Elon Musk’s The Boring Company has sold shares owned by employees and investors at a price over 22% higher than in a funding round for the tunneling startup last year, according to two people familiar with the matter. The most recent price gives the startup an implied valuation of over $7 billion and suggests investors have faith that the company’s prospects have improved, despite setbacks in key projects.
The sale priced shares at around $24 each, the two people said. That’s up from roughly $19 per employee share when Sequoia Capital and Vy Capital led the company’s $675 million Series C, announced in April 2022, which valued it at $5.675 billion. According to one of the people, The Boring Company told shareholders that investors could buy up to $20 million in secondary shares as part of the recent share sales, known as a tender offer.
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