Tags: elon musk | dodger stadium | tunnel | dugout loop

Elon Musk's Dodger Stadium Tunnel Plan a Brief Gee-Whiz Distraction From SEC Trouble

Elon Musk's Dodger Stadium Tunnel Plan a Brief Gee-Whiz Distraction From SEC Trouble

Aerial view of Dodger Stadium with downtown Los Angeles in background. (Dreamstime)

By    |   Thursday, 16 August 2018 08:31 AM

Elon Musk's gee-whiz LA Dodgers Stadium tunnel plan proved on Thursday to be a brief distraction from all the troubling headlines about his intention to go private with his electric car company Tesla.

Musk's Boring Company announced on Wednesday that it is working with city officials to build a 3.6-mile tunnel from East Hollywood to Dodger Stadium to help ease notorious traffic jams on the way to the ballpark, ESPN reported.

Called the Dugout Loop, the plan would move up to 1,500 fans to the stadium at 150 miles per hour on what Musk is calling "electric skates," turning a one-hour trip into four minutes.

The tunnel would take 14 months to build, according to the Boring Company.

"The Dugout Loop will be good for fans and neighbors, providing another fast and affordable way for people to get to home games, while helping to reduce traffic in the neighborhoods surrounding Dodger stadium," said Tucker Kain, the Los Angeles Dodgers' chief financial officer, according to ESPN.

Dodger Stadium is well-known for its late-arriving crowds because of the heavy traffic around the storied stadium, ESPN noted.

While the Dugout Loop was capturing headlines, federal securities regulators reportedly were serving Musk's electric car company with a subpoena, sparked by reports of him talking about taking the business private, sources told The New York Times.

The Securities and Exchange Commission subpoena comes days after regulators started looking into Musk's Aug. 7 Twitter post in which he said he was considering taking Tesla private, claiming that the financing for such an expensive transaction had been "secured," the Times said.

While Tesla shares jumped 11 percent on the announcement, the Times said it became clear in the days following that neither Musk nor Tesla had actually lined up the necessary financing beyond initial talks with some investors.

Musk's tweeting on Tesla going private angered some of the company's board members to the point they have urged him to stop using social media, the Times said. Tesla's independent directors hired the law firm Paul, Weiss, Rifkind, Wharton & Garrison to represent it as the SEC continues its investigation.

News of the subpoena forced Tesla stock down by more than three percent on Wednesday.

The Times reported even more trouble for the company from regulators, saying the SEC had interviewed Tesla reported whistle-blower Martin Tripp earlier this month. The former Tesla engineer has charged that Tesla had misled investors about some production figures while spotting problems with some of the batteries installed in its electric cars.

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Elon Musk's gee-whiz LA Dodgers Stadium tunnel plan proved on Thursday to be a brief distraction from all the troubling headlines about his intention to go private with his electric car company Tesla.
elon musk, dodger stadium, tunnel, dugout loop
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2018-31-16
Thursday, 16 August 2018 08:31 AM
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