Razer CEO Min-Liang Tan suggested that Twitter should consider buying SVB and turning it into a digital bank
Amid the major debacle of the Silicon Valley Bank (SVB), Razer CEO Min-Liang Tan tweeted that social media giant should buy SVB and become a digital bank. On Friday, US regulators announced the shutdown of the Silicon Valley Bank and seized all its assets. SVB became the largest retail bank to fail since 2008, this failure led to roiled global markets and stranded billions of dollars belonging to companies and investors.
Amid this chaos, Twitter chief Elon Musk responded to Razer CEO Min-Liang Tan suggestion, saying, “I’m open to the idea.’
After the start-up focused lender SVB stock price plummeted to 60%, causing a major shock on all major banks and stock market, California banking regulators closed the bank, and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of its assets.
Greg Becker, SVB’s chief, in a video message told the employees, “He is working with banking regulators to find a partner for the bank.”
There is ‘no guarantee’ that a deal will be struck, the chief added.
At the close of business on Friday, the bank had a negative cash balance of $958 million, as per the order taking possession of the bank filed Friday by California's bank regulator, the Department of Financial Protection and Innovation.
Last year, the business tycoon, Elon Musk, who was then the World’s richest man, had acquired Twitter in a $44 billion deal after months of uncertainty and drama.