Twitter’s Acquisition of SVB Could Lead to a Digital Bank, Elon Musk Suggests
Elon Musk has voiced openness to buying Silicon Valley Bank (SVB) after it suffered a sudden collapse on 11 March. The lender specialised in startups, but was forced into receivership by Californian banking regulators. The comments followed a Twitter post by Razer CEO Min-Liang Tan, who recommended that Twitter buy SVB and turn it into a digital bank. Musk responded by saying, “I’m open to the idea,” without expanding on his thoughts. SVB CEO Greg Becker, meanwhile, has sold shares worth $3.6m through a trading plan. That came shortly before the bank collapsed, and was the first time Becker had sold shares in over a year. He has stated that he is searching for a partner to ally with the failing institution, though he said such a deal was not certain. Musk has previously been involved in stock sales to fund purchases, selling almost $23bn in Tesla stock last year. Neither he nor SVB has since commented on the possibility of a takeover.
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