Elon Musk Says Open to SVB Buyout After Tech Lender Fails

Elon Musk founder, CEO, and chief engineer/designer of SpaceX jokes with reporters as he pretends to be searching for an answer to a question on a cell phone during a news conference after a Falcon 9 SpaceX rocket test flight to demonstrate the capsule’s emergency escape system at the Kennedy Space Center in Cape Canaveral, Fla., Sunday, Jan. 19, 2020.InternationalIndiaAfricaMOSCOW (Sputnik) – Twitter CEO Elon Musk says he is “open to the idea” of having his social media company buy the bankrupt Silicon Valley Bank (SVB). The billionaire entrepreneur replied to a suggestion on Twitter (banned in Russia) that his technology company should buy the tech lender and “become a digital bank.” The California Department of Financial Protection and Innovation announced Friday that it was taking possession of SVB, citing inadequate liquidity and insolvency. It is reportedly the second-largest bank failure in US history. AmericasDomino Effect Feared After Collapse of Silicon Valley Bank, as First Republic Bank’s Shares Slump13:05 GMTThe Treasury Department said that Secretary Janet Yellen was closely monitoring the situation around the bank. She expressed full confidence in banking regulators to take appropriate actions in response to its failure.


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