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Elon Musk's Boring Co raises $112.5 million in funding, most from Musk


By David Shepardson

(Reuters) - Musk's Co said on Monday it raised $112.5 million in equity, with 90 percent coming from himself, as the company seeks to build for its project.

In a regulatory filing, the company listed 31 unnamed investors as participants in the funding round. Besides Musk, the rest of the investors were early employees, according to the company.

Musk, who also leads and rocket company SpaceX, is seeking to revolutionize by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the magazine estimates Musk's net worth at $19.3 billion.

The funding comes about five months after said Co would compete to fund, build and operate a "loop" to connect downtown with

earlier sold hats and flamethrowers to raise funds.

The company says tunnel-digging projects can cost as much as $1 billion per mile, but its goal is to lower these costs by a factor of 10 or more.

In October, the Department of gave "conditional approval to the construction of a tunnel from to Washington" for the project by issuing a utility permit.

Last month, six Democratic members of from and wrote to seeking information about the state's support for the proposed Project, including the regulatory standards that will apply.

"While the Hyperloop is an exciting project that has the potential to transform transportation along the entire U.S. East Coast, it is also a project that would utilize a wholly new technology and could have significant impacts on our constituents," the members wrote.

(Reporting by in Washington; Additional reporting by in Bengaluru; Editing by and Leslie Adler)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 06:45 IST