This was reported by Bloomberg, as reported by Ukrinform.

The company has laid off most of its employees and is trying to sell its remaining assets, including its test track and equipment, sources said.

Other employees assigned to oversee the asset sale were told their employment with the company would end on December 31.

At the beginning of 2022, more than 200 people were working in the company.

Once a well-known startup, Hyperloop One is said to have raised more than $450 million since its founding in 2014.

The company built a small test track near Las Vegas to develop its transportation technology, and was named Virgin Hyperloop One for a time because of billionaire Richard Branson’s investment in Virgin.

But Virgin dropped the brand last year after the startup decided to focus on transporting cargo rather than people.

Dubai-based conglomerate DP World has supported Hyperloop One since 2016 and has a majority stake. The remaining intellectual property of the initiative will be transferred to DP World.

The Hyperloop transport system concept was proposed by American entrepreneur Elon Musk in 2013. It involves creating a system in which passenger capsules move in tubes at a speed close to the speed of sound with reduced pressure. It is assumed that the development of Hyperloop will significantly accelerate the movement of people and reduce traffic congestion.

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