Billionaire energy conservationist Elon Musk has announced that his tunneling venture, The Boring Co. made $300,000 in hat sales.
The venture began after Musk grew tired with the traffic lines in Los Angeles. His idea was to create series of underground tunnels in the city. The tunnels would act like underground ferries and cars would be transported via pods at 125 mph.
The idea was ambitious and out of the box, but the Tesla CEO is known for imagining the unimaginable.
To advertise his new project and create a greater hype around the company, Musk later unveiled a hat with “The Boring Company” emblazoned on its front. The hat was released in March, but finally went on sale in October at $20 apiece.
Musk has now claimed that the hat sales have already crossed the $300,000 mark. If Musk’s claims are true, it would mean that almost 15,000 caps have been sold, in less than two months.
Musk has certainly worked hard to advertise his ambitious, world changing project. In July, he unveiled the elevator that would be used to lower the cars to the tunnels. He then announced that his second digging machine has almost completed the task, and later shared a picture of the first tunnel dig.
Musk’s project has so far received provisional approval from the City Council in Hawthrone, California. The Council has allowed Musk to proceed with the construction of a two-mile test tunnel.
After assessing the risks involved with this particular endeavor, they would take the final decision on the project itself.
Musk stated that the $300,000 profit made from the hat sales would be used to fund “more boring”.
In the past, Musk has humorously referred to the hat sale as an “initial hat offering”. The comment could be seen as a dig at the practice of the initial coin offering, which is often seen in the world of cryptocurrency.