Money Elon Musk's Boring Company raises $113 million to dig tunnels

11:46  17 april  2018
11:46  17 april  2018 Source:   USA TODAY

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Elon Musk ’ s plan to dig tunnels under cities for cars to circumvent traffic is coming to fruition — starting in the SpaceX parking lot in Los Angeles. The serial entrepreneur is breaking ground with his new startup The Boring Company

The City Council in Hawthorne, California voted four to one last night in favor of a plan from Elon Musk ’ s Boring Company to dig a two-mile-long underground test tunnel .

Video provided by CNBC

As publicity stunts go, raising money by selling flamethrowers is tough to beat. 

But when it comes to real fundraising, Elon Musk has opted to dig in the old-fashioned way: by raising capital from investors for his tunnel-burrowing enterprise, The Boring Company.

Musk's latest enterprise raised $113 million from 31 unnamed investors, according to a Monday filing with Securities and Exchange Commission.

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Elon Musk ’ s tunnel - boring project has received more vague government approval for its equally vague plans to build an underground hyperloop between New York and Washington, DC. Out west, the Boring Company has broken ground, and it’s currently digging a two-mile “test tunnel ”

Elon Musk has sold all the Boring Company branded flamethrowers just days after introducing them. He managed to sell 20,000 flamethrowers for 0 USD each, which means the underground digging company has pocketed close to million USD.

But it seems the company didn't have to look far for funding. According to the company, the bulk of the sum was provided by Musk — the billionaire CEO of Tesla and SpaceX — with the rest coming from early Boring Company employees.

Elon Musk holding a glass of water: File photo taken in 2018 shows Elon Musk, CEO of Tesla and Founder of SpaceX. speaking at a news conference after the Falcon 9 SpaceX heavy rocket launched successfully from the Kennedy Space Center in Cape Canaveral, Fla. © John Raoux/AP Photo File photo taken in 2018 shows Elon Musk, CEO of Tesla and Founder of SpaceX. speaking at a news conference after the Falcon 9 SpaceX heavy rocket launched successfully from the Kennedy Space Center in Cape Canaveral, Fla. So what will $113 million buy Musk? The filing doesn't say, but it's not a longshot to guess it would go towards drilling more tunnels for a futuristic transportation concept commonly called Hyperloop.

Tunnelling isn't cheap. Consider that a giant Japanese-built tunnel boring machine dubbed Big Bertha recently clawed its way underneath Seattle for 1.7 miles over the course of four years. That monster cost $80 million. 

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Elon Musk ' s pun-inducing, earth-shattering Boring Company is getting more official by the day. While that sounds absolutely amazing — who wouldn't want faster and cheaper tunnels — it raises our first additional question.

At apiece, Elon Musk ' s Boring Company has sold around 15,000 hats. WATCH: Elon Musk shares first picture of a tunnel dug by his Boring Company .

Musk has said that his tunnels will be made more efficiently and less expensively in part because the width of the tunnels required is around 12 feet, or about one-fifth of Bertha's tunnel width. 

Musk has also said that his approach eliminates the costly and complex entry and exit points that traditional tunnels require since pedestrians will be lowered and raised from the tunnel by elevators. 

Founded in late 2016, the archly named business was born out of Musk's frustration with traffic around his Los Angeles home.

Last summer, Maryland officials said they had granted The Boring Company permits to tunnel between Baltimore and Washington, D.C., but Musk signalled that he wasn't quite ready to move forward.

Since then, Musk has altered the company's initial mission, which was to provide cars with sleds that would cart the vehicles at high speeds underground. In March, Musk tweeted out an animation showing bus-like devices that lower from sidewalks to tunnels below ground. 

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The Boring Company is a firm Elon Musk founded to dig tunnels under Los Angeles to relieve traffic congestion. In total, The Boring Company has sold 20,000 flamethrowers retailing at 0 (£351) each, raising million (£7.02 million ) for his high-speed tunnel venture.

Elon Musk Is About to Test His Tunneling Tech Under LA. Like the stodgy space and auto industries, boring seems ripe for revolution. Digging any tunnel of consequence takes years, costs millions , and requires navigating labyrinthine bureaucracies.

"Will still transport cars, but only after all personalized mass transit needs are met," Musk tweeted. "It’s a matter of courtesy & fairness. If someone can’t afford a car, they should go first."

Musk earlier raised around $10 million for The Boring Company by selling 20,000 flamethrowers at $500 a pop. 

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