Elon Musk reportedly took out a $1bn loan from his company SpaceX the same month that he acquired Twitter, now known as X, according to theWall Street Journal. SpaceX approved the loan – which was secured by some of his stock in the company – in October 2022, according to the Journal. That same month, Mr Musk drew all of it down. The SpaceX founder returned the $1bn – with interest – to the company one month later, the Journal reported. It’s unclear why the richest person in the world now and in October 2022, when he took over the social media giant, took out the loan. He bought the social media company for $44bn, which seemed to contribute to him losing that top slot, until he was renamed the world’s richest person in June 2023. The publication also noted that in November 2022, when he repaid the loan, Mr Musk sold $3.95bn in shares in another one of his companies, Tesla. The following month, he sold another $3.58bn in Tesla stock. That year in total, Mr Musk had sold nearly $23bn worth of Tesla stock since April – fuelling speculation that the funds were likely going toward his social media platform acquisition. This isn’t the first time that Mr Musk has taken out money from one of his ventures to aid another. In 2009, Mr Musk reportedly borrowed $20m from SpaceX to support Tesla. More recently, in 2015 and 2016, SpaceX poured $330m in bonds into his solar panel company SolarCity. Tesla ended up acquiring SolarCity in 2016. SpaceX has recently come under fire, as the Justice Department sued the company last month for alleged hiring discrimination practices. SpaceX’s “discriminatory hiring practices were routine, widespread, and longstanding, and harmed asylees and refugees,” the filing stated. The Independent has reached out to SpaceX for comment. Read More Starship ‘ready to launch’, Elon Musk says Elon Musk calls Burning Man ‘best art on Earth’ amid chaos that saw thousands stranded and one dead Elon Musk vows to sue ADL for calling him antisemitic after he promoted antisemitic campaign on X

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China’s largest battery maker for electric vehicles has launched an aviation division in preparation to begin mass production of electric planes, according to reports. Contemporary Amperex Technology (CATL), which supplies batteries for Tesla, claims to have achieved the “holy grail” energy density required for commercial electric aircraft of 500 Watt-hours per kilogram (Wh/kg). The company announced the feat at the Auto Shanghai trade fair earlier this year, with chief scientist Wu Kai claiming that it was poised to begin production of a commercially viable battery for electric aircraft. “With an energy density of up to 500Wh/kg, it can achieve a high energy density and a high level of safety at the same time in a creative manner, opening up a brand-new electrification scenario of passenger aircrafts,” the company said in a statement at the time. “CATL can achieve mass production of condensed battery for electric vehicles in a short period of time.” CATL has now launched a joint venture with state-owned plane manufacturer Commercial Aircraft Corporation of China (COMAC), Yicai Global reported, following four years of research into the technology. The advent of electric aircraft has become a realistic prospect in recent years following several major battery breakthroughs that have the potential to overcome cost and capacity limitations. Israel-based startup Eviation completed the first flight of an electric commuter plane last year, taking off from an airport in Washington before touching down eight minutes later. The Alice aircraft is capable of transporting nine passengers and their luggage, or a tonne of cargo, and has been hailed as the first battery-powered plane viable for short-haul commercial journeys of up to 645km (400 miles). Regional airlines and logistics firms in the US have already ordered more than 200 Alice planes, with Eviation aiming to fulfil the orders by 2026. The Independent has contacted CATL for a production timeframe of its electric plane batteries. Read More Battery breakthroughs are about to trigger a transport revolution

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