Musk's Boring company received a new infusion of cash to build its Tesla tunnels Thursday.
Musk founded the company in 2016 with the aim of relieving traffic congestion without creating more surface roads.
"The funds from the round will be used to significantly increase hiring across engineering, operations, and production to build and scale Loop projects, including Vegas Loop and others, in addition to accelerating the research and development of Prufrock and future products," Musk's company said in a statement.Prufrock is the company's term for its boring machine, which it says can cut out a tunnel up to four miles long in less than a month.
"Prufrock-3 is designed to be even faster, with the medium term goal of 1/10 human walking speed, or 7 miles/day," the company said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk's Tunnel-Making Venture Boring Company Hits $5.7 Billion ValuationThe Boring Company said it has raised $675 million in a funding round valuing the firm at $5.675 billion.
Read more »
Elon Musk’s Boring Co. Raises $675 Million to Build Transportation TunnelsThe Boring Co., a startup founded by Elon Musk, has raised has raised new capital to fund the billionaire investor’s vision to alleviate traffic
Read more »
Boring Company raises additional $675 million as investors chuck money into holes in the groundThat’s a lot of money for putting Teslas in tunnels:
Read more »
Opinion | Elon Musk, Twitter and the Ghosts of the 2016 and 2020 ElectionsFrom WSJopinion: Elon Musk’s bid is apocalyptic if you believe tweets decide elections. He is not the naif he finds it useful to play, writes Holman W. Jenkins
Read more »
Elon Musk looks to raise funds to buy Twitter, reports sayCryptic tweet suggests Tesla CEO may try to buy shares of the social media service directly from investors.
Read more »
Some Pressing Questions for Elon Musk as He Pursues TwitterThe Tesla C.E.O. has offered forty-three billion dollars to buy the social-media platform, but basic questions about his views on online misinformation and incitement remain unanswered.
Read more »