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Elon Musk says he is ‘open to the idea’ of acquiring Silicon Valley Lender

Bynewsmagzines

Mar 11, 2023
Elon Musk says he's 'open to the idea' of buying Silicon Valley Bank



Elon Musk.
Michael Gonzalez/Getty Visuals
  • Elon Musk tweeted late Friday he was “open to the strategy” of buying the unsuccessful Silicon Valley Lender.
  • A Tesla investor appeared to disapprove of the billionaire’s notion, telling him “no thanks.”
  • Musk marketed about $23 billion of Tesla inventory past calendar year to help finance his Twitter takeover. 

Elon Musk reported late Friday he was “open up to the strategy” of purchasing Silicon Valley Financial institution right after its collapse, but the concept had a frosty reception from at least just one Tesla trader.

“I think Twitter ought to obtain SVB and grow to be a digital bank,” tweeted Min-Liang Tan, cofounder and CEO of Razer, a enterprise that sells gaming personal computers.

Musk said in a limited response “I’m open to the concept,” without providing even more context.

 

One Twitter consumer backed Musk’s strategy, saying “what an possibility,” but one more known as Sanjay responded: “And promote an additional $20 billion well worth of $Tesla inventory. No thanks!”

Sanjay’s Twitter profile describes him as a “Tesla client and investor, bull and Elon fan.” Insider could not confirm no matter whether the user was a shareholder or the sizing of his keeping. 

Musk produced a sequence of Tesla stock sales final yr to enable finance his Twitter acquisition, helping to depress the share price. The CEO marketed inventory well worth $8.5 billion in April, $6.9 billion in August, $3.95 billion in November, and $3.6 billion in December, totaling almost $23 billion.

Silicon Valley Bank was shut down on Friday by US regulators pursuing a operate on deposits, Insider’s Sindhu Sundar stated. Startup founders moved to withdraw resources on Thursday, rattled by the bank’s falling stock cost that adopted a money elevating introduced on Wednesday night time. 

The financial institution is now being handled by receivers, likely delaying access to deposits for a significant time period of time. Some hope that a buyer will appear ahead this weekend to stay clear of this kind of a situation.

Musk and Sanjay did not straight away answer to requests for comment from Insider, built outside ordinary performing hours. 

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