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Hyperloop One is reportedly shutting down
(techcrunch.com)
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this post was submitted on 22 Dec 2023
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This is the best summary I could come up with:
Hyperloop One, once backed by Richard Branson’s Virgin Group, will cease operations on December 31 according to Bloomberg News.
It’s the latest stumble in the tech industry’s attempt to bring life to an idea Elon Musk first put forth in a white paper in 2013.
The original pitch for the hyperloop sounds like a zero interest rate fever dream: build lengthy vacuum-sealed tubes for shipping people and goods at super-high speeds.
But when Branson criticized Saudi Arabia following the killing of Jamal Khashoggi in 2018, the Kingdom pulled a planned project with the startup, and the billionaire stepped down as chairman.
Dubai port operator DP World wound up with majority control of the startup, and pivoted its focus to cargo in early 2022, cutting half the staff at the time and dropping the Virgin moniker.
DP World will wind up with Hyperloop One’s intellectual property, Bloomberg reports, while the rest of its hard assets — including a test track outside Las Vegas and other machinery — will be sold off.
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