Elon’s Remark on UBS-Credit Suisse Group Deal:-
In response to a Twitter user’s comment, the CEO of Tesla, Elon Musk, has shared his views on the UBS-Credit Suisse Group deal
The Exchange of Tweets
Taking a jibe at the agreement between banking giant UBS and the world’s eighth-largest investment bank as well as Switzerland's second-largest bank, Credit Suisse, Elon Musk wrote, “Even the mighty can fall if leadership makes bad decisions. Hard to believe these days that Apple was months from bankruptcy before Jobs returned.” His tweet was in reply to the user’s tweet who had remarked on the condition of the crisis-hit Credit Suisse. ''In 2006, Credit Suisse had a market cap of $70B. By 2016, they had a market cap of $30B. By 2022, they had a market cap of $10B. Today, they were acquired for $2B.'', he had tweeted.
About The Deal
The Swiss government stated that the UBS-Credit Suisse Group deal has been settled to deter the crisis-hit bank from triggering an economic disaster in the country and beyond. The takeover of the second-largest bank in Switzerland by the largest was unexpected even to UBS Chair Colm Kelleher. He addressed analysts on a conference call, on Sunday, and stated, “It's a historic day in Switzerland, and a day frankly, we hoped, would not come” . He also made it clear that while UBS did not initiate the discussions, it believes that this transaction is financially attractive for its shareholders.
This news comes as a surprise since Credit Suisse comes under the 30 banks designated as Global Systemically Important Banks, alongside UBS. These banks are regarded as those banks that are considered "too large to fail" by the international financial community. Besides, the US is also suffering from the collapse of two banks consecutively in a week; the Silicon Valley bank, and the Signature Bank
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