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Elon Musk’s SpaceX moves into natural-gas trading with new specialist team

The rocket company is recruiting an energy trader to establish an in-house operation as it pushes deeper into energy infrastructure.

arabianbusiness.com ·

SpaceX's founder, Elon Musk, has suggested that Starlink's satellite internet services could be instrumental in providing connectivity to the most underserved regions in India, particularly rural areas. In a social media post, Musk stated that Starlink would particularly benefit the least served communities in India, especially those in rural regions. This response was in reference to a post by the X account DogeDesigner, which also advocated for the deployment of Starlink services in India to connect remote villages.

According to DogeDesigner, as of May 2026, 11,256 of India's listed villages still lacked 4G coverage. Despite India having 1.093 billion internet subscriptions in March 2026, only 440.87 million of these were rural, translating to a rural subscription density of 48.31 per 100 people. In contrast, urban India had a subscription density of 126.80 per 100 people, indicating a significant gap in connectivity between urban and rural areas.

Musk's remarks came in the wake of reports that Starlink had filed a new application to offer satellite communication services in India. However, the Indian National Space Promotion and Authorisation Centre had previously rejected Starlink's application for its Gen 2 satellite network. The rejection was based on the claim that some of the features and radio frequencies planned for use by the Gen 2 system did not meet Indian requirements.

The Gen 2 system is designed to include direct-to-device connectivity capabilities. Starlink, a service operated by Musk's SpaceX, uses a constellation of low-Earth orbit satellites to provide internet connectivity and has been actively seeking regulatory approvals to launch its services in India.

Written by urgent.news from YourStory's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

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The reorganization of Kakao through a spin-off has sparked a chilly market reaction. On the 1st, Kakao announced that it would be spinning off its 'core business' into a new company, Kakao Growth, through a comprehensive property division. The newly established Kakao Growth will encompass all of Kakao's business areas, including major revenue-generating sectors such as advertising, commerce, and entertainment. In contrast, the existing Kakao will focus on its core platform business, including KakaoTalk, Naver, and other services. Following the spin-off, Kakao's market value has decreased. As of 1 pm on the 1st, Kakao's stock price was 43,850 won, down 1,700 won (3.73%) from the previous day. The market capitalization of Kakao, which was ranked 4th in market capitalization on the 28th of last month (approximately 19.3 trillion won), has now dropped to 5th place, with a market capitalization of 18.1 trillion won. The market's reaction to Kakao's spin-off plan has been lukewarm. The stock price of Kakao, which had been trading at around 46,000 won until last week, began to decline after the announcement of the spin-off plan on the 22nd of last month. Industry experts point out several reasons for the market's negative response. First, concerns have been raised about the governance structure of Kakao and Kakao Growth. The existing shareholders of Kakao will maintain their stake in the company, but new management will be introduced, and the exact equity relationship between Kakao and Kakao Growth has not been disclosed. An official from a securities firm stated, "The existing shareholders of Kakao will continue to bear the business risks of Kakao Growth, but they will not have control over the new company." Furthermore, there are concerns that the spin-off may not be as straightforward as expected. The plan for Kakao Growth to be listed on the stock market has not been finalized, and there is a possibility that Kakao Growth may not be listed within the initially planned timeframe. An industry insider noted, "The market has priced in the possibility of a spin-off, but there are still many uncertainties, such as the listing of Kakao Growth and changes in the governance structure." In addition, there are concerns that the spin-off may lead to an increase in Kakao's financial burden. The spin-off plan involves not only the division of businesses but also the allocation of existing debts. Kakao's total debt as of the end of last year was 1.1 trillion won. It is expected that a significant portion of this debt will be transferred to Kakao Growth. A securities firm official stated, "The market has high expectations for Kakao's growth, but the spin-off plan has raised concerns about the company's financial structure and governance." On the other hand, some analysts believe that the market's reaction is an overreaction. They argue that the spin-off will improve Kakao's corporate value. A researcher at a securities firm stated, "The spin-off will allow Kakao to focus on its core platform business and enhance its growth potential." However, as of now, the market's reaction to Kakao's spin-off plan remains lukewarm.

·hani.co.kr

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