Boring Company Reaches Valuation of 20 Billion Dollars
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Boring Company has completed a new financing round. Elon Musk's tunnel company's valuation thus rises to 20 billion US dollars. The tunnel construction company Boring Company has completed a new financing round with a valuation of 20 billion US dollars.As reported by the Wall Street Journal, the transaction is tied to unusual conditions for investors. Those who provide capital must help with recruitment or mediate contacts with authorities. Compared to classic venture capital investments, Boring Company's management demands active involvement from the capital providers. Partners who cannot establish contacts with municipal officials or fill open positions risk the company buying back their shares.For the construction of underground transit systems, regulatory approvals are crucial. An analyst commented on the situation: "For a tunnel project, access to the appropriate government representatives is often just as valuable as additional capital."The company, spun off from SpaceX in 2018, has primarily operated the Las Vegas Loop so far. Now, new major projects are on the agenda: In 2022, Boring Company was still valued at 5.7 billion US dollars in its Series C financing. With this new step, this value nearly quadruples. Investor approval for founder Elon Musk was also recently seen at SpaceX, where an IPO was conducted with a valuation of 85.7 billion US dollars. Share this...
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