Musk's Boring Company shares rise over 22% in employee share sale - The Information
© Reuters. FILE PHOTO: The Boring Company logo and Elon Musk silhouette are seen in this illustration taken, December 19, 2022. REUTERS/Dado Ruvic/Illustration
-Elon Musk's tunneling enterprise, The Boring Company, has sold shares owned by employees and investors at a price over 22% higher than in a funding round for the company last year, The Information reported on Monday.The Boring Company also told shareholders that investors could buy up to $20 million in secondary shares as part of the recent share sales, one of the people told The Information.
This gives the Austin, Texas-based startup an implied valuation of over $7 billion, the report added, up from its $5.675 billion valuation after a Series C funding round led by Vy Capital and Sequoia Capital last year.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.
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