Elon Musk’s Boring Company snags $120 million in new funding



Elon Musk’s tunneling and transportation startup The Boring Company has increased its first outside investment through the sale of $120 million in stock, according to a securities filing.

The particulars of licensed sale of stock were initially recorded by Bloomberg News, which reviewed the filing obtained from Prime Unicorn Index.

The main shareholders in the stock exchange were 8VC, Vy Capital, Craft Ventures and Valor Capital, and DFJ, according to a Boring Company spokesperson.

Steve Jurvetson, a longtime friend, advisor and early backer of all both Musk’s other businesses SpaceX and Tesla, also created an investment via his new finance.

The investment comes just a two months since the The Boring Company landed a $48.7 million commercial contract to build and run an undercover “folks Agency ” in Las Vegas. Following receiving approval in the Las Vegas Convention and Visitors Authority, TBC secured the contract in May to build a underground loop method  which shuttles people.

The first design for your project, dubbed Campus Wide People Mover, or CWPM, will revolve around the Las Vegas Convention Center, which is currently in the midst of a growth that is expected to be completed in time for CES 2021. The recently expanded Las Vegas Convention Center will interval about 200 acres after finished. Even the Las Vegas Convention and Visitors Authority (LVCVA)quotes that people walking the facility would travel two miles away from one end to the other, a space which prompted officials to find a transportation solution.

Ever since landing the contract in Las Vegas, TBC has since ramped up its hiring as it starts to scale upward and move beyond the standing of Musk pet project. (TBC hasn’t researched how many people it employs; quotes from various sources put it in over 80 people, but there’s evidence of overlap involving SpaceX and TBC.)

TBC previously increased almost $113 million last year.

Update: The first article didn’t incorporate the main investors in the stock exchange.

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