Fiji Time: 2:15 PM on Wednesday 22 August

Fiji Times Logo

/ Front page / Business

Boring Company raises $228m equity

Reuters
Wednesday, April 18, 2018

ELON Musk's Boring Company has raised $US112.5 million ($F228m) in equity, the firm said in a regulatory filing on Monday, as it seeks to build underground tunnels for its hyperloop transportation project.

Mr Musk, who also leads electric vehicle maker Tesla Inc and rocket company SpaceX, is seeking to revolutionise transportation by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the hyperloop.

The funding comes about five months after Mr Musk said the Boring Company would compete to fund, build and operate a "loop" to connect downtown Chicago with O'Hare Airport.

Mr Musk had earlier sold Boring Company hats and flamethrowers to raise funds.

The Boring Company says tunnel-digging projects can cost as much as $US1 billion ($F2b) per mile.

Its goal is to lower these costs by a factor of 10 or more, its website says.








Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Westpac
Code Inward TTs Outward TTs
CAD 0.62690.6079
JPY 54.049151.0491
GBP 0.34840.3404
EUR 0.40380.3918
NZD 0.68660.6536
AUD 0.64580.6208
USD 0.50110.4841

from

$0.00

Exchange Rate updated on 18th, April, 2018

Today's Most Read Stories

  1. $75k 'historic' accident compensation
  2. Man swept away, ends up on tree
  3. Top two
  4. Sayed-Khaiyum rejects vote buying claim
  5. 11 deaths
  6. Air cleared on route
  7. Tribunal dismisses ATS essential services bid
  8. 78 registered nurses graduate
  9. National budget date set
  10. Coconut plants 'cyclone tolerant'

Top Stories this Week

  1. Origins of our Isa Lei Sunday (15 Apr)
  2. Man found dead on roof Thursday (12 Apr)
  3. Body seen afloat Thursday (12 Apr)
  4. Urgent call for help on island Thursday (12 Apr)
  5. $75k 'historic' accident compensation Wednesday (18 Apr)
  6. Wrath of nature Monday (16 Apr)
  7. Man swept away, ends up on tree Wednesday (18 Apr)
  8. Catanasiga appointed first woman executive director of FCOSS Tuesday (17 Apr)
  9. Team Fiji returns Monday (16 Apr)
  10. Woman hospitalised, man missing after boating accident Sunday (15 Apr)