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Elon Musk’s Boring Co. Raises $120 Million in First Outside Investment

This is on top of the $113 million the startup brought in last year.

SpaceX, Tesla and The Boring Company founder Elon Musk speaks at the 2018 SpaceX Hyperloop Pod Competition, in Hawthorne, California on July 22, 2018. - Students from colleges and universities from the US and around the world are taking part in testing their pods on a 1.25 kilometer-long (0.75-mile) tubular test track at the SpaceX headquarters. (Photo by Robyn Beck / AFP) (Photo credit should read ROBYN BECK/AFP/Getty Images)
SpaceX, Tesla and The Boring Company founder Elon Musk speaks at the 2018 SpaceX Hyperloop Pod Competition, in Hawthorne, California on July 22, 2018. - Students from colleges and universities from the US and around the world are taking part in testing their pods on a 1.25 kilometer-long (0.75-mile) tubular test track at the SpaceX headquarters. (Photo by Robyn Beck / AFP) (Photo credit should read ROBYN BECK/AFP/Getty Images)Photographer: ROBYN BECK/AFP
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Elon Musk’s Boring Co. has raised its first outside investment to fund development of tunnel-based transportation systems.

The company authorized the sale of $120 million in stock, according to a securities filing that was obtained by the Prime Unicorn Index, a company that tracks the performance of private U.S. companies, and reviewed by Bloomberg News. The investment is in addition to the $113 million the company raised last year.