Elon Musk pumps more than $100 million into his Boring Company

Elon Musk's Boring Company has raised nearly $113 million.In a filing with the Securities and Exchange Commiss...

Posted: Apr 17, 2018 10:45 AM
Updated: Apr 17, 2018 10:45 AM

Elon Musk's Boring Company has raised nearly $113 million.

In a filing with the Securities and Exchange Commission, the tunnel-digging company doesn't say what the funding is for. But the Boring Company is designing and planning to build a network of high-speed tunnels for mass transportation, which Musk has referred to as "an urban loop system."

He's planning to build a network of these transportation tunnels under Los Angeles.

Musk has tried other ways to raise money for the drilling company, like selling hats and flamethrowers. Over 90% of this funding round came from Musk, with the rest from early employees, according to the company. No venture capitalists or outside investors were involved.

Related: Musk says Telsa will make a profit this year

Musk is also the founder and CEO of electric car company Tesla and of SpaceX, a private space company that plans to fly tourists around the moon later this year. Musk said last week that Tesla would start making a profit this year.

The Boring Company faces competition from Virgin Hyperloop One, chaired by Richard Branson, which is developing high-speed transportation technology to send pods hurtling through pressurized tubes at around 600 miles per hour.

Article Comments

Mason City
13° wxIcon
Hi: 28° Lo: 10°
Feels Like: 4°
Albert Lea
Hi: 23° Lo: 7°
Feels Like: 9°
14° wxIcon
Hi: 30° Lo: 11°
Feels Like: 5°
Charles City
18° wxIcon
Hi: 34° Lo: 12°
Feels Like: 11°
13° wxIcon
Hi: 27° Lo: 9°
Feels Like: 4°
Snow returning Thursday and Friday
KIMT Radar
KIMT Eye in the sky

Latest Video


Hergert off to the big leagues


How to avoid a pileup


The cost of living


Liquor sales are up..again!


House fire in Austin


Kmart parking lot moves forward


Sean Weather 12/12


Cookie Bake off at IBM


First Skate at New Arena


Students making blankets for charity

Community Events