital bank .
On Friday, March 10, California Banking regulators announced the shutdown of the Silicon Valley Bank (SVB) Financial Group. SVB ran into major trouble with a bank run earlier this week and is the second such bank after Silvergate Capital to announce a shutdown in a week’s time.
As the developments unfolded, Min-Liang Tan suggested that Twitter should consider buying SVB and turning it into a digital bank. Interestingly, Elon Musk has responded to it stating: “I’m open to the idea”.
I’m open to the idea
— Elon Musk (@elonmusk) March 11, 2023
The move by California banking regulators seeks to protect depositors as the startup-focused lender faces a major crisis of existence. Things aren’t clear as to what plans Elon Musk could have with SVB.
However, Musk has been keen on building everything app X for Twitter, and it could be a great deal if he gets the banking infrastructure ready through the SVB acquisition. Furthermore, Musk also recently shared his mission of making Twitter the biggest financial institution.
In an interview with Morgan Stanley executive Michael Grimes earlier this week on March 7
Musk said:“I think it’s possible to become the biggest financial institution in the world, just by providing people with convenient payment options.”
Elon Musk said that he is planning to provide a “powerful finance experience” that is superior to PayPal. Thus, if we join the dots, Musk might consider a move into Silicon Valley Bank. Of course, his team needs to check on the bank’s assets and to what extent can they help Twitter in that regard.
However, Musk has been keen on building everything app X for Twitter, and it could be a great deal if he gets the banking infrastructure ready through the SVB acquisition. Furthermore, Musk also recently shared his mission of making Twitter the biggest financial institution.
In an interview with Morgan Stanley executive Michael Grimes earlier this week on March 7
Musk said:“I think it’s possible to become the biggest financial institution in the world, just by providing people with convenient payment options.”
Elon Musk said that he is planning to provide a “powerful finance experience” that is superior to PayPal. Thus, if we join the dots, Musk might consider a move into Silicon Valley Bank. Of course, his team needs to check on the bank’s assets and to what extent can they help Twitter in that regard.
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