The Boring Co. founded by Elon Musk raises $112.5 million for Hyperloop project
Elon Musk’s Boring Company raises $112.5 million that is something around Rs. 738 crores in equity.
The shares split into, 90:10 where 90% was provided by Elon Musk himself and remaining 10% by other 31 unnamed investors.
Boring Co. raises the funds for its Hyperloop project as the company seeks to build underground tunnels for the same.
Apart from Elon Musk, the other 10 percent equity is provided by the early employees of Boring Co as stated by the company.
Musk, through the Hyperloop aims to seek & revolutionise transportation by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes.
Musk also is the founder of electric vehicle giant Tesla and rocket company SpaceX.
According to Forbes, Musk net worth is around $19.3 billion, that is 1.26 lakh crores in INR.
The project operate a “loop” to connect downtown Chicago with O’Hare Airport that is currently 16.7 mi as per Google Maps.
The company says tunnel-digging projects can cost as much as $1 billion per mile, but its goal is to lower these costs by a factor of 10 or more.
In October, the Maryland Department of Transportation gave “conditional approval to the construction of a tunnel from Baltimore to Washington” for the project by issuing a utility permit.
While the members states that Hyperloop is a project that aims to transform transportation all the way through the Unites States East Coast.