Elon Musk's Boring Company has raised nearly $113 million

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reposted with permission from CNN

Elon Musk criticized for selling $500 flamethrowers
Elon Musk criticized for selling $500 flamethrowers

Elon Musk’s Boring Company has raised nearly $113 million.

In a filing with the Securities and Exchange Commission, the tunnel-digging company doesn’t say what the funding is for. But the Boring Company is designing and planning to build a network of high-speed tunnels for mass transportation, which Musk has referred to as “an urban loop system.”

He’s planning to build a network of these transportation tunnels under Los Angeles.

Musk has tried other ways to raise money for the drilling company, like selling hats and flamethrowers. Over 90% of this funding round came from Musk, with the rest from early employees, according to the company. No venture capitalists or outside investors were involved.

Related: Musk says Telsa will make a profit this year

Musk is also the founder and CEO of electric car company Tesla (TSLA) and of SpaceX, a private space company that plans to fly tourists around the moon later this year. Musk said last week that Tesla would start making a profit this year.

The Boring Company faces competition from Virgin Hyperloop One, chaired by Richard Branson, which is developing high-speed transportation technology to send pods hurtling through pressurized tubes at around 600 miles per hour.