Startup News & Analysis

Elon Musk has raised nearly $400,000 through an ‘Initial Hat Offering’

Dominic Powell /

Besides fast cars, pizza on Mars, and solving South Australia’s energy crisis, there seems to be nothing Elon Musk loves more than a good tweet.

The billionaire entrepreneur and Tesla founder loves to jump into the ol’ Twittersphere and smash out a 280 character yarn. These are sometimes thoughtful, sometimes funny, and sometimes just about his eternal love for “floors” (jury’s still out on the meaning behind that one).

It’s been a big week for Musk, with Tesla unveiling two exciting new offerings last Friday, including what he claims will be the fastest ever production level car – the Tesla Roadster 2.0.

The serial entrepreneur has his fingers in many pies, including the comically named Boring Company, which is currently undertaking the project of digging a number of tunnels to try and alleviate traffic in cities such as Los Angeles through the use of Musk’s other technology, Hyperloop One.

On October 18, Musk tweeted a link to the “world’s most boring hat” – a black trucker cap with the Boring Company logo emblazoned on it. Supporters could buy the hat for $US20 ($26).

Just over a month later, Musk has revealed the success of his hat sale, dubbing it an “initial hat offering”, and reporting the company had raised over $US300,000 ($AUD394,000) by selling the merchandise. That’s close to 15,000 hats.

“Thanks for buying our super boring hat. You rock, figuratively & literally,” Musk said.

The only logical next step would be to tokenise the hat – could we see it offered a service on the blockchain through an initial “hat” coin offering?

A post shared by Elon Musk (@elonmusk) on

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Dominic Powell

Dominic is the features and profiles editor at SmartCompany.

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