Turmoil in the US banking system is a good reason to remind oneself. Almost every expert, politician, businessman, and even blogger commented on this topic. Elon Musk was no exception. The American billionaire announced that he would consider buying the crisis-hit Silicon Valley Bank.
The business magnate decided not to miss the opportunity to promote himself through collapsed startup-focused lender Silicon Valley Bank (SVB). Musk stated his readiness to consider a purchase of the financial institution. Notably, SVB is a small bank. However, its bankruptcy represents one of the biggest banking failures in the past 15 years since the 2008 global economic crisis.
“I am open to the idea,” Elon Musk wrote on Twitter in response to a suggestion to buy SVB and turn it into a digital bank.
Interestingly, the creators of the long-running animated TV series "The Simpsons" were the first to learn about the failure of SVB. The collapsed bank was the 16th largest bank in the United States and one of the most popular lenders for tech start-ups.
Against the backdrop of Silicon Valley Bank’s bankruptcy, the US Treasury hastened to assure that the country's financial system was resilient. The White House shared that view, adding that the US financial system had changed significantly since 2008.
