Musk’s Boring Business valued at $5.6 billion after most current financing round
< img src="https://bharatsuchana.com/wp-content/uploads/2022/04/FtUbB6.jpg"class="ff-og-image-inserted"> Elon Musk’s The Boring Company has raised$675 million in Series C funding round, which now values the tunneling business at$5.675 billion, the company stated on Wednesday, adding that the earnings will be utilized to ramp up its employing across sectors. The Austin, Texas-based company, which prepares to expand its workforce in engineering, operations, and production to scale up its Loop projects, stated 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 released its commercial tunnel project in Las Vegas last June to transfer visitors through the city’s Convention Center using human-driven Tesla cars. Musk, who also leads electric vehicle maker Tesla Inc and rocket company SpaceX, is looking for to transform transport by sending out travelers packed into pods through an intercity system of giant, underground vacuum tubes referred to as the hyperloop. Musk had previously sold Boring Company hats and flamethrowers to raise funds. Recently, billionaire Musk took objective at Twitter Inc with a$43 billion money takeover deal. 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 networks platform was revealed. Released at Thu, 21 Apr 2022 02:29:42 +0000