New Delhi: Twitter boss Elon Musk on Saturday said that he is open to the idea of buying the collapsed Silicon Valley Bank (SVB) and turning it into a digital bank. Min-Liang Tan, co-founder and CEO of Razer (a consumer electronic company), tweeted: "I think Twitter should buy SVB and become a digital bank". To which Musk replied: "I'm open to the idea".
US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of an American bank since 2008. The moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates, BBC reported. SVB faced "inadequate liquidity and insolvency", banking regulators in California, where the firm has its headquarters.
The Federal Deposit Insurance Corporation (FDIC), which typically protects deposits up to $2,50,000, said it had taken charge of the roughly $175 billion in deposits held at the bank, the 16th largest in the US. Silicon Valley Bank was the US's 16th largest bank, with a total of 17 branches in California and Massachusetts. The collapse of Silicon Valley Bank (SVB) in the US has left several Indian startups worried who have exposure to its investments and their raised funds may now be stuck.
According to recent data by global software-as-a-service (SaaS)-based market intelligence platform Tracxn, SVB had exposure in at least 21 startups in India although it did not reveal the size of the investment in these startups. According to the California Department of Financial Protection and Innovation that shut down the bank, all insured depositors will have full access to their insured deposits no later than Monday, March 13, 2023. (IANS)
(This story has not been edited by ETV Bharat and is auto-generated from a syndicated feed.)
