Musk's Boring Co. raises $113M in funding

Business | Technology 4/17/2018, 3:06 AM
Musk's Boring Co. raises $113M in funding

Elon Musk's Boring Company raised $113 million in funding for its transportation projects, according to a filing with the United States Securities and Exchange Commission. The document stated the total number of investors is 31 without listing names, but tech news website Recode reported Musk himself provided "more than 90% of the funds," while the rest came from "early employees" and that there were no outside contributors.

The tunnel construction business resorted to unconventional methods for raising money in the past. Earlier this year, it sold 20,000 flamethrowers for a total of $10 million for its multiple underground transportation projects in the US. However, Musk stated last month that the company's urban loop systems should prioritize pedestrians and cyclist over cars as a "matter of courtesy and fairness."

Breaking the News / DJ

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