In the latest turn of events, shares of Elon Musk’s The Boring Company have risen more than 22% after an employee share sale, marking a significant increase in the firm’s valuation since its last funding round.
As Reuters reported citing The Information, on Monday, shares of The Boring Company, led by Musk, were sold by employees and investors at a price that was over 22% higher than in the company’s previous funding round. The shares were sold at $24 each, according to the report, which cited sources close to the issue.
The Boring Company is Musk’s innovative tunneling project, aimed at transforming transportation and reducing traffic congestion in major cities. The recent share sale signifies a substantial uptick in the company’s valuation from the last funding round.
Photo by Steve Jurvetson via Flickr
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