Elon Musk is selling hats to raise money for his tunneling company — and he's already made $700,000

Elon Musk

AP

• Elon Musk said only 50,000 hats bearing the name of the Boring Company will be produced.

• The hats are available for $20 on the Boring Company's website.

• Musk indicated 35,000 hats have been sold so far.

• The Boring Company was founded by Musk to dig a series of underground tunnels in Los Angeles that could one day relieve traffic congestion.

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Elon Musk said on Dec. 3 that only 50,000 hats bearing the name of the Boring Company will be produced. On Tuesday, Musk indicated that 35,000 hats have been sold so far, which amounts to $700,000. 

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https://twitter.com/mims/statuses/940620874952073216?ref_src=twsrc%5Etfw
35,000

 

The Boring Company was founded by Musk to dig a series of underground tunnels in Los Angeles that could one day relieve traffic congestion.

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https://twitter.com/mims/statuses/937397330998845440?ref_src=twsrc%5Etfw
To preserve the transcendent majesty & specialness of The Boring Company cap, we are capping cap orders at 50,000 caps. Almost there ... https://t.co/YqjEQAfy3u

Musk gave a lighthearted explanation for his decision to limit hat production. "To preserve the transcendent majesty & specialness of The Boring Company cap, we are capping cap orders at 50,000 caps. Almost there ..." he said on Twitter.

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https://twitter.com/mims/statuses/937397813637296128?ref_src=twsrc%5Etfw
Busted

 

Some were confused at how Musk chose 50,000 as the production limit, but one Twitter user realized that by selling 50,000 of the $20 hats, the company would reach $1 million in revenue. "Busted," Musk replied, confirming the theory.

Tweet Embed:
https://twitter.com/mims/statuses/937411489635241984?ref_src=twsrc%5Etfw
That special hat delivery will take place deep within the real, but fictional (of course), tunnel we are building under LA while you drive the giant machine blindfolded. This will actually happen.

Musk, likely joking, then added a final incentive to purchase the hat, claiming every 5,000th customer would receive another hat, signed by the hat's delivery man.

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https://twitter.com/mims/statuses/937403444192624640?ref_src=twsrc%5Etfw
Because it’s stupid

As of Tuesday afternoon, hats were still available on the Boring Company's website.

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SEE ALSO: Elon Musk's Boring Company just revealed a map of its proposed LA tunnel system