“It looks like the world will be left without Hyperloop”: the company is laying off employees and selling assets – Bloomberg
Hyperloop One, a company that developed vacuum tunnels for high-speed trains to transport passengers and cargo at airplane-like speeds, is closing.
It is reported by Bloomberg, citing information from anonymous people familiar with the situation.
Since its founding in 2014, Hyperloop One has raised more than $450 million;.
The company built a small test tunnel near Las Vegas, and when it received investment from Richard Branson’s Virgin, it took the temporary name Virgin Hyperloop One.
Virgin dropped its brand from the name after Hyperloop One decided to focus on cargo transportation rather than people in 2022.
So far, the company has laid off most of its employees and is trying to sell all its assets, the test tunnel, and equipment. At the beginning of 2022, the company employed more than 200 people.
Hyperloop One has also closed its office in Los Angeles. Employees involved in the sale of assets were informed that their work would end on December 31.
Dubai-based conglomerate DP World has been supporting Hyperloop One since 2016 and owns a controlling stake. It is noted that the rest of the startup’s intellectual property will be transferred to DP World.
