Transportation company “Hyperloop One closes down

Hyperloop, the futuristic transportation company that builds tube-lined lines to transport passengers and goods from one city to another at airplane-like speeds, has closed despite raising more than $450 million in venture capital since its founding in 2014.

According to Bloomberg, the company built a small test track near Las Vegas to develop its transportation technology, and for a while it took the name Virgin Hyperloop One, after the Virgin company that Richard Branson invested in.

Virgin removed its branding after the startup decided last year to focus on goods rather than people.

While the company has now laid off most of its employees, and is trying to sell its remaining assets, including the test track and machinery.

​