Hyperloop One is closing due to financial problems

Hyperloop One will close its doors. Those involved reported this to the Bloomberg news agency. The last group of employees will stop working on December 31. Hyperloop One has not yet released a statement.

The hyperloop maker has, among other things, failed to win more orders, writes Bloomberg based on his sources. Most employees have already left, an employee confirms tech news website Engadget. The remaining team will be released on December 31. Until then, it will continue to oversee the sale of Hyperloop’s assets, including its test tracks.

Hyperloop One was founded in 2014. Three years later, the company was named Virgin Hyperloop One due to an investment from businessman Richard Branson’s Virgin Group. In November 2022, Virgin Group withdrew from the partnership and Hyperloop One continued under its own name. This was because the hyperloop maker wants to ‘focus more on freight transport instead of passenger transport’, Virgin Group stated at the time. By February of that year, the company had already laid off half of its staff.

Hyperloop One test track