Finance: Elon Musk has officially started digging a tunnel under Los Angeles (TSLA)



boring company photo

Tesla and SpaceX CEO Elon Musk wants to build a network of tunnels under Los Angeles to relieve congestion.

Elon Musk's latest company is officially up and running.

The Tesla and SpaceX CEO said on Twitter Wednesday evening that his tunnel boring machine, dubbed Godot, has officially begun digging under Los Angeles.

Musk officially launched his tunnel company, aptly named The Boring Company, in April.

"No longer waiting for Godot. It has begun boring and just completed the first segment of tunnel in LA," Musk said.

Musk said in a Bloomberg profile that the company would begin digging in the SpaceX parking lot. The Boring Company, however, will need to secure permits to dig beyond the SpaceX property line.

Musk's ultimate goal is to relieve congestion by building as many as 30 layers of tunnels beneath Interstate 105 in LA. Musk has said that the tunnels will transport cars on an electric skate and could even accommodate a Hyperloop.

Musk said last Monday that he has had "promising conversations" with Los Angeles Mayor Eric Garcetti about the project.

Los Angeles is contemplating the addition of an express train that would travel between Los Angeles International Airport (LAX) and Union Station, a main transit hub that connects LA to distant suburbs east and west of the city. Garcetti said he is considering using Musk's tunnel to support the rail connection.

The SpaceX parking lot is roughly a five-minute drive from LAX, but securing the necessary permits to dig under the freeway will likely take time.

Still, Musk is clearly dead serious about making his tunnel network a reality. But he says it will take some more time before Godot can beat his pet snail, Gary.



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