Money Elon Musk's Boring Company raises $113 million to dig tunnels

11:46  17 april  2018
11:46  17 april  2018 Source:   usatoday.com

Spotify’s free music service is reportedly getting an update

  Spotify’s free music service is reportedly getting an update Recently-listed Spotify is simplifying its service, especially for mobile users, Bloomberg reported, citing unnamed sources. Spotify leads the music streaming market with 71 million paying users as of December, compared to Apple Music's 36 million subscribers.The company listed on the NYSE directly last week, meaning that no underwriters were involved and no new shares were issued.Spotify is developing an updated version of its free music service, according to a report.

Video provided by CNBC

As publicity stunts go, raising money by selling flamethrowers is tough to beat. 

But when it comes to real fundraising, Elon Musk has opted to dig in the old-fashioned way: by raising capital from investors for his tunnel-burrowing enterprise, The Boring Company.

Musk's latest enterprise raised $113 million from 31 unnamed investors, according to a Monday filing with Securities and Exchange Commission.

Overrated Human Elon Musk Says 'Humans Are Underrated'

  Overrated Human Elon Musk Says 'Humans Are Underrated' Aspiring comedian Elon Musk admitted Friday that "Humans are underrated" and Tesla, a company that has made its reputation in part by hyping up the promise of automation, has become too reliant on it. To be clear, Musk is not talking about the self-driving technology in his company's cars — a feature that has come under scrutiny following a number of scary mishaps, including one that may have resulted in a fatal crash in California last month.Instead, Musk means Tesla is kicking some of the robots out of its factory in favour of human workers.

But it seems the company didn't have to look far for funding. According to the company, the bulk of the sum was provided by Musk — the billionaire CEO of Tesla and SpaceX — with the rest coming from early Boring Company employees.

Elon Musk holding a glass of water: File photo taken in 2018 shows Elon Musk, CEO of Tesla and Founder of SpaceX. speaking at a news conference after the Falcon 9 SpaceX heavy rocket launched successfully from the Kennedy Space Center in Cape Canaveral, Fla. © John Raoux/AP Photo File photo taken in 2018 shows Elon Musk, CEO of Tesla and Founder of SpaceX. speaking at a news conference after the Falcon 9 SpaceX heavy rocket launched successfully from the Kennedy Space Center in Cape Canaveral, Fla. So what will $113 million buy Musk? The filing doesn't say, but it's not a longshot to guess it would go towards drilling more tunnels for a futuristic transportation concept commonly called Hyperloop.

Tunnelling isn't cheap. Consider that a giant Japanese-built tunnel boring machine dubbed Big Bertha recently clawed its way underneath Seattle for 1.7 miles over the course of four years. That monster cost $80 million. 

This is the 'couch' Elon Musk sleeps on when he works late at Tesla, and the Internet is aghast

  This is the 'couch' Elon Musk sleeps on when he works late at Tesla, and the Internet is aghast People are raising money on GoFundMe to buy Tesla CEO Elon Musk a new couch.Musk said he has been sleeping on a couch in a conference room at his Fremont, California, Tesla factory as the company goes through what he called "production hell" for the company's Model 3 sedan.

Musk has said that his tunnels will be made more efficiently and less expensively in part because the width of the tunnels required is around 12 feet, or about one-fifth of Bertha's tunnel width. 

Musk has also said that his approach eliminates the costly and complex entry and exit points that traditional tunnels require since pedestrians will be lowered and raised from the tunnel by elevators. 

Founded in late 2016, the archly named business was born out of Musk's frustration with traffic around his Los Angeles home.

Last summer, Maryland officials said they had granted The Boring Company permits to tunnel between Baltimore and Washington, D.C., but Musk signalled that he wasn't quite ready to move forward.

Since then, Musk has altered the company's initial mission, which was to provide cars with sleds that would cart the vehicles at high speeds underground. In March, Musk tweeted out an animation showing bus-like devices that lower from sidewalks to tunnels below ground. 

Elon Musk will crack down on expenditure at Tesla as he encourages staff to leave unproductive meetings

  Elon Musk will crack down on expenditure at Tesla as he encourages staff to leave unproductive meetings <p>Elon Musk will crack down on expenditure at Tesla</p>Work has halted at Telsa plants in California as they undergo upgrades to increase output from 2000 to 6000 cars per week by the end of June.

"Will still transport cars, but only after all personalized mass transit needs are met," Musk tweeted. "It’s a matter of courtesy & fairness. If someone can’t afford a car, they should go first."

Musk earlier raised around $10 million for The Boring Company by selling 20,000 flamethrowers at $500 a pop. 

Pictures: 19 things to know about billionaire entrepreneur Elon Musk

Ford Australia fined $10 million .
The Australian car manufacturer appeared in Federal Court over poor treatment of its customers.The Australian company has admitted it mishandled thousands of complaints from people who bought vehicles that shuddered, jerked or lost power because of faulty transmissions, 7 News reports.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!