Hyperloop One's Demise Marks the End of a Transportation Revolution

Hyperloop One, a prominent hyperloop startup once backed by Richard Branson's Virgin Group, is reportedly shutting down on December 31. Despite raising and spending hundreds of millions of dollars since its founding in 2014, the company struggled to bring Elon Musk's hyperloop concept to fruition. After going through various changes and legal disputes, including losing a project with Saudi Arabia due to Branson's criticism of the country, Hyperloop One shifted its focus to cargo and was eventually acquired by Dubai port operator DP World. DP World will acquire the company's intellectual property, while its physical assets will be sold off.