Daily Management Review

Elon Musk's Boring Company valued at $5.7B


The Boring Company, an underground tunneling company owned by billionaire Elon Musk, said that it has acquired $675 million in funding from a group of investors led by Vy Capital and Sequoia Capital. As a result, the company's market capitalization increased to roughly $5.7 billion, according to the corporation.

Daniel Oberhaus
Daniel Oberhaus
Musk founded the Boring Company in 2016 for another ambitious project, the Vegas Loop. It entails building of an underground network of tunnels beneath Las Vegas that may be utilized by Tesla electric cars in shuttle mode to avoid traffic and transport people.

At the end of last year, only 4 km of such tunnels had been built. Last October, the Boring Company received a permission from the authorities in Las Vegas to expand the tunnel system significantly - they should make 42 km with 51 stations. The company said it would spend the money raised in the current round of financing on this expansion.

Since the beginning of the year, Musk also increased his stake in Twitter up to 9.2% and offered to buy it all. The company's managers and shareholders did not support this plan, and U.S. media reports on Musk's plans to attract partners to buy Twitter.

source: cnn.com