According to Wikipedia, Silicon Valley Bank (SVB) was a commercial bank headquartered in Santa Clara, California. SVB is one of the largest banks in the United States and is the biggest bank in Silicon Valley based on local deposits, with a 25.9% market share as of June 30, 2016.
The company focused on lending to technology companies, providing multiple services to venture capital, revenue-based financing and private equity firms that invest in technology and biotechnology, and also on private banking services for high-net-worth individuals, in its home market in Silicon Valley.
According to marca.com of recent the United States seized the assets of Silicon Valley Bank after the 16th largest bank in the nation started experiencing a run and failed after depositors hurried to withdraw their money from their accounts after the bank’s balance sheet spread.
This was the second biggest bank failure in US history, just behind Washington Mutual who went down during the financial crisis that affected the economy in 2008.
In a twitter post by @minliangtan said “I think Twitter should buy SVB and become a Digital Bank” and Elon Musk replied by saying ” I’m open to the idea”.
Will you like Elon Musk to buy SVB? Please comment your opinions, in the comments section.