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The Boring Company announced a new $3 billion funding round that brings its total valuation to $23 billion.

The Boring Company announced a new $3 billion Series D funding round led by the United Arab Emirates. This funding pushes the company's valuation to $23 billion. The company plans to use the capital to build over 150 kilometers of tunnels in the United Arab Emirates, including the Dubai Loop project. The Boring Company aims to solve traffic by creating an underground, three-dimensional network of tunnels. Currently, the company's only public loop is in Las Vegas, Nevada, where passengers travel in Tesla vehicles between the downtown convention center and various casino resorts. The company has also begun work on a10-mile underground loop in Nashville, Tennessee, to carry passengers between downtown and the airport. The funding round included participation from several investors who previously backed Tesla and SpaceX, including Andreessen Horowitz, Sequoia Capital, and Valor Equity Partners. The company has faced some local opposition and environmental violations in its projects, though it continues to work on expanding its Las Vegas loop to the airport and Allegiant Stadium.

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