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Today in business: 5 things you need to know
Tesla repays its government loan in full, median home prices hit a record high, and more
 
A Florida home for sale: The median sale price of a home rose 8.3 percent in April.
A Florida home for sale: The median sale price of a home rose 8.3 percent in April. Joe Raedle/Getty Images

1. TESLA REPAYS MULTIMILLION DOLLAR GOVERNMENT LOAN
On Wednesday, Tesla CEO and founder Elon Musk wired $458.1 million to the U.S. government, repaying his loan from the Department of Energy nine years ahead of schedule. "Today's repayment is the latest indication that the Energy Department's portfolio of more than 30 loans is delivering big results for the American economy while costing far less than anticipated," U.S. Energy Secretary Ernest Moniz said in a statement. Musk used money he raised in last week's stock and debt offering to repay the loan. "I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the ATVM program, and particularly the American taxpayer from whom these funds originate," Musk said. [TIME]
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2. MEDIAN HOME PRICE HITS RECORD HIGH
More good signs for the housing market recovery: The median price of a home sold in April hit $271,600, up 8.3 percent from March, and the highest on government records, which date back to 1993. Sales are up as well — 29 percent higher than a year ago — though still off the level economists consider healthy. Greater demand and lower supply is pumping up prices, while new jobs and near-record-low mortgage rates are helping sales. [Washington Post]
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3. NIKKEI STOCK AVERAGE TUMBLES
After HSBC announced a dip in manufacturing in China yesterday, the Nikkei Stock Average dropped 7.3 percent, the largest dip since Japan's earthquake two years ago. The fall arrived after Japanese government bond yields shot up, spurring the Bank of Japan to offer 2 trillion yen ($19 billion) in funds to soothe the markets. Comparing the stock drop to the crash of Lehman Brothers in 2008 that triggered mayhem in U.S. markets, Business Insider called it a "bloodbath." [Business Insider, MarketWatch]
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4. FORD ENDS MANUFACTURING IN AUSTRALIA
Amidst rising manufacturing costs and dropping sales, Ford has announced it will close two manufacturing plants in Australia, cutting 1,200 jobs and ending manufacturing in a country it has worked in since 1925. Australia's strong dollar is partly to blame: "The strength of the Australian dollar bears down on Australian manufacturing and it does make it a difficult environment for manufacturing to prosper," said Julia Gillard, the Australian prime minister. [Guardian]
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5. MAN FINDS A $100,000+ COMIC IN THE WALL OF A HOUSE
Construction worker David Gonzalez found a 1938 Action Comics #1 comic book in the wall of a home he was remodeling in Elbow Lake, Minn. The comic book was mixed in with old newspaper for insulation. The comic book's cover shows Superman, then a new character, lifting a car. Gonzalez posted the collectors item to an online comic book auction called Comic Connect, where the latest bid pins it at $135,332. [Star Tribune]

 
Carmel Lobello is the business editor at TheWeek.com. Previously, she was an editor at DeathandTaxesMag.com.

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