[TAG0][TAG1]
- The Boring Company, a private company, is not publicly traded. You cannot easily buy shares or invest in the corporation.
- As a result, very little is known about the bottom line.
- The company excavates tunnels for vehicles and trains.
Elon Musk founded The Boring Company in 2016, after he became increasingly frustrated with the traffic congestion in Los Angeles and the long commutes that resulted.
The main idea behind the company is to create underground tunnels for passenger and commercial vehicles, and ultimately Hyperloop trains.
According to a Boring Company press release, The Boring Company will complete Series C funding in April 2022. At the time, it was valued at $5.675 billion.
The company is a private one, so little information about its foundations is available. It's also not easy to invest.
Some companies allow investors to make investments in companies prior to their initial public offerings, should the company decide to go public. There's still no guarantee the Boring Co. will hold an IPO or offer its stock to a larger market.
Tesla CEO Elon Mots founded the Boring company as a sub-division of SpaceX in Dec 2016.
The company was distracted at times, such as when it sold millions of dollars of "Not-A-Flamethrowers" within 24 hours. It is required by law to use the name in order to avoid any customs restrictions.
One Wall Street analyst stated that in 2018, The Boring Company appeared less like a lunatic and more like an actual venture. It could have been valued at $16 billion.
Alexander Haissl is an autos analyst with Berenberg. He told clients that Chicago's selection of The Boring Company as the contractor to build the high-speed connection between downtown and O'Hare Airport confirmed the project's viability.
Haissl, in a Business Insider note, said that "in one step, the deal provided the legitimacy and foundation that can turn The Boring Company to a highly valued asset."
Later, the project was scrapped.
Musk's other projects were a concern to some SpaceX investors in December 2018. This was especially true when his capital was used for The Boring Company, Musk's latest pet project.
The first tunnel of the Boring Company was built at SpaceX's headquarters in Southern California.
A spokesperson confirmed that SpaceX owns 6% of The Boring Company. "Calculated based on value of land and time contributed since the creation of the Company," the spokesperson stated.
The Boring Company raised its first outside funding in 2019. Business Insider was confirmed by a Boring Company representative that the company had raised approximately $120 million. The representative stated that 8VC, Vy Capital and Craft Ventures led the funding round. Valor Capital and Draper Fisher Jurvetson also participated. The representative stated that Future Ventures, the venture capital firm founded by Steve Jurvetson and co-founded with 8VC, was also involved in the funding round.
Boring Company has completed several projects, including The Las Vegas Convention Center Loop System, a three-station system with 1.7 miles tunnel. It cost approximately $47M to construct the two tunnels, three stations and the two tunnels.
—————————————————————————————————————————————
By: kyle@ktwilson.ca (Kyle Wilson)
Title: Boring Company stock isn’t publicly traded, and was last valued at $5.7 billion on the private market
Sourced From: www.businessinsider.com/boring-company-stock
Published Date: Fri, 28 Jul 2023 14:30:41 +0000
Related posts:
The Boring Company may be concerned about infrastructure innovation: Facebook’s failed attempt to convert a century old railway into a commuter link could serve as a warning to other companies.
Elon Musk says he didn’t know the exact amount of funding required to take Tesla Private.
Elon Musk intends to build hundreds homes in Texas for workers, on streets such as Boring Boulevard
Elon Musk states that these shareholder advisors effectively control the stock markets and hold too much power
Leave a Reply