Following the recent unexpected collapse of Silicon Valley Bank (SVB), Elon Musk, the world-renowned maverick capitalist, has hinted at buying SVB.
Silicon Valley Bank is the 16th largest in the United States and a significant financial lender for startups.
It has also served as a partner for almost half of all tech and healthcare companies in the US.
Recently, Elon Musk 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 possible buying of SVB has initiated global banking and tech shocks.
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 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 significant 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 the second financial crisis in US history.
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