Photo: Robyn Beck / POOL / AFP/Getty Images.

The Boring Company, Elon Musk's transportation tunneling startup, raised $120 million toward a venture valued at $920 million.

Why it matters: This is Boring's first outside investment round, having previously raised $113 million from Musk and early employees (plus that $10 million from flamethrower sales).

  • Investors reportedly include 8VC, Vy Capital, Craft Ventures, Valor Capital and Steve Jurvetson's Future Ventures.

Bottom line: "In May, Boring won its first commercial transportation contract, a $48.7 million mile-long project to shuttle visitors around the Las Vegas Convention Center. The project will provide an important test of whether it can really dig more cheaply than competitors and navigate the government bureaucracy involved in municipal projects," says Bloomberg.

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Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,065,728 — Total deaths: 944,604— Total recoveries: 20,423,802Map
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,674,070 — Total deaths: 197,615 — Total recoveries: 2,540,334 — Total tests: 90,710,730Map
  3. Politics: Former Pence aide says she plans to vote for Joe Biden, accusing Trump of costing lives in his coronavirus response.
  4. Health: Pew: 49% of Americans would not get COVID-19 vaccine if available today Pandemic may cause cancer uptick The risks of moving too fast on a vaccine — COVID-19 racial disparities extend to health coverage losses.
  5. Business: Retail sales return to pre-coronavirus trend.
Ina Fried, author of Login
7 hours ago - Technology

Scoop: How the Oracle-TikTok deal would work

Illustration: Aïda Amer/Axios

An agreement between TikTok's Chinese owner ByteDance and Oracle includes a variety of concessions in an effort to make the deal palatable to the Trump administration and security hawks in Congress, according to a source close to the companies.

Driving the news: The deal, in the form of a 20-page term sheet agreed to in principle by the companies, would give Oracle unprecedented access and control over user data as well as other measures designed to ensure that Americans' data is protected, according to the source.

8 hours ago - World

How the EU plans to take on human rights abusers

Illustration: Sarah Grillo/Axios

Amid a global assault on human rights stretching from Belarus to Hong Kong to Yemen, the European Union signaled yesterday that it may act to deter corrupt kleptocrats and state abusers by hitting them where it hurts: their assets.

Driving the news: Europe's chief executive Ursula von der Leyen revealed in her first-ever State of the Union speech that she will bring forth a European Magnitsky Act, a sanctions framework modeled after a U.S. law that restricts malign actors' access to travel and the global financial system.