The supposed 'future of transportation' that will bring passengers from point A to B at aircraft speeds, Hyperloop, is shutting down, with the company already closing down its offices. In this latest update, Hyperloop will no longer see 2024 for its operation and visions for the world's improvement in transportation, centering on the answer to the massive traffic problems.
In its operations, the company has transferred ownership multiple times, and at one point, it was known as the Virgin Hyperloop under Sir Richard Branson's company.
Hyperloop Shuts Down, No Longer Seeing 2024
(Photo : Virgin)
According to a report by Bloomberg, the company known as "Hyperloop" is shutting down, with it already in the process of selling its assets, closing its offices, and laying off employees. The company is also formally shutting down by the end of December 2023, and it will no longer see 2024 for its operations and development of the renowned mass transport system.
It first started its operations in 2014, and it has not yet reached a decade since it was created before it threw in the towel.
With its current sale, the intellectual property and patents it owns will move to its majority stakeholder, DP World, a renowned Dubai-base port operator. It was regarded that "whoever buys the test track in the Nevada desert will have one hell of a Slip 'N Slide if they want it."
Read Also: 'Train of the Future': Superfast Hyperloop Shuttle Can Travel at Higher Speeds Using Less Energy
Futuristic Transportation Company Now 'Dead'
According to The Verge, the Hyperloop One company is now dead, and it has seen many changes throughout its existence, as before, it was known as the 'Hyperloop Technologies.'
The company was later acquired by Branson and later named Virgin Hyperloop before it was named Hyperloop One in 2016.
Hyperloop and the Others Like It Now
Hyperloop Technologies was one of the earliest companies to jump the gun on creating a futuristic transportation system for the world to experience, with its goal of connecting cities and far away locations with a solution for travel time. Initially, it was said by Hyperloop's then-CEO Rob Lloyd that the project would be available in five years' time, claiming this in 2015, and should have been available in 2020.
However, there were no such transportation systems that the company delivered to the world.
On the contrary, the proprietor of the 'Hyperloop' transportation, Elon Musk, has focused on a different experience to deliver this, made possible through The Boring Company's underground 'Loop' systems that use Tesla electric cars.
Other companies have also looked into the 'Hyperloop' concept, with China also looking to bring its version of this transportation technology to its country.
The goal of the Hyperloop is to simplify transportation for all, offering a way for intercity travel to be possible in under minutes, something that made significant traction in the industry. Still, it was not all successful, and there are significant challenges and hardships faced by various companies, including Hyperloop One, with the company now hanging the mantle.
Related Article: Hyperloop that Travels Passengers at "Almost the Speed of Sound," Only a Few Years Away
