The well-known company Hyperloop One, which specialized in the construction of vacuum tunnels for high-speed trains, is closing down.
Previously, Hyperloop One was a startup that raised more than $450 million since it was founded in 2014. The company built a small test tunnel near Las Vegas and briefly took the name Virgin Hyperloop One after Richard Branson's Virgin investment. However, Virgin was later dropped from the name as the startup decided to focus on transporting goods rather than people. Hyperloop One has now laid off most of its employees and is trying to sell assets, including the test tunnel and equipment. At the beginning of 2022, the company employed more than 200 people. The company also closed its Los Angeles office. Other employees tasked with overseeing the asset sale have been told their jobs will end on Dec. 31. Dubai-based conglomerate DP World has backed Hyperloop One and has a majority stake since 2016.. The remainder of the startup's intellectual property will be transferred to DP World.
Hyperloop Technologies was founded in 2014 to implement Tesla CEO Elon Musk's idea of high-speed passenger transport.
Virgin Hyperloop to lay off nearly half of its workforce in 2022 to focus on freight with experimental version of ultra-fast pods. The company has “changed direction” due to global supply chain issues and “all changes due to Covid”.