Elon Musk’s Hyperloop One to shut down after failing to reinvent transit


By Sarah McBride | Bloomberg

Hyperloop One, the futuristic transportation company building tube-encased lines to zip passengers and freight from city to city at airplane-like speeds, is shutting down, according to people familiar with the situation.

Once a high-profile startup, Hyperloop One raised more than $450 million since its founding in 2014, according to PitchBook. It built a small test track near Las Vegas to develop its transportation technology, and for a time took the name Virgin Hyperloop One after Richard Branson’s Virgin invested. Virgin removed its branding after the startup decided last year to focus on cargo rather than people.

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