- Economy
- Education And Career
- Companies & Markets
- Gadgets & Technology
- After Hours
- Healthcare
- Banking & Finance
- Entrepreneurship
- Energy & Infra
- Case Study
- Video
- More
- Sustainability
- Web Exclusive
- Opinion
- Luxury
- Legal
- Property Review
- Cloud
- Blockchain
- Workplace
- Collaboration
- Developer
- Digital India
- Infrastructure
- Work Life Balance
- Test category by sumit
- Sports
- National
- World
- Entertainment
- Lifestyle
- Science
- Health
- Tech
Elon Musk Hints At Buying Silicon Valley Bank After It's Shocking Collapse
Silicon Valley Bank is the 16th largest in the United States and a major financial lender for startups. It has also served as a partner for almost half of all tech and healthcare companies in the US
Photo Credit : NPR
Elon Musk has grabbed the spotlight again by offering to buy the major financial lender for startups, Silicon Valley Bank (SVB). The bank has faced a spectacular financial collapse in US history with 60 per cent of its stock crashing in a single day. Musk's buying of SVB has initiated shocks throughout the global banking and tech sectors.
To prevent spillover before shutting down the bank, the trading was halted, Musk replied to a tweet which has suggested him to buy the US's biggest lender for startups.
The Twitter owner said that he is open to the idea, when Razer CEO Min-Liang Tan suggested that Twitter turn SVB into a digital bank. Musk has also visioned turning the social media platform into a super-app and will enable digital payments via the app.
Silicon Valley Bank is the 16th largest in the United States and a major financial lender for startups. It has also served as a partner for almost half of all tech and healthcare companies in the US.
Its plunge was triggered by a sell-off by investors, following the bank's announcement for a stake sale to raise funds and plug around USD 2 billion loss. The decline has reminded the global market of the 2008 financial crisis which is termed as the second financial crisis in US history.