SpaceX · Tesla · Elon Musk · United Arab Emirates · CNBC Technology
SpaceX records $561 million investment gain from stake in Elon Musk's Boring Co.
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SpaceX said on Thursday that its stake in Elon Musk's The Boring Co. netted the company an investment gain of $561 million during the third quarter.
Key facts
- In the UAE, Boring Co. plans to build over 150 kilometers (93 miles) of tunnels, including a project announced in February of last year, the Dubai Loop
- SpaceX said on Thursday that its stake in Elon Musk's The Boring Co. netted the company an investment gain of $561 million during the third quarter
- In July of last year, Boring Co. struck a deal to build about 20 miles of tunnels in Nashville, Tennessee
- The gain accounted for more than half of SpaceX's "other income" in the period and boosted its net income, which landed at over $4 billion, the company said in its quarterly financial filing
Summary
The gain accounted for more than half of SpaceX's "other income" in the period and boosted its net income, which landed at over $4 billion, the company said in its quarterly financial filing with the Securities and Exchange Commission. Created inside SpaceX in 2017 and spun out a year later, Boring Co. says its mission is to "revolutionize transportation" by creating underground tunnels with stations where passengers can board and exit. Boring Co. has announced about a dozen city projects, but its only tunnels currently open for public use are in Las Vegas, where passengers can travel in Tesla vehicles between the downtown convention center and various casino resorts using its Las Vegas Convention Center Loop. In July of last year, Boring Co.