Elon Musk open to purchasing Silicon Valley Financial institution

The billionaire responded Friday night to a suggestion that “Twitter can buy SVB and turn into a digital financial institution,” from Min-Liang Tan, CEO of Razer, which sells gaming computer systems.

Musk replied“I am open to the concept.”

Others have additionally indicated their help. “I feel Twitter may use a monetary leg,” Mikael Pawlo, model supervisor at Swedish fintech Bokio, tweeted friday. “It could make good sense for your complete Musk ecosystem to purchase the ruins of SVB and will additionally create a viable enterprise mannequin for Twitter.”

“What a possibility” tweeted Kevin Paffrath, CEO of HouseHack, an actual property and AI startup. “2-3 years to acquire a financial institution constitution in any other case. Simply make sure you comb by way of these poisonous property with a fine-toothed comb.

Musk, who helped launch PayPal, took over Twitter for $44 billion in late October. It goals so as to add funds to the platform, which an acquisition of SVB would presumably assist.

“The acquisition of Twitter is an accelerator for the creation of X, the common app,” he mentioned. tweeted earlier that month. WeChat in China provides an instance of such an software, providing funds along with messaging, streaming and video chats, amongst others.

Twitter utilized for regulatory licenses and created software program to introduce funds to the platform, the FinancialTimes reported on the finish of January.

Fortune reached out to Twitter for remark however didn’t obtain a direct response.

After all, not everyone seems to be thrilled that Musk has one other distraction. Traders in You are right here, particularly, had been pissed off by Musk’s deal with Twitter. Musk has bought billions of Tesla shares to assist fund his takeover of Twitter and has been involved in regards to the platform’s overhaul.

In December, Leo Koguanone in all Tesla’s largest particular person shareholders has referred to as for a change in administration, Tweeter: “Elon deserted Tesla and Tesla doesn’t have a working CEO. Tesla wants and deserves a full-time CEO.

On Friday, a self-proclaimed Tesla investor with the Twitter account @sanssoli replied to Paffrath’s “alternative” remark by writing, “And promote one other $20 billion price of Tesla inventory.” No thanks!”

In the meantime, as Musk plans to turn into a banker, he may additionally turn into a landlord. In response to the wall avenue journalmusk is plans to construct his personal metropolis alongside the Colorado River outdoors of Austin, Texas. Tesla staff, SpaceXand The Boring Firm would be capable of reside there in new houses at below-market charges.

A few of them, maybe, is also prospects of Silicon Valley Financial institution, which has branches close by.

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