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Elon Musk is selling hats to raise money for his tunnelling company -- and he's already made $700,000

  • Elon Musk said only 50,000 hats bearing the name of the Boring Company will be produced.
  • The hats are available for $US20 on the Boring Company’s website.
  • Musk indicated 35,000 hats have been sold so far.
  • The Boring Company was founded by Musk to dig a series of underground tunnels in Los Angeles that could one day relieve traffic congestion.

Elon Musk said on Dec. 3 that only 50,000 hats bearing the name of the Boring Company will be produced. On Tuesday, Musk indicated that 35,000 hats have been sold so far, which amounts to $US700,000.

The Boring Company was founded by Musk to dig a series of underground tunnels in Los Angeles that could one day relieve traffic congestion.

Musk gave a lighthearted explanation for his decision to limit hat production. “To preserve the transcendent majesty & specialness of The Boring Company cap, we are capping cap orders at 50,000 caps. Almost there …” he said on Twitter.

Some were confused at how Musk chose 50,000 as the production limit, but one Twitter user realised that by selling 50,000 of the $US20 hats, the company would reach $US1 million in revenue. “Busted,” Musk replied, confirming the theory.

Musk, likely joking, then added a final incentive to purchase the hat, claiming every 5,000th customer would receive another hat, signed by the hat’s delivery man.

As of Tuesday afternoon, hats were still available on the Boring Company’s website.

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