Some SpaceX investors are reportedly concerned Elon Musk is using their money for his Boring Company venture
- 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.
Eventually, about 6% of The Boring Company's equity was given to SpaceX after some investors voiced their discontent, according to The Journal, but the SpaceX board never voted to deploy the cash in the first place.
In a statement to The Journal, the Founders Fund, SpaceX's largest outside backer, said it has "no concerns whatsoever."
A Boring Company spokesperson did not respond to a request for comment.
You can read the full Wall Street Journal story here.
- 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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Tuesday, December 18, 2018
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