Hot: Elon Musk about to rescue SVB bank?

According to Business Insider (BI), billionaire Elon Musk said he was “open to the possibility” of buying Silicon Valley Bank (SVB) after this bank collapsed. However, this statement of the Tesla boss has caused a lot of controversy.

It all started with a post by Razer founder and CEO Min Liang Tan on Twitter: “I think Twitter should buy SVB to turn it into a digital bank.”

“I’m open to this possibility,” Elon Musk replied, without giving further details.

While many people support this idea, there are also opponents. An account named Sanjay wrote: “And Musk will have to sell another $20 billion of Tesla stock? Never mind, thank you.”

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.

Elon Musk’s stock sales include $8.5 billion in April 2022; $6.9 billion in August; $3.95 billion in November and $3.6 billion in December despite the founder’s promises not to sell anymore. In total, Elon Musk sold $23 billion worth of Tesla stock last year.

Back to the problem, SVB was closed by the authorities on March 10 after a mass withdrawal of investors. Countless startup founders heard rumors about 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 save SVB, a bank that has been dedicated to serving the technology industry for more than 40 years.

*Source: BI