Hyperloop One once dreamed of building a high-speed connection between Europe and China, which would allow cargo to be delivered from one end of Eurasia to the other in one day. However, this will remain one of many goals that the company will not be able to achieve. Hyperloop One is closing. The company was founded in 2014 after the publication of an article by Elon Musk about his vision for Hyperloop transportation technology.
The company initially aimed to transport both cargo and people in capsules traveling long distances in sealed metal tubes at speeds similar to those of an airplane.
From 2017 to 2022, it was known as Virgin Hyperloop One due to investment from Richard Branson's Virgin Group. But Virgin quietly dropped its brand last year when the company decided to scrap plans to carry passengers to focus on building a cargo-only service. Hyperloop One laid off more than 100 employees early last year due to changing priorities.
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The company has been experiencing financial problems for some time and, in particular, has not been able to conclude a contract for the construction of a working Hyperloop system. She has now fired most of her remaining employees, and the remaining ones will be fired on December 31, reports Engadget. By then, they will oversee the sale of Hyperloop One's assets, including its cars and test tracks.