Musk: "Bankruptcy 'SVB' Acquisition Scenario Is Open"

Tesla Shareholders Oppose

Elon Musk, CEO of Tesla who abruptly acquired Twitter last October, has now indicated that he might consider acquiring the bankrupt Silicon Valley Bank (SVB).

According to U.S. economic media Business Insider on the 11th (local time), Musk commented "I'm open to the idea" on a tweet posted on the 10th that mentioned a scenario where Twitter acquires the bankrupt SVB. The tweet was posted by Manli Ang Tan, co-founder and CEO of Razer, a company that sells gaming computers, who wrote, "I think Twitter should acquire SVB and become a digital bank."

Elon Musk, CEO of Tesla. [Photo by AP Yonhap News]

In response, Tesla investors who have suffered harsh difficulties due to the stock price decline caused by Musk's acquisition of Twitter have expressed negative opinions. A Twitter user who identified themselves as a Tesla shareholder wrote, "(Musk) will probably sell more Tesla shares. No thanks!" Musk sold $4 billion (about 5.5 trillion won) worth of Tesla shares in November last year, shortly after acquiring Twitter. In addition, he sold Tesla shares worth a total of $23 billion (about 29 trillion won) to fund the Twitter acquisition, including $8.5 billion in April, $6.9 billion in August, and $3.6 billion in December last year. As a result, Tesla's stock price fell below $200.

Meanwhile, on the 10th, the California Department of Financial Protection and Innovation announced the closure of SVB due to liquidity shortage and insolvency, appointing the U.S. Federal Deposit Insurance Corporation (FDIC) as the bankruptcy receiver. SVB, the 16th largest bank in the U.S. with total assets of $209 billion (about 276 trillion won), is the second largest bank failure in history since the savings bank Washington Mutual closed during the 2008 global financial crisis.

This content was produced with the assistance of AI translation services.