Silicon Valley Bank (SVB), the 16th largest bank in the US, recently announced its failure. After its bankruptcy, the Federal Deposit Insurance Corporation (FDIC) seized the bank’s assets. In a response on Twitter, Elon Musk said that he looked positively at buying SVB.
Silicon Valley Bank (SVB) could be very beneficial for Elon Musk
For those who do not know, the bank, located in Silicon Valley, known as the center of the technology world, was serving customers in the technology sector, especially technology employees, start-ups, and venture capital-funded companies. Its sudden declaration of bankruptcy made investors wonder whether there was an economic crisis. The bank’s failure was the largest bank failure in the US since the 2008 global financial crisis.
During all this chaos, an interesting conversation took place on social media. Razer CEO Min-Liang Tan said that Twitter should consider buying SVB and turning it into a digital bank. This suggestion caught the attention of Twitter’s new CEO Elon Musk, who responded positively to Min-Liang, saying he was open to the idea.
However, as you know, some of Elon Musk’s tweets on Twitter are real and some are jokes. Based on Musk’s actions so far, we know that he wants to make Twitter a platform that makes money for both the company and the users. A digital bank for Twitter Blue and Twitter Coins etc. innovations could be very useful.
It is also on the agenda that Musk will build a new city. According to the Wall Street Journal, organizations linked to Elon Musk’s companies are said to have purchased at least 3,500 acres of land and will build a town called Snailbrook on this land. Musk plans to build this organization in an area next to SpaceX and Boring Factory facilities. It is reported that employees will live in the city, which is claimed to be established in the state of Texas. It is a city with its own hospital, its own school, and its own shopping center. Let’s see what other ideas Musk will come up with.