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In a Surprise Move, Elon Musk Just Made What Might Be His Biggest Announcement of 2018

(Source: www.inc.com)

Everyone will soon forget that Elon Musk laid off 9 percent of his staff earlier this week.

Because one of his companies just won a gargantuan multi-billion dollar bid to bring high speed public transportation to Chicago, Bloomberg reports.

The train would be built underground and travel 125-150 miles per hour. Each train car is the size of a large van and will hold eight to 16 passengers. The futuristic high-speed train service, named The Chicago Express Loop, would take passengers from Chicago’s O’Hare airport to the city center in just 12 minutes.

Right now, the same trip on Chicago’s rickety, sometimes-slow-as-molasses L train takes 60 minutes or more. (Other news outlets are reporting it takes just 40 minutes. As a Chicagoan who has taken this trip many times, I can attest it’s at least an hour. At least it’s only $5.) But a cab isn’t much faster. Traveling to and from the airport by cab in Chicago often takes just not long — if not longer — than public transportation because of traffic.

Musk’s Boring Company — named as such because they bore tunnels underground — beat out three other firms to win the bid. The Boring Company was launched just 18 months ago. So far the Boring Company’s only project is a test tunnel in a suburb of Los Angeles.

“Elon Musk is looking for a place to prove his technology works, and Chicago is rolling out the red carpet for him,” DePaul University professor at the School for Public Service Joe Schwieterman told Bloomberg.

The Boring Company from The Boring Company on Vimeo.

Unlike other city projects, this one’s unusual because no government funding will be used to design, build, finance, operate and maintain the train and its infrastructure. On its website, the Boring Company confirmed the project will be 100 percent privately funded. A source told the Chicago Tribune that the project is estimated to cost less than $1 billion. The City of Chicago also reportedly required that the cost to passengers be less than taxi ride to and from the airport, about $40-50.

The City of Chicago hasn’t yet officially announced the news, but the Boring Company confirmed the announcement on Twitter. Elon Musk and the city’s mayor Rahm Emanuel are expected to announce the news this afternoon.

We’re really excited to work with the Mayor and the City to bring this new high-speed public transportation system to Chicago! https://t.co/cL1e0YfZSw

— The Boring Company (@boringcompany) 14 juin 2018

It’s not a done deal yet. A lot of negotiations still need to happen, and there isn’t even an agreed upon route yet. The project is ambiguous for sure, but we all know Elon Musk is an ambitious guy. He just might be the one to get it done.

“We’re taking a bet on a guy who doesn’t like to fail — and his resources,” the Chicago Tribune reported. “There are a bunch of Teslas on the road. He put SpaceX together. He’s proven something.”

More Info: www.inc.com

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