Bloomberg: Hyperloop One, the company that created high-speed underground lines, is shutting down

Transport company Hyperloop One is winding down its business.

Here's What We Know

This was reported by the publication Bloomberg. According to sources, the company has already fired most of its employees and is trying to sell its assets, including a test site with a test line of communication. In addition, Hyperloop has closed its office in Los Angeles. The remaining employees overseeing the asset sale will end their employment on 31 December.

Since its founding in 2014, startup Hyperloop One has raised more than $450,000,000,000 in investment. The company created a test tunnel near Las Vegas and briefly used the name Virgin Hyperloop One after an investment from Richard Branson's Virgin. In 2022, Virgin removed its branding from the name after the startup decided to move away from transporting people and focus on transporting freight.

After Hyperloop One closes, the company's intellectual rights are set to go to Dubai-based conglomerate DP World, which owns a majority stake.

Source: Bloomberg