The company is selling off assets, laying off remaining employees
The American company Hyperloop One, specializing in high-speed transport technologies in general and the concept of vacuum trains in particular, will cease operations on December 31, 2023. This was reported by Bloomberg, citing its own sources who wished to remain anonymous.
Hyperloop One, a startup that made waves a few years ago, has raised more than $450 million since its founding in 2014.
The company built a small test track near Las Vegas and briefly took the name Virgin Hyperloop One after Richard Branson's Virgin invested. The Virgin brand was dropped from the name after the startup decided last year to focus on moving cargo rather than people.
The company has now laid off most of its employees and is trying to sell its remaining assets, including its test site and equipment. At the beginning of 2022, the company employed more than 200 people. The company also closed its Los Angeles office. The remaining workers tasked with overseeing the sale of assets were told their jobs would end on December 31, 2023.