If there’s one silver lining for Elon Musk – who, after stumbling through Tesla’s awful Q2 earnings yesterday and losing longtime top lieutenant J.B. Straubel watched Tesla stock crumble by 11% on Thursday – it’s that his Boring Company project has closed on $120 million in new investments.
The company recently authorized the sale of $120 million in stock, according to securities filings and BNN. The investment comes in addition to $113 million The Boring Company raised last year.
Despite the Boring Company’s tunnel projects being debunked by PhDs and ridiculed by those who have seen “behind the curtain”, Musk still managed to squeeze cash from the gullible cultists “disruptive investors” at a fund called “Future Ventures”.
Steve Jurvetson, a venture capitalist with Future Ventures – who also happens to be on the Board of SpaceX and Tesla – said:
“We are delighted to be an investor in Boring. Boring is a great example of the disruptive playbook we look for.”
Jurvetson continued: “The four-largest tunnel companies in the U.S. were founded in the 1800s. Like the automotive and aerospace sectors, they haven’t faced a disruptive new entrant in their management’s collective life-time.”
Yeah, Steve. There’s probably a reason for that…
Boring won a contact back in May for $48.7 million to build a shuttle around the Las Vegas Convention Center. It’ll be a great litmus test to see if the Boring Company can deliver better results for a lower price than engineering firms and transportation companies that have been specializing in mass transit for decades. Our guess, obviously, is that they can’t.
Juvertson is also described by BNN as “a long-time friend of Musk’s who has invested early in his companies, including Tesla and SpaceX.”
His prestigious resume also includes resigning from his previous VC firm, DFJ, over allegations of harassment.
via ZeroHedge News https://ift.tt/315EXjJ Tyler Durden