Musk’s Boring Company Valuation Reaches $5.6B

Musk's Boring Company Valuation Reaches $5.6B

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The Boring Company has raised $675 million in a Series C investment round, valuing the tunneling company at $5.675 billion. The funds will be used to increase hiring across sectors, according to Musk.

To scale up its Loop projects, the Austin, Texas-based company wants to double its personnel in engineering, operations, and production.

Last June, the Boring Company debuted its commercial tunnel operation in Las Vegas, using human-driven Tesla (TSLA) vehicles to transport tourists through the city’s Convention Center.

Musk, who also runs Tesla Inc and SpaceX, wants to revolutionize transportation by transporting passengers in pods through a hyperloop system of gigantic subterranean vacuum tubes.

Musk had previously raised funds by selling Boring Company hats and flamethrowers.

With a $43 billion cash acquisition offer, the billionaire also targeted Twitter Inc (TWTR).

Goldman Sachs (GS) accused rival Morgan Stanley (MS) to Hong Kong’s regulatory agency over a series of block deals or huge stock sales.

It was unclear whether Hong Kong authorities looked into the Goldman Sachs employees’ claims. Since the US investigations were made public, Hong Kong’s financial regulator has begun questioning banks about their block-trading activities.

Three years ago, as part of a casual discussion concerning price decreases in the equities of a limited number of Hong Kong-listed businesses that occurred just before Morgan Stanley delivered blocks of shares to market, Goldman contacted the territory’s Securities and Futures Commission.

The Securities and Exchange Commission in the United States was looking into whether finance executives had broken the rules by leaking information to hedge funds ahead of a block deal.

On Wednesday, billionaire investor William Ackman sold a $1.1 billion bet on Netflix (NFLX), netting a loss of over $400 million as the price plummeted after reports that it had lost members for the first time in a decade. 

Just days after a poor subscription prediction sent the share price lower, the investor poured over $1 billion into the streaming business. Analysts suggest that the company’s future is too unpredictable. 

The streaming giant lost 200,000 subscribers and would struggle to reach the target number of subscribers this year.

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