Elon Musk, the CEO of Tesla and new owner of Twitter, recently stated that he is “open to the idea” of purchasing Silicon Valley Bank (SVB), which U.S. regulators shut down Friday due to a run on deposits.
Business Insider reports that in a recent reply to a tweet, Twitter owner and Tesla CEO Elon Musk stated that he was “open to the idea” of purchasing Silicon Valley Bank after the financial institution was shut down by U.S. regulator due to a run on deposits by customers. While some social media users have supported the idea, Tesla investors expressed reservations.
Startup founders started taking money out of SVB on Thursday as a result of the bank’s stock price dropping after it announced a capital raising on Wednesday night. The fact that receivers are now in charge of the bank may cause access to deposits to be severely delayed.
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Min-Liang Tan, cofounder and CEO of Razer, a company that sells gaming computers and peripherals, tweeted: “I think Twitter should buy SVB and become a digital bank.” Musk responded: “I’m open to the idea.”
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