Is he for real? Indeed, no one really knows because Elon Musk frequently tweets ‘bombshells’ that indicate outlandish ideas. What then did the CEO of Tesla do this time? Elon Musk, the CEO of Twitter, has said that he is open to the possibility of purchasing the defunct Silicon Valley Bank. He made these comments in response to a Tweet from Razer co-founder and CEO Min-Liang Tan. Tan recommended that Musk acquire the bank and transform it into a digital bank.
“I think Twitter should buy SVB and become a digital bank,” he wrote on Twitter. In response to this, Musk wrote, “I’m open to the idea.”
His remarks rapidly gained traction online. It drew a slew of interesting reactions from netizens. One user wrote, “It would certainly kickstart Twitter as a financial institution. Perhaps?”
Another user joked, “Yeah, give him something to keep him busy. He barely has anything to do.”
One Twitter user even went on to suggest a new name for SVB, “The Bank of Elon, Musk Bank, Bank X, Blue Bird Bank, I can keep going.”
Musk, the founder of Tesla Inc. and SpaceX, acquired Twitter for $44 billion in a very contentious deal.
Silicon Valley Bank stated on Friday that it will be ceasing operations after the lender’s statement that it would raise $2 billion in capital to cover losses sparked a significant sell-off.
Following the bank’s announcement, the crisis developed in just 48 hours. It caused an aggressive decline in its stock that resulted in a market loss of over $80 billion but also sparked panic among depositors and clients. Many startups and venture capital firms rushed to withdraw their money.=
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