Min-Liang Tan, co-founder and CEO of Razer (a shopper digital firm), tweeted: “I think Twitter should buy SVB and become a digital bank”.
To which Musk replied: “I’m open to the idea”.
@minliangtan I’m open to the thought
— Elon Musk (@elonmusk) 1678500306000
US regulators on Friday shut down Silicon Valley Bank (SVB) and took management of its buyer deposits within the largest failure of an American financial institution since 2008.
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.
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SVB confronted “inadequate liquidity and insolvency”, banking regulators in California, the place the agency has its headquarters.
The Federal Deposit Insurance Corporation (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 Bank was the US’s sixteenth largest financial institution, with a complete of 17 branches in California and Massachusetts.
Source: economictimes.indiatimes.com