KUALA LUMPUR (March 13): Billionaire Elon Musk has said he is open to rescuing the crisis-hit Silicon Valley Bank (SVB). The former richest man in the world, who is also Tesla Inc and Twitter chief executive officer, tweeted that he would even consider using Twitter as a digital bank. Musk was responding to a Twitter user asking if “Twitter should buy SVB and become a digital bank”. Meanwhile, Reuters reported on Sunday (March 12) that British start-ups backed by venture capital have around 2.5 billion pounds (US$3 billion), largely in deposits, “locked” in Silicon Valley Bank’s UK subsidiary. Read also:Silicon Valley Bank fallout spreads around world from London to SingaporeSVB UK holds US$3 billion of venture capital-backed firms' funds — survey

Source: The Edge Markets March 13, 2023 10:52 UTC