"Financial Struggles Plague Hyperloop Tunnel Startup in Northern Italy"
Originally Published 1 year ago — by Fortune
Hyperloop Transportation Technologies (HyperloopTT), a startup inspired by Elon Musk's vision of a high-speed vacuum transportation system, has faced financial difficulties, struggling to pay employee salaries and rent. The company's CEO, Andrés de León, warned shareholders of dangerously low cash reserves and pleaded for an extra $5 million to cover debts and operational expenses. Despite these challenges, HyperloopTT signed a contract with an Italian regional highway operator to conduct a feasibility study for a hyperloop prototype in Northern Italy. The company's financial situation remains uncertain, and its attempt to go public via a SPAC merger in 2022 was dropped.