Date
22 October 2019
Elon Musk's Boring Co. has beefed up its finances amid ambitious plans for hyperloop transportation projects. Photo: Bloomberg
Elon Musk's Boring Co. has beefed up its finances amid ambitious plans for hyperloop transportation projects. Photo: Bloomberg

Musk’s Boring Co raises about US$117 mln in new funding

Elon Musk’s Boring Co raised about US$117 million in its latest round of funding from 20 unnamed investors after offering to sell about US$120 million in equity, Reuters reports, citing a regulatory filing on Friday.

In April last year, the company raised US$112.5 million in equity, with Musk investing 90 percent of the amount, amid plans to build underground tunnels for hyperloop transportation project.

Musk, who also leads electric-car maker Tesla and rocket company SpaceX, has been seeking to revolutionize transportation by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the hyperloop.

In the past, Musk has sold Boring Co’s hats and flamethrowers to raise funds.

The company has completed its project Test Tunnel, located in Hawthorne, California. Other ongoing projects include the Chicago Express Loop and the Las Vegas Convention Center Loop.

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