Elon Musk Plans To Buy Silicon Valley Bank After It Faces Crisis

After buying Twitter, Mr. Elon Musk is planning to buy Silicon Valley, confirmed one of his cryptic posts.

On the 11th of March, Saturday, Mr. Elon Musk responded to a tweet, shared by Mr. Min Liang Tan. In a tweet, Mr. Min Liang Tan said, “I think Twitter should buy SVB and become a digital bank.”

Reacting to the tweet, Mr. Elon Musk said, “I’m open to the idea.”

It is to be noted, the Silicon Valley Bank is suffering huge economic crisis. Silicon Valley Bank is a major financial backer for startups and was the 16th largest in the US, which is also a partner for almost half of all tech and healthcare firms in the country. Its decline was triggered by a sell off by investors, following the bank's announcement for a stake sale to raise funds and plug a nearly $2 billion loss. The event that has reminded the world of the 2008 Lehman Brothers fiasco, has sent tremors throughout the global banking and tech sectors.

It is to be noted, around last year, the Tesla CEO Elon Musk purchased Twitter, which at that time was said to be suffering crisis, in a $44 billion deal.