Elon Musk’s Boring Co. Is Turning Into a $900 Million Flop
Nearly a decade ago, the billionaire said he’d build a hyperloop. Since then, he’s mostly built tunnels for Teslas and his own employees.
During an all-hands meeting Elon Musk led at the Boring Co. last year, he spent most of the time talking about how Donald Trump’s election would be a boon to SpaceX, according to former employees. There was little mention of his tunneling venture and its prospects, and they said he left the September meeting without visiting Boring’s factory.
That’s a far cry from how Musk first hyped Boring nearly a decade ago. He vowed to build a futuristic, ultra-fast underground hyperloop as a revolutionary solution to the world’s “soul-destroying” traffic problems, raising more than $900 million from the likes of Sequoia Capital and Peter Thiel’s Founders Fund.