‘Boring’ cap profits are anything but

Billionaire Elon Musk claims to have made $300,000 for The Boring Co. — exclusively with hat sales promoting his new tunneling venture.

Musk, the chief executive of Tesla and founder of Mars-focused SpaceX, founded the tunneling company out of his frustration with sitting in Los Angeles traffic.

The idea is to run a hyperloop that will shuttle cars in underground pods at up to 150 mph.

To build up hype for the com- pany, the Tesla CEO unveiled a no-frills baseball cap in March with “The Boring Company” stitched on the front. The caps, selling since October, go for about $20 each.

Proceeds will be used to fund “more boring,” says Musk.

Musk once jokingly referred to the fundraising as an “initial hat offering,” a swipe at the initial coin offerings (ICO) within the cryptocurrency sphere.

Musk tweeted over the summer that his Boring Co. had received verbal government approval to build a “hyperloop” train that would run underground through tunnels, essentially like a subway on steroids, expanding beyond his initial aim to clean up LA traffic.

Musk said a larger network of tunnels would make stops in New York, Philadelphia, Baltimore and Washington, DC.

The Paypal cofounder boasted that the time it would take to go from the Big Apple to the nation’s capital would be reduced to 29 minutes as compared with the roughly four-hour traffic-ridden car journey today.