Elon Musk is “open to” the idea of Twitter acquiring the collapsed Silicon Valley Bank.

The billionaire responded to a suggestion “Twitter should buy SVB and become a digital bank” from Min-Liang Tan, CEO of gaming hardware company Razer.

He replied: “I’m open to the idea.”

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The bank was shut down by US regulators on Friday, March 10.

It is the largest failure of a US bank since 2008.

The crash has caused ructions across the tech industry over its possible impact on business, with businesses saying they could go bust if their deposits are not secured.

Musk received mixed reviews for the proposal, with several backing the move while some Tesla investors expressed disapproval.

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Mikael Pawlo, head of branding at Swedish fintech firm Bokio said: “I think Twitter could use a financial leg.

“Would make total sense for the entire Musk ecosystem to buy the ruins of SVB and could also create a viable business model going forward for Twitter.”

Kevin Paffrath, CEO of HouseHack, a real-estate and A.I. startup, tweeted: “What an opportunity. 2-3 years to get a banking charter otherwise. 

“Just make sure you go through those toxic assets with a fine-tooth comb.”

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Musk purchased Twitter for $44 billion in late October.

He plans to include payments into the platform, which a takeover of SVB would probably help with.

It was reported that Twitter has been applying for regulatory licenses and developing software to enable payments on the network.

But not everyone is happy with the prospect of Musk having another distraction.

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Tesla investors, in particular, have been dissatisfied with Musk’s focus on Twitter.

Musk traded billions of dollars in Tesla stock to fund his buyout of Twitter and has been focused on altering the platform.

In December, Leo Koguan, one of Tesla’s top individual shareholders, asked for a leadership change, tweeting: “Elon abandoned Tesla and Tesla has no working CEO. 

“Tesla needs and deserves to have working full time CEO.”

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On Friday, a self-described Tesla investor with the Twitter handle @sanssoli reacted to Paffrath’s “opportunity.” 

He replied: “And sell another $20 billion worth of $Tesla stock. No thanks!”

Musk is working to build a new town along the Colorado river where his Texas staff could live and work.

SpaceX and The Boring Company employees could live in new homes at below-market rates.

Source: Fortune

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