'Open to the idea': Elon Musk on buying collapsed Silicon Valley Bank

NEW DELHI: Twitter head Elon Musk on Saturday said that he is "open to the idea" of buying the collapsed Silicon Valley Bank (SVB) and turning it into a digital bank.

The billionaire said this in response to a tweet by Razer CEO Min-Liang Tan who suggested that Twitter should buy SVB and become a "digital bank".

To this, Musk replied: "I'm open to the idea".


Last year, Musk, who was then the world's richest man, had acquired Twitter in a $44 billion deal after months of uncertainty and drama.

Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded.

Based in Santa Clara, the lender was ranked as the 16th biggest in the US at the end of last year, with about $209 billion in assets. Specifics of the tech-focused bank's abrupt collapse were a jumble, but the Fed's aggressive interest rate hikes in the last year, which had crimped financial conditions in the start-up space in which it was a notable player, seemed front and center.