Musk’s SpaceX’s Surprise New Investor? Italy’s Biggest Bank
(Bloomberg) -- Italy's Intesa Sanpaolo SpA has made a surprise investment in Elon Musk's Space Exploration Technologies Corp. as the lender looks to the aerospace industry as a key driver of global growth.
Innovation will be a key pillar of the 2022-2025 business plan, Italy's largest domestic bank said in a Friday statement, without disclosing the scale of the new investment.
SpaceX designs, manufactures and launches advanced rockets and spacecraft, and recently got its first contract from the US Space Force to provide customized satellite communications for the military under the company's new Starshield program, extending billionaire Musk's role as a defense contractor.
Read More: How Musk's Starlink Sparked a New Kind of Space Race: QuickTake
Along with its high-profile owner, the company has not been immune to controversy. Musk created an uproar in Ukraine by refusing a government request to extend Starlink coverage to Russian-held Crimea to assist a naval drone attack on Russian targets in 2022
“Starlink needs to be a civilian network, not a participant to combat,” Musk wrote on his X social media platform late last month.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
