Elon Musk is ‘open to the idea’ of buying Silicon Valley Bank as he lays Twitter payments groundwork
Elon Musk is ‘open to the idea’ of buying Silicon Valley Bank as he lays Twitter payments groundwork. The billionaire responded Friday night to a suggestion that “Twitter should buy SVB and become a digital bank,” from Min-Liang Tan, CEO of Razer, which sells gaming computers.
Musk replied, “I’m open to the idea.”
Others also indicated their support. “I think Twitter could use a financial leg,” Mikael Pawlo, head of branding at Swedish fintech firm Bokio, tweeted Friday. “Would make total sense for the entire Musk ecosystem to buy the ruins of SVB and could also create a viable business model going forward for Twitter.”
“What an opportunity,” tweeted Kevin Paffrath, CEO of HouseHack, a real-estate and A.I. startup. “2-3 years to get a banking charter otherwise. Just make sure you go through those toxic assets with a fine-tooth comb.”
Musk, who helped launch PayPal, took over Twitter for $44 billion in late October. He aims to add payments to the platform, which an acquisition of SVB would presumably help with.
“Buying Twitter is an accelerant to creating X, the everything app,” he tweeted earlier that month. China’s WeChat offers an example of such an app, featuring payments in addition to messaging, streaming, and video chats, among much else.
Twitter has been applying for regulatory licenses and creating software to introduce payments on the platform, the Financial Times reported in late January.
Fortune reached out to Twitter for comment but did not receive an immediate reply.
https://fortune.com/2023/03/11/elon-musk-open-to-buying-silicon-valley-bank-as-he-lays-twitter-payments-groundwork/
>>18488846 Roku Has 26% Of Cash With SVB Financial, Deposit Recovery Uncertain — 27 Other Companies With Ties To Collapsed Bank
Okra gonna go on TeeVee and tell everyone how 'unsafe' munee is so we have to go to a CBDC
>>18488304 lb Silicon Valley Bank on Friday paid out annual bonuses to some eligible U.S. employees, just hours before the bank was seized by the U.S. government
>>18488858 pb FDIC and Federal Reserve discuss fund to backstop deposits if more banks fail following Silicon Valley Bank's collapse
>>18488846 pb Roku Has 26% Of Cash With SVB Financial, Deposit Recovery Uncertain — 27 Other Companies With Ties To Collapsed Bank
This (SIVB) will continue to branch out (contagion) andwe'll also see who is not on the list of reported munee losers here since Wednesday is pay day on the 2 week cycle so whoever doesn't get paid etc