The future of Silicon Valley Bank can really be with Elon Musk

On Twitter, about the bankruptcy, in response to a user proposing that Twitter buy the bank, Musk replied: "I'm open to the idea."

by Lorenzo Ciotti
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The future of Silicon Valley Bank can really be with Elon Musk

Twitter had stopped the layoffs in early January, but the internal labor force of the company has not undergone further layoffs after November 21, when Musk himself, in a speech in front of the few employees who remained at the San Francisco headquarters of the company, he had declared that the cuts to the staff were over.

Between December and January, Twitter has limited himself to terminating contracts with external companies and fixed -term workers, largely employed in the moderation of content. Last week Twitter would have resumed cuts, firing dozens of workers between the sales sectors and that of software development.

Now it seem that the new Twitter CEO Elon Musk could be interested in buying Silicon Valley Bank, after its bankruptcy, the second worst since 2008, which is terrorizing the markets for fear of a new Lehman Brothers case.

On Twitter, about the bankruptcy, in response to a user proposing that Twitter buy the bank, Musk replied: "I'm open to the idea." Musk, who helped launch PayPal, bought Twitter for $44 billion at the end of October 2022 and as he aims to add payment methods to the platform, buying a bank like Silicon Valley Bank is likely to help him in the project .

The collapse of the Silicon Valley Bank is the focus of investigations by the US authorities. The Wall Street Journal reports it, specifying that the Department of Justice and the Securities & Exchange Commission are investigating the Californian bank, taken over by the regulatory bodies last week.

The investigations are separate and in a preliminary stage, so the investigators' work is also concerning the sales of shares that Svb Financial officials carried out in the days preceding the bank's collapse. Tesla's investors didn't take kindly that he sold billions of shares in the company to finance the takeover of Twitter.

In December, Leo Koguan, a major shareholder, called for a change of leadership, tweeting: "Elon has left Tesla and now the company doesn't have an operating CEO. Tesla needs and deserves to have one working full time. " In the conversation, other users said they were in favor.

"I think Twitter could use a financial arm," wrote Mikael Pawlo, brand manager at Swedish fintech firm Bokio. "What an opportunity," said Kevin Paffrath, CEO of HouseHack, a real estate and artificial intelligence startup. Musk is continuing to fire Twitter staff, even after confirming that the redundancies were over.

Elon Musk Twitter
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