Virgin Hyperloop, Elon Musk’s old project, is reportedly in the process of liquidating its assets, terminating its remaining employees, and getting ready to shut down entirely by the end of 2023.
Hyperloop One was a once-promising future transportation firm that sought to transform travel with low-pressure, high-speed tube networks.
Assets and intellectual property are being sold as part of the shutdown, with Dubai Port Operator DP World expected to acquire the majority stake.
The Nevada test track owned by the corporation is also for sale, making this a compelling opportunity for any prospective purchaser.
Having raised almost $450 million in finance since its founding in 2014, Hyperloop One was a significant player in the hyperloop industry.
Elon Musk’s innovative idea, describedsuggested launching aluminum capsules via nearly vacuum tubes at 760 mph in his 2013 “alpha paper,” so introducing a “fifth mode of transportation.”
The business had to deal with internal conflicts, legal issues, and budgetary limitations despite early optimism and substantial capital.
The challenges faced by Hyperloop One are similar to those faced in implementing Elon Musk’s ambitious hyperloop concept.
The shutdown of one of the major participants marks a blow for the once-prominent dream of revolutionizing transportation through hyperloop technology, even as other entrepreneurs continue to work on their hyperloop projects.
