- The Boring Company is set to open its first completed tunnel on Tuesday.
- However, some investors are concerned the money they allocated for SpaceX was being used elsewhere, The Wall Street Journal reported on Monday.
- SpaceX has a 6% stake in the company, though its board never voted to invest in The Boring Company.
Some SpaceX investors are concerned about CEO Elon Musk’s other ventures, especially when their capital is deployed for his latest pet project, The Boring Company, The Wall Street Journal reported Monday.
The Boring Company’s first tunnel, which is set to open Tuesday after a delay, is being constructed at SpaceX headquarters in Southern California and has been funded by money intended for the rocket venture – not tunnels – sources told The Journal.
SpaceX does own a 6% stake in The Boring Company, a spokesperson said, “calculated based on the value of land, time, and other resources contributed since creation of the company.” That’s despite the company’s board never voting to deploy the cash in the first place, according to the Wall Street Journal.
The equity was always in place, though investors were unaware, the spokesperson said.
A Boring Company spokesperson declined to comment.
- Read more about The Boring Company:
- Elon Musk lays out his plan for ‘100 layers’ of Boring Company tunnels beneath the streets of Los Angeles
- Elon Musk shares first look into The Boring Company’s ‘disturbingly long’ tunnel
- Elon Musk said the Boring Company will show off its first tunnel on December 18, including ‘modded but fully road legal autonomous transport cars’
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