HAWTHORNE, CA – DECEMBER 18: Elon Musk, Co-Founder and CEO of Tesla Inc., speaks at The Boring Company’s Hawthorne test tunnel launch event on December 18, 2018 in Hawthorne, California. On Tuesday night, The Boring Company will officially open the Hawthorne Tunnel, a preview of Musk’s larger vision to ease traffic in Los Angeles. (Photo by Robyn Beck-Pool / Getty Images)
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Elon MuskThe Boring Company wanted to build a network of underground tunnels to transport people and goods around cities. It raised just $675 million to further push that goal.
The Boring Company said late wednesday that it raised new funds in a Series C funding round, valuing the company at $5.675 billion.
The Boring Company says its ultimate aim is to eliminate “soul-destroying traffic” with its extensive network of tunnels. The company plans to spend the latest cash to scale up Loop, a system that will ferry passengers through high-speed tunnels.
The startup has previously claimed that the technology could one day shuttle passengers at speeds of up to 150 miles per hour. So far, it has struggled to reach those speeds, max reach only 50 mph on a test trip with reporters in a Tesla Model X electric car.
The Boring Company said it recently won approval for a 29-mile network of tunnels connecting 51 terminals in Las Vegas. The company is calling it “the largest underground transportation project” and says it will eventually be capable of carrying 57,000 passengers per hour.
It’s a far cry from the “hyperloop” concept, first envisioned by Musk, which would see balls hurl through a series of underground tubes at even faster speeds – up to 760 mph, according to the report. a technology development company. Some companies are hoping to make this technology a reality.
Currently, Hyperloop says it is focusing on the Loop and Prufrock projects, The Boring Company’s line of machines designed to dig massive tunnel infrastructure projects in a matter of weeks.
Boring said it would “significantly increase hiring in engineering, operations and production” to build its Vegas Loop project and for research and development.
As if Musk didn’t have enough on his plate, the tech billionaire is also proposing a deal to buy Twitter and take the company private.
Tesla and SpaceX CEOs have offer to acquire the social media platform for $43 billion, but yes doubts about whether he can secure the necessary funding to make such a large bid. Twitter’s board of directors approved the so-called “poison“strategy designed to counter a possible hostile takeover.
Tesla reported a First quarter revenue up 81% Wednesday, beat analyst expectations and sent the company’s shares up more than 7% in after-hours trading.
