The company formerly known as Virgin Hyperloop has decided to sell its assets, lay off its remaining employees and close down permanently.
Founded in 2014, Hyperloop One has raised approximately $450 million through venture capital funds and other investments. Elon Musk, who introduced the super-fast train concept with a maximum speed of 760 miles per hour in 2013, is considered the ideologist of this project.
The closure of Hyperloop One deals a significant blow to Musk’s dream of creating super-fast transportation.
Although some startups continue to work on creating similar systems, the closure of one of the largest companies in this field highlights the difficulties and difficulties associated with the implementation of such ambitious projects.
Source: Ferra
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