Silicon Valley Bank collapses
Silicon Valley Bank, which provides startup funding to the whole world including America, has faced a big crisis. The American regulatory has ordered to lock this bank, because its financial condition has become very weak. At the same time, concern has increased for Indian investors.
Now another discussion is arising about this that like Twitter, will Alan Musk buy it too? In fact, Razer CEO Min Liang Tan has said in a tweet that Elon Musk should buy SVB Bank surrounded by crisis and can make it a digital bank.
Elon Musk showed interest to Buying Silicon Valley Bank
Responding to Razer’s CEO’s tweet, Tesla CEO Elon Musk said that I welcome the idea. In such a situation, it is being speculated that Elon Musk is interested in buying this bank and can buy it.
Biggest banking crisis since 2008
Startup-focused lender bank SVB Financial Group has emerged as the biggest banking crisis post-2008. It was closed on Friday. The shares of the group had fallen by 70 percent. The California Banking Regulator has appointed the Federal Deposit Insurance Corporation as receiver by closing this bank.
What did the chief of SVB say to the employees?
The head of SVB Financial Group told the employees through a video message that work is being done to find a partner with the banking regulator. He said that there is no guarantee that the deal will get stuck. At present, the Federal Deposit Insurance Corporation (FDIC) has taken control.
Greg Baker sold shares of the company
At the same time, according to a Bloomberg report, on February 27, under a trading plan, Greg Baker sold shares worth $3.6 million of the company. Earlier, 12,451 shares were sold for the first time.
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