Industry

Musk\'s Boring Company raises $3 billion in UAE-led round, valued at $23 billion

Elon Musk\'s tunnelling company The Boring Company raised $3 billion in a Series D round led by the United Arab Emirates and related investment institutions, valuing it at $23 billion. The valuation is about four times its roughly $5.7 billion value in 2022. The company plans to use the funds to hire staff, expand Loop projects and develop its Prufrock tunnelling machine, with a key focus on building more than 150 km of tunnels in the UAE.

Crypto

Clarity bill seen 15 percent likely to pass this year as even Republicans say it is not easy

Prospects for the U.S. “Clarity” crypto bill are dimming, with some Republican senators warning it may lack the support needed to advance next week. Negotiations over strengthened ethics provisions sought by Democrats have shown little progress. Lawmakers from both parties say the ethics dispute remains unresolved despite ethics language in the latest Senate draft. The Senate has scheduled a procedural vote for Sept. 15. The bill’s chance of becoming law this year is put at about 15 percent.