Elon Musk’s Boring Company now valued at $5.6 bln

The latest funding round, raising $675 million, has revalued Elon Musk’s ‘The Boring Company’ at exactly $5.675 billion, released on Wednesday. The money will supposedly be injected into the companies internal hiring across various sectors – an exciting expansion for the tunnelling enterprise business.

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.

Interesting participation techniques from Musk himself involved the creation of ‘The Boring Company’ hats and flamethrowers for sale in order to raise funds for his revolutionary idea to transport passengers through an underground vacuum tube called the Hyperloop – an alternative to regional and long-haul travel.

Simply put, this is a transport concept where the vehicles are shot through pressurised tubes at ultra-high speeds.

If you have never heard of The Boring Company, they create

Safe, fast-to-dig, and low-cost transportation, utility, and freight tunnels. The mission: solve traffic, enable rapid point-to-point transportation, and transform cities.”

Founded in 2016, the Texas-based company has since launched its commercial tunnel project in Las Vegas in order to transport visitors through the city’s convention centre – ironically using Tesla vehicles, one of Elon’s more iconic business ventures.

Is there anything Elon Musk cannot think of?