Adlington
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After much hype and very little progress, the demise of this project has been announced:
According to a Bloomberg report, the company will shut down on 31 December 2023. Hyperloop One has already laid off most of its employees, leaving only a few to manage asset sales. And even those remaining members will be out of the job on Dec. 31. After that, all remaining property will transfer to DP World, Dubai-based port logistics firm, which pumped millions of dollars into Hyperloop One.
Hyperloop One has had a rocky history. The company started as Hyperloop Technologies before changing to Hyperloop One, then Virgin Hyperloop One after a buyout by the Virgin Group, and then dropping the Virgin branding again.The company which became well known for its idea of shooting people hundreds of miles an hour through a vacuum has shut down.
The aim of Hyperloop One, based on an idea by Elon Musk, was to dramatically cut journey times.
It has previously received backing from Virgin founder Richard Branson, but he pulled out last year.
The firm will lay off its remaining staff by the end of the year, according to Bloomberg.
According to a Bloomberg report, the company will shut down on 31 December 2023. Hyperloop One has already laid off most of its employees, leaving only a few to manage asset sales. And even those remaining members will be out of the job on Dec. 31. After that, all remaining property will transfer to DP World, Dubai-based port logistics firm, which pumped millions of dollars into Hyperloop One.