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When Richard Branson threw his weight behind Hyperloop One in 2017, the world took discover. The billionaire’s Virgin Group invested within the transportation startup, which promised to zip passengers and cargo between cities at aviation speeds via tubes. Later, Branson even grew to become chairman of Virgin Hyperloop, because it was rebranded for a time.
“The explanation I grew to become chairman of this firm, I discovered this ridiculously thrilling,” Branson told CNBC in 2018. “I believe if we are able to construct Virgin Hyperloops in a variety of completely different international locations, connecting international locations, that may carry the world a lot nearer.”
“While you’re speaking in regards to the pods going at 6, 7, 800 miles an hour, each with individuals and cargo, that’s tremendously thrilling,” he added.
Josh Giegel, a Hyperloop cofounder after which CTO, later gushed about the “type of credibility” that Branson and firm delivered, calling it a “signal we’re doing one thing proper.”
Tesla CEO Elon Musk wasn’t concerned within the firm, however a yr earlier than its founding in 2014 he had pitched the hyperloop idea, urging entrepreneurs to make it a actuality. According to his biographer Ashlee Vance, the thought originated out of Musk’s “hatred for California’s proposed high-speed rail system.”
Earlier this month, the Biden administation announced billions in funding for high-speed rail initiatives throughout the Golden State, a part of “$8.2 billion in new funding for 10 main passenger rail initiatives throughout the nation.”
And this week, Bloomberg reported that Hyperloop One—which has raised greater than $450 million since 2014—is shutting down.
Indicators of hassle had been constructing. Final yr, the enterprise, which by no means received a contract to truly construct a hyperloop, determined to give attention to cargo somewhat than passengers, and Virgin pulled its title.
A lot of the firm’s workers, of which there greater than 200 final yr, have been laid off, and its Los Angeles workplace has been closed.
Branson mentioned in 2017 in an announcement about Virgin’s funding: “After visiting Hyperloop One’s check web site in Nevada and assembly its management group this previous summer time, I’m satisfied this groundbreaking expertise will change transportation as we all know it and dramatically lower journey instances.”
And he assured CNBC viewers the next yr that precise working hyperloops have been nearing actuality. “We’re speaking about two to a few years away, not a few years away,” he mentioned.
Now the corporate is making an attempt to promote numerous property, and its remaining staff have been advised their employment ends Dec. 31.
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