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- Late Friday, Elon Musk tweeted that he was open to the idea of purchasing the failing Silicon Valley Bank.
- Tesla investor, however, appeared to disagree with the billionaire's idea and told him "no thanks."
- To finance his Twitter acquisition, Musk sold approximately $23 billion worth of Tesla stock in the last year.
Elon Musk stated late Friday that he was open to the idea of buying Silicon Valley Bank following its collapse. However, the idea received a frosty reception at least from one Tesla investor.
Min-Liang Tan (cofounder and CEO at Razer), a company that makes gaming computers, tweeted, "I think Twitter should purchase SVB and become an online bank."
Musk replied in a brief response, "I'm open for the idea", without providing further context.
–Elon Musk (@elonmusk), March 11, 2023
Musk's idea was supported by one Twitter user who said "What an opportunity," but Sanjay, a second Twitter user, replied: "And sell $20 billion of $Tesla stock." No!
Sanjay's profile on Twitter describes him as a Tesla customer, investor, bull and Elon enthusiast. Insider could not verify whether the user was shareholder or how large his holdings were.
Musk sold stock in Tesla to finance his Twitter acquisition. This helped to lower the share price. In April, Musk sold stock worth $8.5billion, $6.9billion in August, $3.95billion in November, $3.6billion in December and almost $23billion in total.
Insider's Sindhu Moondar explained that Silicon Valley Bank was closed down by US regulators on Friday after a run on deposits. Startup founders sought to withdraw their funds on Thursday after being rattled by the falling stock price of Silicon Valley Bank, which followed Wednesday's capital raising.
Receivers are now handling the bank, which could delay access to deposits for quite some time. To avoid this scenario, some hope that a buyer will step forward this weekend.
Insider reached Musk and Sanjay outside of normal business hours for comments, but they didn't respond immediately.
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By: stabahriti@insider.com (Sam Tabahriti)
Title: Elon Musk says he’s ‘open to the idea’ of buying Silicon Valley Bank, but a Tesla investor tells him ‘no thanks’
Sourced From: www.businessinsider.com/elon-musk-buy-silicon-valley-bank-tesla-investor-no-thanks-2023-3
Published Date: Sat, 11 Mar 2023 10:00:00 +0000
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