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Boring Company Reaches $20 Billion Valuation in New Funding Round, WSJ Reports
Elon Musk's tunneling venture, The Boring Company, has closed a new funding round that values the firm at approximately $20 billion, according to a report from The Wall Street Journal citing people familiar with the matter. Musk appeared to confirm the report's accuracy in a post on the social media platform X.
Unconventional Investor Terms
The latest investment round included an unusual requirement for some participants, the WSJ reported. These investors were reportedly required to actively contribute to the company's growth by helping recruit employees or assisting with business development.
Specific obligations included making introductions to government officials in cities where the company might build future tunnel projects. According to the sources, The Boring Company has the right to buy back a portion of an investor's shares if they fail to provide viable candidates or assistance.
AdCompany Operations and Projects
The Boring Company, which was spun off from SpaceX in 2018, develops tunneling machines and technology aimed at making underground construction cheaper and faster than traditional methods. Its most prominent project is the Las Vegas Loop, an underground transportation network that uses Tesla vehicles to shuttle passengers beneath the Las Vegas Strip.
The company has also pitched projects in other cities like Baltimore and Chicago and is reportedly developing a new, privately funded loop in Nashville. The new valuation highlights significant investor confidence in the firm's potential to disrupt the high-cost infrastructure and transportation sectors, despite the long timelines and regulatory complexities involved.
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