Musk shows interest in buying SVB after collapse

Twitter boss Elon Musk, known for his witty remarks on the social media platform, says in a recent post that he is open to the idea of buying the collapsed Silicon Valley Bank.

Silicon Valley Bank was closed and placed under receivership by California authorities on Friday. Following the company’s unsuccessful attempt to sell shares, start-ups began withdrawing funding at the urging of venture capital firms.

Musk’s remark comes after Min-Liang Tan, co-founder and CEO of American global gaming hardware manufacturer Razer, suggested 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, Twitter’s boss replied, “I’m open to the idea.”

Silicon Valley Bank collapse became America’s biggest banking failure since 2008 with some comparing the situation with that of Lehman Brothers’ bankruptcy.

The California Department of Financial Protection and Innovation, after taking control of the bank, cited insufficient liquidity and insolvency. The Federal Deposit Insurance Corporation was designated as the receiver.