Silicon Valley Bank (SVB) in the United States was shut down by regulators as a result of Silvergate Capital Corp’s abrupt closure and SVB’s careless fundraising. The abrupt collapse has resulted in the carnage in startup industry stocks in the United States.
This follows the collapse of Silvergate. Silvergate Bank’s parent business announced plans to wind down operations and liquidate the bank. The statement came after the bank reported $1 billion in losses in the fourth quarter of 2022 as a result of the failure of FTX, one of Silvergate’s major clients.
The entire crypto ecosystem is in disarray, but one person stands out as a ray of hope for the industry: Elon Musk, CEO of Twitter. Let’s explore.
Elon Musk Hints At Buying Collapsed Silicon Valley Bank
The Co-Founder & CEO of Razer, Min-Liang Tan has said in a recent tweet that Twitter should buy SVB and become a digital bank.
The entire crypto industry was surprised when Musk responded to this by saying that he’s open to the idea.
Source: https://coinpedia.org/news/after-twitter-elon-musk-to-buy-collapsed-silicon-valley-bank-svb-heres-the-complete-truth/