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Elon Musk’s Boring Company hits $5.7 billion valuation

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April 22, 2022
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Elon Musk’s Boring Company hits $5.7 billion valuation
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Elon Musk will speak on December 18, 2018 at the unveiling event of The Boring Company Hawthorne Test Tunnel.

Pool | Getty Images News | Getty Images

Elon MuskThe Boring Company wants to build a network of underground tunnels for transporting people and cargo around the city. We have raised $ 675 million to move further towards that goal.

The Boring Company Said late wednesday Raised new funding in a Series C funding round, the company was valued at $ 5,675 million.

The Boring Company says its ultimate goal is to eliminate “soul-destroying traffic” in the vast network of tunnels. The company plans to spend the latest cash on scaling loops, a system that shuttles passengers through high-speed tunnels.

Startups have previously claimed that the technology could shuttle passengers at 150 mph. So far, I’m having a hard time achieving these speeds. Reach up to 50 mph In a test drive with a reporter Tesla Model X electric vehicle.

The Boring Company has recently stated that it has received approval for a 29-mile tunnel network connecting 51 stations in Las Vegas. The company calls this the “largest underground transport project,” and states that it will eventually be able to transport 57,000 passengers per hour.

This is far from the concept of “hyperloop” that Mask originally envisioned. The mask will see the pods pass through a series of underground pipes even faster, at 760 mph. One company developing technology.. Some companies want technology to come true.

For now, Hyperloop says it’s focusing on the Loop project and the development of Prufrock, The Boring Company’s machine line designed to dig up huge tunnel infrastructure projects in the coming weeks.

The Boring Company states that it will “significantly increase employment across engineering, operations and production” to build and research and develop the Vegas Loop project.

Tech millionaires are also proposing deals to buy, as if the mask didn’t have enough yet twitter Keep your company private.

Tesla and SpaceX CEO Proposed to acquire a social media platform It ’s $ 43 billion, Questions about whether he can get the money he needs To make such a big bid. Twitter’s board of directors is so-called “poison“A strategy designed to fend off potential hostile takeovers.

Tesla First quarter revenue up 81% On Wednesday, it exceeded analysts’ expectations and exceeded the company’s stock by more than 7% in after-hours trading.

Clarification: The photo captions in this article have been clarified to remove the impression that the Hawthorne Tunnel is not yet open.

Tags: billionBoringBusiness newsCarcompanyElonElon MuskhitsInc.MuskstechnologyTeslaTransportation facilitiesTwitter Incvaluationventure capital
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