Elon Musk Says Boring Company's Loop Ride Will Cost Just $1 per Person

In a recent panel with LA residents, the Boring Co. founder answered difficult questions and further outlined his plans for the Loop transit system.

Over the last year, Elon Musk has certainly proven that his Boring Company is far from boring. The billionaire innovator hosted a Boring Company information session for millions around the world to livestream, and he took the opportunity to explain what users can expect from their boring tunnels. 

Most notably, Musk explained his concept for the Loop, which would be a "personalized mass transit" system that carries 16 people and will travel at roughly 150 miles per hour. Musk noted it would get someone from downtown LA -- notorious for its horrendous traffic -- to Los Angeles International Airport (LAX) in just 8 minutes. 

What grabbed most people's attention was the price for such travel. Musk estimates that people would only pay $1 for the service. 

During the live stream discussion panel, Musk also debuted the Loop's project details. It will include 2.7 miles of tunnel and run parallel to Interstate 405. Musk emphasized that the project would be privately funded. The company raised roughly $113 million to continue digging, and 90 percent of that funding came from Musk. 

"It's the only way we can think of to address the chronic traffic issues in major cities," Musk said at the event.

Musk originally founded the Boring Company shortly after tweeting about Los Angeles's horrendous traffic. Musk even called the 405 somewhat "varied between the seventh and eighth levels of hell."

Despite announcing these plans, selling hats, and selling out of flamethrowers to fund the project, Musk doesn't have everyone on board. The massive infrastructure project took the city of Los Angeles and LA Metro several months to get behind the project. LA Metro (aka the Los Angeles County Metropolitan Transportation Authority) operates public transportation for Los Angeles county. 

The organization met with Musk a couple of weeks ago, and the partnership is now official (thanks to Musk's tweet). LA Metro had initially voiced concerns about the Boring Company's construction strategy and its potential interference with a local rail system.

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Elon Musk's Boring Company Has Raised $113 Million to Keep Digging

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Last month, the public works committee of Los Angeles recommended that the Boring Company's construction be exempt from environmental review with the intention of speeding up the build. However, Brentwood Residents Coalition and the Sunset Coalition both filed a lawsuit against the city -- and against the proposal. 

"I like the fact that brilliant guys are driving around Los Angeles trying to figure out how to make things better," said John Given, a lawyer representing the groups, referring to Musk in an interview with Bloomberg. "That doesn’t mean we throw away our process."

Those concerns and others were why Musk hosted the Boring Company's live-streamed meeting in Los Angeles. 

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