Elon MuskBoring Company plans to construct underground tunnels that will transport cargo and people around the city. The company has just raised $675 million in order to further its efforts towards achieving this goal.

Boring Company said late WednesdayIt raised fresh capital in Series C financing round, valuing it at $5.675 million.

Boring Company claims its ultimate goal with large networks of tunnels is to remove “soul-destroying” traffic. It plans to use the money for Loop, a network that shuttles passengers along high-speed tunnels.

According to the start-up, it could be able to shuttle passengers up 150 miles an hour. The technology has yet to achieve these speeds. reaching a maximum of only 50 mphIn a test ride with journalists TeslaModel X Electric Car

Boring Company claims it received approval to build a network of tunnels that will connect 51 stations beneath Las Vegas. It is 29-miles long. According to the company, it is “the largest subsurface transportation project” and can transport 57,000 passengers an hour.

It’s a far cry from the “hyperloop” concept, first envisioned by Musk, which would see pods whiz through a series of underground tubes at even faster speeds — as much as 760 mph, according to one company developing the tech. Many companies are working to turn the technology into a reality.

Hyperloop states that it is currently focusing on the development of its Loop project, and Prufrock (The Boring Company’s machine line designed to dig large tunnel infrastructure projects within a matter weeks).

Boring Company promises to “significantly increase engineering, operations, production and hiring” in order to expand its Vegas Loop project as well as for research and development.

Musk is proposing to purchase a company, as if he didn’t already have enough. TwitterYou can also take your company private.

SpaceX CEO, Tesla has offered to acquire the social media platformThere are 43% billion people in the world, and $43 trillion is just that. doubts over whether he can secure the required fundingIt is possible to place a huge bid. Twitter has adopted what is known as “The Twitter Board”poison pillThis strategy is designed to stop a potential hostile takeover.

Tesla claimed an 81% jump in first-quarter revenuesTuesday’s performance beat analyst expectations, sending shares up by more than 7 percent in after-hours trades.