SpaceX records $561 million investment gain from stake in Elon Musk's Boring Co.

Elon Musk has expanded a number of his companies within Texas, including Tesla, SpaceX, the Boring Co. and Neuralink. Tesla broke ground on a lithium refinery in Texas earlier this year with Governor Greg Abbott in attendance.Christophe Gateau | Picture Alliance | Getty ImagesSpaceX said on Thursday that its stake in Elon Musk's The Boring Co. netted the company an investment gain of $561 million during the third quarter. The gain accounted for more than half of SpaceX's "other income" in the period and boosted its net income, which landed at just over $4 billion, the company said in its quarterly financial filing with the Securities and Exchange Commission. Created inside SpaceX in 2017 and spun out a year later, Boring Co. says its mission is to "revolutionize transportation" by creating underground tunnels with stations where passengers can board and exit. Last month, Boring Co. raised $3 billion at a $23 billion valuation, with backing from the United Arab Emirates and a roster of other longtime Musk supporters.Boring Co. has announced about a dozen city projects, but its only tunnels currently open for public use are in Las Vegas, where passengers can travel in Tesla vehicles ...