Why Elon Musk is now drilling a mega-tunnel
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Print The tunnel construction start-up The Boring Company, founded by US billionaire Elon Musk, has raised three billion dollars (2.6 billion euros) in a new financing round. This results in a valuation of 23 billion dollars. The financing was led by the United Arab Emirates and associated investment companies, the company announced on Wednesday. Other investors included Sequoia Capital, Andreessen Horowitz, and Temasek. ORF-Showdown - Thurnher: "ORF is wildly controversial" "The Lion King" opens the theater in Prater Austrian bakery opens in New York and sells bread for 60 dollars! With the fresh capital, the construction of more than 150 kilometers of underground infrastructure in the Emirates is to be advanced. The basis for this is the "Dubai Loop" project, for the construction of which The Boring Company and the emirate's transport authority had signed a preliminary agreement last year. In addition, the start-up plans to hire more staff and expand its tunnel projects in Las Vegas, Nashville, and Dubai. The current financing round marks a rapid increase in value: in 2022, after a capital injection of 675 million dollars, the company was still valued at 5.7 billion dollars. Musk founded The Boring Company in 2017 to solve the traffic jam problem in big cities with a network of underground transport routes.
