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.
You might also like...
Breakthrough at Boring Company's LA tunnel
Elon Musk has celebrated the Boring Company breaking through at end of the test tunnel in Los Angeles, US.
Musk hints at "many layers of tunnels" under LA
The Boring Company founder, Elon Musk, has hinted that he would like to build “many layers of tunnels” under Los Angeles, US.
Musk quotes $1bn to tunnel through Blue Mountains
The Boring Company founder Elon Musk has said it would cost $1bn (£557M) to bore a tunnel through the Blue Mountains in Australia.
Boring Company TBM lifted from LA test tunnel
The Boring Company has lifted the TBM from the test tunnel it completed earlier this month in Los Angeles, US.
Have your say
You must sign in to make a comment
Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.