Another Musk boondoggle

Posted by freedomforall 3 months, 1 week ago to Business
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At least this time it appears Musk is funding it himself.
Of course all his money has come from taxpayers in earlier projects.
The Boring Company, Elon Musk’s tunneling startup, has raised $113 million in equity. Among the funding round’s investors is Musk himself, who financed more than 90% or roughly $100 million of the total amount.

The amount of the Boring Company’s funding was disclosed in the company’s US securities filing on Monday. According to the SEC document, the latest financing round involved 31 investors, featuring Musk and 30 unnamed individuals who covered the remaining ~10% of the $113 million. According to a Bloomberg report, the Boring Company noted that neither outside investors nor venture capitalists were included in the recent funding round.

Interestingly, Elon Musk is not listed in the Boring Company’s SEC filing. The document, which could be viewed here, only lists two names — Jared Birchall, who is involved in Musk’s Neuralink initiative, and Steve Davis, a SpaceX engineer. Birchall is listed as The Boring Company’s executive while Davis is listed as the tunneling startup’s director.
SOURCE URL: https://www.cnbc.com/2018/05/11/elon-musks-first-boring-tunnel-to-offer-free-rides-in-a-few-months.html


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