Elon Musk claims Boring Firm has raised $300,000 by promoting hats

Billionaire Elon Musk claims to have made $300,000 in hat gross sales for his tunneling enterprise known as The Boring Co.

Musk based the tunneling agency after changing into pissed off with site visitors in Los Angeles. His concept is to construct a series of tunnels underneath LA with automobiles ferried round on pods at round 125 mph.

And to construct up hype for the corporate, the Tesla CEO unveiled a hat in March with “The Boring Firm” emblazoned on the entrance.

The cap lastly went on sale in October for $20 every.

Now Musk has revealed that proceeds from hat gross sales are greater than $300,000 and the cash will probably be used to fund “extra boring.” That might imply round 15,000 caps have been offered.

Musk has been slowly revealing components of the challenge on social media. In July, he showed off the elevator that might decrease automobiles to the underground community of tunnels as a way to shoot them throughout the town. He then mentioned that his second digging machine was virtually prepared for motion, earlier than sharing the first picture of a tunnel dug in LA.

In August, Musk acquired approval from the Metropolis Council in Hawthorne, California, to construct a two-mile check tunnel.

Musk jokingly referred to the fundraising through hat gross sales as an “preliminary hat providing,” taking a dig on the preliminary coin providing seen within the cryptocurrency world. An ICO is when an organization sells digital tokens in trade for cryptocurrency, however buyers do not get a stake within the agency. ICOs thus far have gotten a nasty rap, with one start-up known as Confido elevating $375,000 then disappearing with the money.

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