Elon Teasing SVB Purchase

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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.

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