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The world\u2019s richest person is the CEO of several companies and also sits on the board of directors<\/a> of others. Here\u2019s a look at what\u2019s going on with The Boring Company,<\/strong> a company founded by Elon Musk <\/strong>in 2016.<\/p>\n What Happened: <\/strong>Musk, who serves as the CEO of Tesla Inc<\/strong> TSLA<\/span> and SpaceX<\/strong>, posted <\/a>a video on Twitter highlighting a milestone for The Boring Company.<\/p>\n
<\/p>\n Prufrock II emerging from the ground pic.twitter.com\/csamCrmAZa<\/a><\/p>\n
The video shows the test of Prufrock II <\/strong>digging through the ground. The video shows Musk celebrating with family and friends.<\/p>\n Musk said the tunnel boring machine (TBM) tunneled from one property to another to test <\/strong>Prufrock II.<\/p>\n The TBM, which is designed <\/a>to tunnel at a speed of one mile per week, has been in Texas for more than\u00a0a year. The Boring Company previously shared a picture of Prufrock II going into the ground in Texas in April 2022.<\/p>\n Related Link:\u00a0Why Did Musk’s ‘Boring Company’ Apply For A Private Access Tunnel Under Tesla Gigafactory Texas?<\/a><\/em><\/p>\n Why It\u2019s Important:<\/strong> The Boring Company has a mission of helping ease traffic concerns with loops and hyperloops.<\/p>\n \u201cOur goal is to solve traffic, which plagues every major city on earth,\u201d Musk said in April 2022 about\u00a0The Boring Company.<\/p>\n The company currently operates a tunnel system in Las Vegas, Nevada, that primarily uses Tesla vehicles<\/a>. Customers can pay for the underground rides with various options, including <\/a>Dogecoin <\/strong>DOGE\/USD<\/span>.<\/p>\n The Boring Company plans to increase its capacity and destinations in its Las Vegas operations. The company also plans to add more tunnels throughout the country.<\/strong><\/p>\n One issue is scaling, something that Musk admitted the company is still not at. Musk has a goal of beating \u201cGary the Snail,\u201d named after the SpongeBob SquarePants character. The snail taunts The Boring Company with his speed, Musk previously said. The goal is to get the tunnel boring machines to move faster than a snail, which can help reduce costs and create tunnels at scale.<\/p>\n While the Prufrock II is faster than the company\u2019s previous tunnel miner, the capacity of one mile per week is still below the fictional \u201cGary the Snail.\u201d<\/p>\n Musk said that The Boring Company could beat Gary the Snail in 2024.<\/strong><\/p>\n \u201cIn the short term, if each Prufrock-2 mines at 1 mile\/week and TBC produces 1 new Prufrock machine per month, then TBC will be introducing 600 miles\/year of capacity,\u201d The Boring Company said in April 2022.<\/p>\n
\n\u2014 Elon Musk (@elonmusk) October 2, 2022<\/a><\/p><\/blockquote>\n