Hyperloop Shuts Down Operations: What’s Next for the Future of Transportation?

Hyperloop One, the ambitious company that aimed to revolutionize transportation by shooting passenger vehicles through evacuated tubes at speeds of up to 700 mph, is closing down, according to a report by Bloomberg. This marks the end of a journey that began in 2014, during which the company managed to raise over $450 million in funding.

The closure of Hyperloop One comes as a surprise to many, as the company had been making significant progress in recent years. However, it seems that the company's financial situation has forced it to take drastic measures. In an effort to recoup some of its losses, Hyperloop One is reportedly trying to sell its assets, including a test track that was built in the Nevada desert.

Unfortunately, the closure of the company also means that its employees will be laid off. According to reports, the layoffs are scheduled to take place on December 31st. In addition, the company's Los Angeles office has already been closed. This news comes as a blow to the employees who had dedicated their time and effort to making the Hyperloop concept a reality.

One of the notable investors in Hyperloop One was Richard Branson, who saw the potential in the company and decided to invest. As a result, the company was briefly renamed Virgin Hyperloop. However, in November 2022, the company made the decision to shift its focus from passenger transportation to cargo. This move led to the removal of the Virgin branding.

Despite the closure of Hyperloop One, the intellectual property (IP) of the company will still be retained by DP World of Dubai. DP World, a major player in the global logistics industry, holds a majority stake in Hyperloop One. It remains to be seen what DP World plans to do with the IP and whether they will continue to pursue the Hyperloop concept in the future.