Cryptocurrency

Elon Musk says he is ‘open to the idea’ of Twitter buying SVB to become a digital bank

On Friday, March 10th, Elon Musk said he was open to an acquisition following the collapse of Silicon Valley Bank. His CEO of Razer, Min-Liang Tan, has suggested on his Twitter account that Twitter should acquire his SVB and turn it into a digital bank. Without providing any additional information, Musk simply replied, “I’m open to the idea.”

On March 11, SVB Financial Group, a lender to start-ups, suddenly collapsed, wreaking havoc on global markets and potentially trapping billions of dollars worth of capital owned by companies and investors. I have.

Just before the weekend, California banking regulators closed banks by assigning receivers under the Federal Deposit Insurance Corporation (FDIC).

In a video message to employees, SVB chief executive Greg Becker said the bank is working with bank regulators to find partners for the bank. However, he stressed that there is no guarantee that the deal will go through. Lenders are now under the control of the Federal Deposit Insurance Corporation (FDIC).

SVB and other bank executives sell shares

Bloomberg reported on March 10 that Greg Becker sold $3.6 million worth of company shares through a deal plan on February 27. It’s the first time in over a year that his CEO of parent company SVB Financial Group has sold a stake, according to regulatory filings. Becker filed his plan on January 26th, which authorized the sale of his 12,451 shares. The sale was made through a revocable trust administered by Becker.

Becker said in January that the economic outlook was improving after a slump in 2022.

“I’m optimistic because the crystal ball is a little clearer,” Becker told CNBC. .

Prior to serving as President and CEO of SVB Financial Group, he was one of the co-founders of SVB Capital, the firm’s investment arm. Additionally, from 2014 until 2017 he served as chairman of the Silicon Valley Leadership Group, and from 2016 until 2017 he was a member of the U.S. Department of Commerce’s Digital Economy Advisory Board.

Last year, Elon Musk made a series of stock sales to raise funds for Tesla’s acquisition of Twitter. This ultimately caused the stock price to fall. In April he sold $8.5 billion worth of shares, in August he sold $6.9 billion, in November he sold $3.95 billion, in December he sold $3.6 billion, totaling about $23 billion. was sold.

Since then, neither Musk nor SVB have responded to the tweet.

Related Articles

Back to top button