Elon Musk claims his Boring Company tunnelling firm has raised US$300,000 by selling hats

By Arjun Kharpal

Billionaire Elon Musk claims to have made US$300,000 in hat sales for his tunnelling venture called The Boring Company.

Musk founded the tunnelling firm after becoming frustrated with traffic in Los Angeles. His idea is to build a series of tunnels under L.A. with cars ferried around on pods at around 125 mph.

And to build up hype for the company, the Tesla CEO unveiled a hat in March with “The Boring Company” emblazoned on the front.

The cap finally went on sale in October for US$20 each.

Now Musk has revealed that proceeds from hat sales are over US$300,000 and the money will be used to fund “more boring.” That would mean around 15,000 caps have been sold.