Hyperloop One, formerly owned by Richard Branson’s Virgin Group, is reportedly shutting down after selling off its assets and laying off all its employees. It will shut down on December 31, 2023, according to Bloomberg News.
The company once aimed to build a high-speed transportation system between Europe and China, but this goal now seems difficult to achieve for the company. Hyperloop One was founded in 2014 after the release of Elon Musk’s alpha paper about hyperloop transportation technology. Hyperloop has also accomplished many things, like building a test track in Nevada. It also conducted a test with human passengers in 2020, but the experiment was not up to par, and the critics have termed it an impossible financial vision.
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Richard Branson’s Virgin Group pulled its branding when the company started focusing on building a cargo-only service instead of plans to transport passengers. Hyperloop has been laying off employees since last year. According to a report, the company was facing some financial issues and had never secured a contract to build a working hyperloop system. As per the news, the remaining employees will be relieved on December 31, and the company is focusing on selling its assets.
The company has been through many challenges, including a legal battle with one of its co-founders, Brogan Bambrogan, due to claims of harassment and sabotage. Another co-founder, Shervin Pishevar, was let go because of the sexual assault and misconduct allegations. As per the sources, Hyperloop’s majority stakeholder, major Dubai port operator DP World, is acquiring its intellectual property, while other assets like machines and a test track near Las Vegas will be sold.
