Billionaire Elon Musk‘s tunneling company, The Boring Co., announced on Wednesday that it had raised $3 billion in its latest funding round, touting a partnership to build underground tunnels in the United Arab Emirates (UAE).
New Projects?
In an official statement, the company announced that it had secured $3 billion in funding led by the UAE and its “affiliated investment entities,” bringing the company’s total valuation to $23 billion.
The company said the expanded UAE partnership could eventually involve more than 150 km (93 miles) of underground infrastructure, building on its previously announced Dubai Loop project.
The company announced other investors, including Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, A16Z, Temasek, Shamal Holding, and Baron Capital and others.
Musk took to the social media platform X to hail the announcement, quoting a post by the official Boring Co. handle. “Congrats Boring Company team!” the billionaire said.
Tesla Expands Robotaxi
Meanwhile, Tesla Inc. (NASDAQ:TSLA) unveiled its Cybercab without a steering wheel or pedals, touting it as the beginning of a “golden era” in transportation.
However, the National Highway Traffic Safety Administration (NHTSA) opened an Audit Query into Tesla’s self-certification of the Cybercab, examining the technical data and certification process used to determine that the steering-wheel- and pedal-free vehicle complies with applicable Federal Motor Vehicle Safety Standards.
On the other hand, Ross Gerber, the co-founder of investment firm Gerber Kawasaki and a vocal Tesla critic, advised Tesla owners against participating in the Robotaxi rollout, arguing they should let Tesla bear the risk rather than taking it on themselves. This comes after Musk touted an Airbnb Inc. (NASDAQ:ABNB) mixed with Uber Technologies Inc. (NYSE:UBER) business model for the service.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Photo courtesy: Shutterstock
Login to comment