Elon Musk invests another $100M into his 'flamethrower' startup
Elon Musk's tunneling startup The Boring Company has raised $113 million to fund its vision of the near/distant future of transportation, according to newly-filed SEC docs first spotted by CNBC. Bloomberg reports that 90% of the financing came from Musk himself and the rest from early employees of the Boring Co., according to the filing.
He later said the company started off as a joke, per reports, "because it would be a amusing name for a company".
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".
"The Boring Co. says it was founded to 'solve the problem of soul-destroying traffic.' The company website says it is pursuing projects in Los Angeles, Chicago, and the Baltimore-Washington area".
Trading Review: Tracking Price Performance for Banco Do Brasil SA (BDORY)
The stock has experienced bearish momentum as it's ATR or Average True Range has dipped consistently over the past 10 sessions. Market capitalization is calculated by multiplying a company's shares outstanding by the current market price of one share.
Porsche board member investigated over diesel emissions claims
Porsche confirmed the investigation but did not comment on who was involved. "The third accused no longer works for Porsche", prosecutors said.
Comerica INC (CMA) Shareholder Maltese Capital Management LLC Increased Its Stake
Fuller Thaler Asset Incorporated holds 0.04% of its portfolio in Gold Resource Corporation (NYSEAMERICAN:GORO) for 700,000 shares. On Thursday, February 8 the stock of Comerica Incorporated (NYSE: CMA ) has "Buy" rating given by BMO Capital Markets.
The company has also made headlines this year for its flamethrowers, a "complimentary Boring fire extinguisher", that sold out within five days, grossing more than $10 million for the startup. However, the company, for the most part, appears to have been funded directly from Elon's own pockets, and the latest SEC filing appears to confirm that assumption.
The only individuals listed on the filing are SpaceX director Steve Davis and Jared Birchall, a mysterious figure who previous filings have named as an executive at Neuralink, another one of Musk's spin-offs.
As of now, it is not clear when the Boring Company's tunnels are going to be open to the public. Last month, the company released details of the proposed route between Washington, D.C., and Baltimore. They wrote, "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".
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