The Boring Co.’s ‘Initial Hat Offering’ raises $300K for digging in hat sales

Do you like hats? If you do, maybe you already contributed to The Boring Company’s ability to dig a network of underground tunnels. Since Elon Musk started selling The Boring Co. hats, featuring the logo on the front (which he once claimed was designed by director J.J. Abrams), the company has apparently sold $300,000 worth of the merch.

That’s a lot of hats: At $20 per, that’s approximately 15,000 hats sold thus far since they went on sale in October. We knew they were doing well initially, with $80,000 in sales within the first 24 hours, but momentum seems to have continued for the relatively boring unexciting covering.

Musk calling the thing an “Initial Hat Offering” is just the icing on the cake, and a clear dig at the recent fad for using initial coin offerings (ICOs) as a financing instrument among startups.

Now imagine you sold Boring Co. battery chargers, Elon. Or I dunno what’s more appropriate — maybe a tunnel digger-shaped suppository?