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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Artificial intelligence and machine learning are “virtually embedded in every product”, Apple chief executive Tim Cook has said, amid ongoing questions over the company’s plans. In recent months, as hype over AI has increased and most of Apple’s competitors have rolled out new features making use of the technology, Apple has stayed largely silent on its plans. During its recent Worldwide Developers Conference keynote event, for instance, it did not mention the world artificial intelligence at all. That has led to concerns from some analysts that the company is failing to keep up with the quickly advancing technology, and that it could miss out on the opportunities it could bring. But Tim Cook said Apple has been looking into artificial intelligence “for years” and that it was increasing that investment. Mr Cook made the comments as the company revealed its latest results, which showed a slump in sales of many of its products that was slightly offset by the increasing success of its services division. He also said that the technology are central the design of its products, indicating that it was wrong to suggest that Apple had not yet integrated the technologies into its products. “We view AI and ML as fundamental core technologies. And they are virtually embedded in every product that we build,” Mr Cook told CNBC in an interview. “On a research basis, we’ve been doing research for on AI and machine learning, including generative AI, for years,” he added. The chief executive also said that Apple’s focus on artificial intelligence was one of the reasons that the results showed an increase in spending on research and development. “We’re going to continue investing and innovating and responsibly advancing our products with these technologies to help enrich people’s lives,” Cook said. “Obviously, we’re investing a lot, and it is showing up in the R&D spending that you’re looking at.” Read More Apple results show sales slumping Apple planning new version of AirTags – but not for some time The iPhone 15 is going to help Apple achieve one very big dream

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