Musk's Boring Company valued at $5.6 bln after latest funding round
21/04/2022 03:12
April 20 (Reuters) - Elon Musk's The Boring Company has
raised $675 million in Series C funding round, which now values
the tunneling enterprise at $5.675 billion, the company said https://bit.ly/3jWhfBA
on Wednesday, adding that the proceeds will be used to ramp up
its hiring across sectors.
The Austin, Texas-based company, which plans to expand its
workforce in engineering, operations, and production to scale up
its Loop projects, said the funding round was led by Vy Capital
and Sequoia Capital, with participation from Valor Equity
Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.
Boring Company had launched its commercial tunnel project in
Las Vegas last June to transport visitors through the city's
Convention Center using human-driven Tesla vehicles.
urn:newsml:reuters.com:*:nL3N2OJ4E6
Musk, who also leads electric vehicle maker Tesla Inc
TSLA.O and rocket company SpaceX, is seeking to revolutionize
transportation by sending passengers packed into pods through an
intercity system of giant, underground vacuum tubes known as the
hyperloop.
Musk had earlier sold Boring Company hats and flamethrowers
to raise funds. urn:newsml:reuters.com:*:nL4N1PR48O
Last week, billionaire Musk took aim at Twitter Inc TWTR.N
with a $43 billion cash takeover offer. His offer price of
$54.20 per share was a 38% premium to Twitter's April 1 close,
the last trading day before his 9.1% stake in the social media
platform was made public. urn:newsml:reuters.com:*:nL3N2WC22G
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
Sherry Jacob-Phillips)
((JaiveerSingh.Shekhawat@thomsonreuters.com;))