Elon Musk is messing with people by teasing some kind of SVB (Silicon Valley Bank) purchase.
I think Twitter should buy SVB and become a digital bank.
— Min-Liang Tan (@minliangtan) March 11, 2023
I’m open to the idea
— Elon Musk (@elonmusk) March 11, 2023
The assets of now-defunct Silicon Valley Bank are up for grabs, specifically its roughly $73 billion loan book, around 20% of which is venture debt.
If there was no buyer then the loans are auctioned.
The funds from the auction or sale would go to pay depositors.
The FDIC could find a buyer through a bidding process for both the assets and liabilities. JP Morgan is the most likely bank to try to buy all of SVB.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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