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BREAKING
Death toll from latest Israeli strikes on Gaza rises to 30
Al Mayadeen's correspondent: Five killed in the Israeli bombing of a civilian vehicle on Al-Qassam Street in Khan Younis, south of the Gaza Strip
Hamas confirms that it has no connection to the shooting incident in Rafah and affirms its commitment to the ceasefire agreement
Al Mayadeen's correspondent: Two civilians were killed and four others, including a child and an infant, were injured in an Israeli bombing of a house belonging to the Al-Banna family in the al-Sabra neighborhood, south of Gaza City
Al Mayadeen's correspondent: An Israeli airstrike targets the vicinity of Al-Shifa Medical Complex, west of Gaza City
Al-Qassam: We will postpone the handover of the body of the Israeli captive we found, which was scheduled for today, due to the occupation's violations
Al Mayadeen's correspondent in Gaza: Israeli occupation aircraft launch airstrikes on the city of Rafah in the southern Gaza Strip
Netanyahu's office: At the end of the security consultations, the prime minister instructed the military to launch massive military strikes on the Gaza Strip immediately
President Aoun: We urge the activation of the monitoring committee, the cessation of hostilities, ongoing Israeli violations, attacks
Lebanese President Joseph Aoun to US Envoy Morgan Ortagus: Southerners must be enabled to return to their homes and rebuild

Musk 'open to the idea' of buying SVB, turning it into digital bank

  • By Al Mayadeen English
  • Source: Agencies
  • 12 Mar 2023 11:51
2 Min Read

Elon Musk is renowned for his unexpected business ventures.

  • x
  • Musk 'open to the idea' of buying SVB, turning it into digital ban
    US billionaire and Tesla chief Elon Musk (AFP)

The world's second-richest man, American billionaire and Twitter owner, Elon Musk said he does not rule out the possibility of buying collapsed US Silicon Valley Bank.

Responding to a user on Twitter suggesting that Tesla's Musk should buy the failed entity and transform it into a digital bank, Musk replied, "I’m open to the idea."

Read more: Musk plans to develop towns in Texas to house company workers: CNN

I’m open to the idea

— Elon Musk (@elonmusk) March 11, 2023

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On Friday, Silicon Valley Bank (SVB), America's 16th-largest bank, collapsed marking the second-largest bank failure in US history, which prompted regulators to seize its assets and halt trade on its stocks in Nasdaq.

Despite scrambling to allocate funds or find a buyer, the bank's failure to do so has led to the value of its shares crashing.

SVB, which is one of the main lenders and a partner to technology and healthcare startups that went public in 2022 - including well-known firms - has sent the early-stage tech companies and the banking sector in a spiral.

Read more: Biden discusses SVB collapse with California governor

California's Department of Financial Protection and Innovation (CDFPI) and Federal Deposit Insurance Corp (FDIC) announced on Friday the seizing of SVB's assets - worth nearly $175 billion - and relocating them to a newly established institution, the Deposit Insurance Bank of Santa Clara.

The new body will be responsible for making payments to clients with insured deposits on Monday, while the remaining assets will be auctioned to pay other depositors.

  • United States
  • US
  • Elon Musk
  • Twitter
  • Silicon Valley bank
  • SVB

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