>> Elon Musk is dropping plans for a high-speed passenger train tunnel under the west side of Los Angeles. But moving ahead with a similar project plan across town. The billionaire investor and founder of Tesla announcing that his tunnel digging venture, named The Boring Company, was giving up plans for a 2.7 mile subterranean passage.
In order to settle litigation with community groups opposed to the project.>>
>> The shift coming just six months after Musk had proposed a high-tech commuter system. That would wisk passengers from one part of LA's existing subway system to Dodger Stadium, avoiding the city's horrendous gridlock.>> We're aiming to go over 300 miles an hour, but accelerate over 300 miles an hour, and brake.
And that's in a vacuum tunnel.>> LA's Mayor Eric Garcetti was quick to praise the proposal. But community groups pushed back, accusing Tesla's founder of trying to evade an environmental review process. The setback the latest for Musk, coming a month after a judge approved a settlement between the CEO and the SEC.
Over a tweet proposing Tesla share buybacks, which Musk said was a joke, investors didn't laugh. Between Tesla, SpaceX, and The Boring Company, Musk has a reputation for plunging into ambitious ventures.>> I find holes in the ground exciting. And that's really key to a lot of technologies, road tunnels, hyperloop tunnels, train tunnels.
>> The Boring Company in June was selected by Chicago to build a 17 mile underground transit system. Connecing that city's downtown to O'Hare International Airport. The company has also proposed an East Coast loop that would run from Downtown, Washington, DC, out to the Maryland suburbs.