Elon Musk Seeks $4 Billion for The Boring Company at $20 Billion Valuation After Losing 37% of Net Worth

Corporate Action
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Summary · why it matters

Elon Musk is reportedly in talks to raise about $4 billion for The Boring Company at a valuation of roughly $20 billion, more than tripling its 2022 valuation of $5.7 billion, following a month in which his net worth fell approximately 37% from a peak of roughly $1.32 trillion to about $832 billion. The decline was driven primarily by a 41% to 45% drop in SpaceX shares and a 17.81% weekly fall in Tesla stock after the company reported second-quarter adjusted earnings of $0.33 per share, missing consensus by 38.51%, and swung to negative $1.09 billion in free cash flow. The Boring Company, which operates the Vegas Loop and has pitched projects in multiple cities, has built only about 2.4 miles of operating tunnel across seven years and employs roughly 687 to 707 people. The funding round, which has not yet closed, would test whether Musk's brand can command a triple valuation on thin operating data.

Impact on stocks 2

Space Economy▼ · 1 stocks
Electrification & Mobility▼ · 1 stocks
Tesla Inc
TSLA
▼ NegativeCapitalrelevance

Tesla missed Q2 earnings consensus by 38.51% and swung to negative free cash flow, causing a 17.81% weekly stock fall.

Off-coverage companies 1

The Boring CompanyPrivate± Mixed
Capitalrelevance

The Boring Company seeks $4B at a $20B valuation, tripling its 2022 valuation, but has thin operating data and only 2.4 miles of tunnel built.

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