Elon Musk’s visionary tunneling enterprise, The Boring Company, has experienced a remarkable surge in the value of shares owned by both employees and investors, according to a report by The Information on Monday.
The sale of these shares transpired at a striking price of $24 each, as disclosed by individuals familiar with the matter, as reported by The Information.
Furthermore, The Boring Company conveyed to its shareholders the opportunity for investors to acquire up to $20 million in secondary shares as part of the recent share sales, as confirmed by one of the sources cited by The Information.
This significant development has catapulted the Austin, Texas-based startup to an implied valuation exceeding $7 billion, as reported in the same article. This valuation marks a notable increase from the company’s previous valuation of $5.675 billion, which was established following a successful Series C funding round, led by Vy Capital and Sequoia Capital, last year.
