Musk's Boring Company shares rise over 22% in employee share sale - The Information

Reuters
Mon, October 23, 2023

Illustration shows The Boring Company and Elon Musk silhouette

(Reuters) -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 sale priced shares at $24 each, the report said, citing people familiar with the matter.

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.

The Boring Company did not immediately respond to a Reuters request for comment.

(Reporting by Jyoti Narayan in Bengaluru; Editing by Sandra Maler and Stephen Coates)