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

On Friday, March 10, Elon Musk expressed his openness to buying Silicon Valley Bank following its collapse. Min-Liang Tan, CEO of Razer, suggested on Twitter that Twitter should purchase SVB and transform it into a digital bank. Musk responded briefly, stating, “I’m open to the idea,” without providing additional information.

On March 11, SVB Financial Group, a lender that catered to startups, suffered a sudden collapse, causing turmoil in global markets and leaving potentially billions of dollars worth of capital owned by companies and investors trapped.

Just before the weekend, California banking regulators shut down the bank by assigning it to a receivership under the Federal Deposit Insurance Corporation (FDIC).

In a video message to employees, SVB’s chief Greg Becker stated that he is collaborating with banking regulators to search for a partner for the bank. However, he emphasized that there is no assurance that a deal will be finalized. Currently, the lender is under the control of the Federal Deposit Insurance Corporation (FDIC).

SVB and other bank executives sell shares

On March 10, Bloomberg reported that Greg Becker sold $3.6 million worth of company stock through a trading plan on February 27th. According to regulatory filings, this was the first time in over a year that the CEO of parent company SVB Financial Group had sold shares. Becker filed the plan on January 26th, which permitted him to sell the 12,451 shares. The sale was conducted through a revocable trust that Becker manages.


As early as last January, Becker said the economic outlook was improving after a downbeat 2022.

“We’re optimistic because our crystal ball is a little clearer,” Becker told CNBC. While he expected public markets to stabilize, “We still think in the first half there is going to be more volatility.”

Before serving as president and CEO of SVB Financial Group, Becker was one of the co-founders of SVB Capital, the company’s investment division. Additionally, he held the position of chairman for the Silicon Valley Leadership Group from 2014 to 2017 and was a member of the Digital Economy Board of Advisors for the U.S. Commerce Department from 2016 to 2017.

Last year, Elon Musk conducted a series of stock sales for Tesla to fund his acquisition of Twitter, which ultimately caused the share price to decrease. In April, he sold $8.5 billion worth of stock, followed by $6.9 billion in August, $3.95 billion in November, and $3.6 billion in December, totaling almost $23 billion.

Neither Musk nor SVB has since responded to the Tweet.

The post Elon Musk says he is ‘open to the idea’ of Twitter buying SVB to become a digital bank appeared first on CryptoSlate.


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Finixio Crypto: From Online Marketing to Cryptocurrency Scams?

Cryptocurrency scams have been a constant threat to the industry since its inception. These scams not only drain funds from unsuspecting investors but also contribute to the negative perception of cryptocurrency as a whole. One such company that has been experimenting with online users’ psychology is Finixio crypto. In this article, we will delve into

Binance CFTC Lawsuit Has Enough To Affect Major Crypto Downtrend?

Crypto News: The Commodities Futures Trading Commission (CFTC) lawsuit against crypto exchange Binance changed the narrative in the market, but it remains to be seen if the move still has enough legs to affect a major downtrend in cryptocurrency prices. Although the news of the lawsuit led to significant drop in Bitcoin price, it continues

Miners Dumping Bitcoin To Crypto Exchanges, BTC Price Reversal Below $25K Likely

Bitcoin price fell from $28K to $26.5K after the US CFTC sued crypto exchange Binance and its CEO Changpeng “CZ” Zhao for violating U.S. crypto trading and derivatives regulations. The crypto market considers this move as a continued regulatory crackdown against crypto. With the crypto market already facing liquidity issues, action against Binance will further

XRP Lawyer: After CFTC, SEC Could Sue Binance Over Securities Offerings

Crypto News: The Commodity Futures Trading Commission’s (CFTC) lawsuit on crypto exchange Binance made waves in the market. But the CFTC’s views on crypto classification is becoming a much bigger debate as US regulators continue enforcement actions on crypto businesses. Meanwhile, the crypto market is perceiving this as a fight between the two regulatory agencies,