00:00Today's big number, $23 billion. That's how much Elon Musk's boring companies valued at
00:04after raising $3 billion in its latest funding round from the UAE and affiliated investment
00:10entities. That's after slow progress over the last decade in realizing Musk's vision
00:15for a series of ultra-fast underground hyperloops. Bloomberg's Kyle Porter joins us with the
00:19details. Let's go into the round. Quite a big raise, interesting valuation.
00:25Yeah, on both counts. It's quadruple what they got valued at in their last fundraising
00:29round. And it comes along with a new anchor investor and an incredibly ambitious plan.
00:35You've done a big take on Boring this year. Where are they at? The idea was, by the way,
00:41Boring code bores tunnels and those tunnels get used for things. But are there actually any
00:45of them out there in the world? There is an active unit you can go on in Las
00:49Vegas. They started in 2019. The eventual plan is for a, I believe, 60-mile network with a
00:57series of interconnected tunnels. They currently have 10 tunnels operational. I believe it's
01:02about 11 miles. And the original completion date of 2027 for a complete network certainly
01:07seems very unlikely. They're also boring down in Nashville. They agreed that last year.
01:11The original plan was that that 10-mile Music City loop would be completed by 2027. I'm being
01:18told by sources. That is a little bit unrealistic. And then they've struck in memorandums of the
01:24standing with the Emirate of Dubai. And they've also offered a few free projects in two US cities,
01:32one in Louisiana and the other in Texas.
01:37Very quickly, do we have any sense of how involved Elon Musk is in the company?
01:42He defers on Boring a lot more than he does in his other companies. He has a very well-established
01:48team in place there. He's talked about it a lot less recently compared to a lot of his other
01:53endeavors. He was certainly very, very involved at the start when he was living in Los Angeles
01:57and frustrated with the traffic.
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