Musk's Boring Company shares rise over 22% in employee share sale - The Information (updated)
24/10/2023 01:27
(Adds details from the report, background on previous valuation
in paragraph 4)
Oct 23 (Reuters) - Elon Musk's tunneling enterprise, The
Boring Company, has sold shares owned by employees and investors
at a price over 22% higher than in a funding round for the
company last year, The Information reported on Monday.
The sale priced shares at $24 each, the report said, citing
people familiar with the matter.
The Boring Company also told shareholders that investors
could buy up to $20 million in secondary shares as part of the
recent share sales, one of the people told The Information.
This gives the Austin, Texas-based startup an implied
valuation of over $7 billion, the report added, up from its
$5.675 billion valuation after a Series C funding round led by
Vy Capital and Sequoia Capital last year.
The Boring Company did not immediately respond to a Reuters
request for comment.
(Reporting by Jyoti Narayan in Bengaluru; Editing by Sandra
Maler and Stephen Coates)
((Jyoti.Narayan@thomsonreuters.com;))