Elon Musk “Open to the Idea” of Buying Silicon Valley Bank
CoinEdition
Published Mar 11, 2023 06:48AM ET
Updated Mar 11, 2023 07:00AM ET
Elon Musk “Open to the Idea” of Buying Silicon Valley Bank
- Elon Musk may buy SIVB to become a digital bank.
- SIVB has been put under the control of the US Federal Deposit Insurance Corporation (FDIC).
- FDIC is to liquidate the bank’s assets and figure out how to refund customers.
Unusual Whales, the popular crypto market alerts provider, tweeted that Twitter CEO Elon Musk said he is “open to the idea” of buying the embattled Silicon Valley Bank (SIVB). Musk said he would buy SIVB and become a digital bank.
February 10, 2023, regulators in California closed down Silicon Valley Bank and put it under the control of the US Federal Deposit Insurance Corporation (FDIC). The current development puts FDIC in charge of liquidating the bank’s assets and figuring out how to refund customers.
The move caps a roller-coaster week for the tech-inclined bank, whose financial struggles led to wild speculation among stakeholders. SIVB’s struggles prompted some startups to consider withdrawing their funds and sparked fears of a ripple effect across the financial sector.
Emerging theories suggest a deliberate orchestration of SIVB’s collapse. Some stakeholders suggest a proper investigation into the issue that could expose what was behind the bank’s failure.
Caitlin Long, the founder of Custodia bank, tweeted that he believes some people in DC are pleased with the fall of SIVB. According to him, they wanted to bring to heel some of the most innovative banks and FinTech. Long’s theory earned the support of another Twitter user, Nic Carter, who proposed an inquest regarding the members of Congress who encouraged the start of the bank run due to their vendettas against crypto & tech.
SIVB’s collapse has heightened the level of uncertainty among the startup community. Several founders are worried about how to get out their funds and what could become of their businesses. Ashley Tyrner, the founder of health food delivery company FarmboxRx, was reportedly troubled over the development, wondering what would become of his company’s future.
The post Elon Musk “Open to the Idea” of Buying Silicon Valley Bank appeared first on Coin Edition.
See original on CoinEdition
Get The News You Want
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.