Posted Apr 25, 2022, 6:24 PM
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Join Date: Aug 2002
Location: Toronto
Posts: 52,200
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Boring Company raises additional $675 million as investors chuck money into holes in the ground
https://www.theverge.com/2022/4/21/2...otal-vaulation
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- The Boring Company has raised a new round of funding worth $675 million, with Elon Musk’s grand plan to “solve traffic” with tunnels now valued at $5.675 billion. — So far, The Boring Company has built just two operational 0.8-mile tunnels underneath the Las Vegas Convention Center, as well as 1.1-mile test tunnel in Hawthorne, California. The company has been pitching its services far and wide, and although many projects have run aground. — Originally, Musk said the company’s tunnels would use autonomous sleds to carry cars and specially-designed pods at speeds of up 150mph to transport pedestrians and cyclists. So far, they’re currently limited to electric vehicles (Teslas) driven by human employees at around 50mph and carrying ticketed passengers.
- The company’s Las Vegas tunnels have been open for a few years now, and first-hand impressions have been mixed to say the least. When everything goes to plan, the company’s tunnels let cars pass through them at sedate speeds. But when they’re busy they also create their own traffic jams, the very problem they’re intended to solve. — Investors, though, don’t necessarily care whether or not founders like Musk ultimately follow through on their hyperbole, only that the companies they run attract enough customers and revenue to pay back their own investments. And Musk has proved, time and time again, that’s he’s very good at pushing up share prices and valuations. For the meantime, that means The Boring Company has a lot of tunnels left to dig.
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