Hawthorne, California – December 18: Elon Musk, co-founder and CEO of Tesla Inc., speaks at the opening ceremony of The Boring Company Hawthorne test tunnel on December 18, 2018 in Hawthorne, California. On Tuesday night, The Boring Company will officially open the Hawthorne Tunnel, a preview of Mask’s broader vision to facilitate traffic in Los Angeles. (Photo by Robin Back-Pool / Getty Images)
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Boring Company Ilona Maska wants to build a network of underground tunnels to transport people and goods around the cities. $ 675 million was raised to further this goal.
Boring Company said late Wednesday that it had raised new funds in the C-Series funding round, valuing the firm at $ 5.675 billion.
Boring Company says its ultimate goal is to eliminate “destructive traffic” through extensive networks of tunnels. The firm plans to spend the last money on scalable Loop, a system that will transport passengers through high-speed tunnels.
Earlier, the startup claimed that the technology could one day carry passengers at speeds of up to 150 miles per hour. So far, he has struggled to reach that speed, reaching a maximum of just 50 miles per hour during test trips with reporters on the Tesla Model X electric car.
Boring Company says it recently received approval for a 29-mile tunnel network connecting 51 stations near Las Vegas. The company calls it “the largest underground transportation project” and says it will eventually be able to carry 57,000 passengers per hour.
According to one company that is developing the technology, this is far from the concept of “hyperloop”, first conceived by Mask, which would see how the pods are carried through a series of underground pipes at an even higher speed – up to 760 miles per hour. Several firms hope to make this technology a reality.
At the moment, Hyperloop says it is focused on developing its Loop and Prufrock project, a line of The Boring Company machines designed to dig huge tunnel infrastructure projects in a matter of weeks.
Boring Company says it will “significantly increase the number of hires in engineering, operation and production” to build its Vegas Loop project, as well as for research and development.
As if the mask was no longer enough on the plate, the technical billionaire is also offering a deal to buy Twitter and transfer the company to a private company.
The CEO of Tesla and SpaceX has offered to buy the social networking platform for $ 43 billion, but there are doubts whether he will be able to get the necessary funding to make such a big bid. The Twitter board has adopted a so-called “poison pill” strategy designed to fend off possible hostile takeovers.
On Wednesday, Tesla reported an 81% jump in revenue in the first quarter, exceeding analysts ’expectations and increasing the firm’s shares by more than 7% in non-business trading.