Hyperloop One, which was pursuing the Elon Musk idea of shooting passenger vehicles down evacuated tubes at 700 mph, is closing down, reports Bloomberg.

IMG_2833-150x150.webpThe company raised over $450 million since it was founded in 2014.

The company is reported to be trying to sell its assets including a test track built in the Nevada desert.

Employees have been told they will be laid off on December 31st. The Los Angeles office has been closed.

 

Richard Branson invested in the company which, for a time, was renamed Virgin Hyperloop. The branding was removed in November 2022 when the company switched to carrying cargo rather than passengers.

A majority of Hyperloop is held by DP World of Dubai.which will retain the IP.