Elon Musk is about to buy and turn Silicon Valley Bank (SVB) into a digital bank?

Billionaire Elon Musk said on March 11 that he was "open to the idea" of Twitter acquiring a Silicon Valley bank (SVB), Business Insider reported.

The above statement was made by billionaire Musk in a comment on Twitter, under the post of Min-Liang Tan, founder and CEO of Razer - the giant of the world gaming industry.

Accordingly, Mr. Tan wrote on Twitter: "I think Twitter should buy SVB to turn it into a digital bank".

Mr. Musk's response has attracted thousands of replies. Some Twitter users supported the idea of acquiring SVB, calling it an "opportunity", while another user named Sanjay - claiming to be a Tesla customer and investor - opposed the idea, saying that he Musk may be "selling another $20 billion worth of Tesla stock."

In 2022, Elon Musk had to sell a series of Tesla shares to raise capital for the acquisition of Twitter and pour money to keep this social network operating.

But it was this move that sent the electric car company's stock price plummeting. The total value of shares that he sold reached nearly 23 billion USD.

As for SVB, this bank was closed by US authorities on March 10 after a mass withdrawal of investors. Countless startup founders heard rumors of withdrawing money from this bank, causing the share price of SVB's parent company to plummet to the point of being stopped trading on the evening of March 8, 2023.

Currently SVB is under control and depositors will have to wait a while to access their deposit. Many people hope that a billionaire or some other organization will reach out to help SVB, a bank that has been dedicated to serving the technology industry for more than 40 years.

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