Elon Musk's The Boring Company now valued at nearly $5.7 billion
CNN
The Boring Company, Elon Musk's bid to beat traffic by putting Teslas in tunnels, has raised $675 million, which it plans to use to build more of its Loop projects.
The Boring Company's new funding, announced Wednesday, comes from venture capital firms as well as real estate companies. Sequoia, a prominent Silicon Valley firm that's invested in Musk before, co-led the investment with Vy Capital. The deal values the Boring Company at nearly $5.7 billion.
Loop is a mostly underground transportation system that offers point-to-point trips between stations where people board Tesla SUVs. One Loop system is already operating in Las Vegas with three stations and 1.7 miles of tunnel at the Las Vegas Convention Center. There are plans to expand the system throughout the Vegas strip, with 51 stations over 29 miles.
