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Elon Musk invests £70M of his own money into the Boring Company

Boring Company founder Elon Musk has invested $100M (£70M) of his own money into the startup, according to official documents.

A recent recent submission the US Securities and Exchange Commission (SEC) revealed that The Boring Company has raised £79M ($113M) - more than 90% of which came from Musk.

According to the SEC document, the financing involved 31 investors, including Musk and 30 unnamed individuals who covered the remaining 10%.

This private stock sale is the first of the company’s funding deals to be disclosed to the SEC. Previously the Boring Company has raised money by selling merchandise such hats and flamethrowers. The latter raised £7M ($10M) in just a few days.

Last month, Musk tweeted that the Boring Company will be launching new merchandise – lego style bricks made from tunnelling rock.

The company has also unveiled its plans for an East Coast Loop between Washington DC and Baltimore, and it was shortlisted as one of two bidders left in the race to design, build, finance, operate and maintain Chicago’s proposed O’Hare transit express.

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