There have been reports that Hyperloop One, a company developing a new form of high-speed transportation through a vacuum tube, has ceased operations. This comes after failing to secure a contract to build the Hyperloop from an agency. The company will now sell off all its assets and terminate the remaining employee contracts by the end of this year.
Founded in 2014, Hyperloop One received over $400 million in investments. In 2017, the company changed its name to Virgin Hyperloop One after Virgin Group joined as an investor. However, it later reverted back to its original name, Hyperloop One, as Virgin withdrew its investment. The company had to pivot its business model to focus on freight transportation instead of passenger transportation.
Many people may be familiar with the concept of Hyperloop, which was originally proposed by Elon Musk in 2013. Musk started working on this idea through his company, The Boring Company, but later halted its development. Hyperloop One is now one of the leading companies pushing forward with the concept.
TLDR: Hyperloop One, a company developing a high-speed transportation system, has closed down after failing to secure a contract. It will sell its assets and terminate employee contracts. The company was originally known as Virgin Hyperloop One but reverted back to its original name. The concept of Hyperloop was proposed by Elon Musk and is being pursued by Hyperloop One.
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