Elon Musk’s Boring Company has raised nearly $113 million.
In a filing with the Securities in addition to Exchange Commission, the tunnel-digging company doesn’t say what the funding can be for. nevertheless the Boring Company can be designing in addition to 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 different ways to raise money for the drilling company, like selling hats in addition to flamethrowers.
Related: Musk says Telsa will make a profit This kind of year
Musk can be also the founder in addition to CEO of electric car company Tesla ( in addition to of SpaceX, a private space company that will plans to fly tourists around the moon later This kind of year. Musk said last week that will Tesla might start doing a profit This kind of year. )
The Boring Company faces competition coming from Virgin Hyperloop One, chaired by Richard Branson, which can be developing high-speed transportation technology to send pods hurtling through pressurized tubes at around 0 miles per hour.
CNNMoney (completely new York) First published April 16, 2018: 7:22 PM ET