Musk's Hyperloop One to shut down as it fails to make revolutionary transport

Presently, the company is undergoing significant downsizing, with most employees laid off, and it is actively seeking buyers for its remaining assets, including the test track and machinery, the media sources say. The Los Angeles office has been closed, and the remaining staff overseeing the asset sale were informed of the termination of their employment by December 31.

According to The Verge, the company's concept included the use of aerodynamical aluminum capsules with passengers or cargo to traverse low-pressure tubes at speeds of up to 760 mph. The tubes could be elevated on pylons or buried underground to be integrated within or between cities.

Hyperloop image (Eland Cables)

Musk referred to this idea as a "fifth mode of transportation." He argued that this innovation could profoundly influence the way people live, work, trade, and travel. A particularly exciting scenario he voiced was a swift 30-minute journey from Los Angeles to San Francisco, captivating high interest among engineers and investors.

Once a prominent startup, Hyperloop One, originally known as Hyperloop Technologies, secured over $450 million in funding since its launch in 2014. It constructed a small test track near Las Vegas to run its transportation technology and shortly adopted the name Virgin Hyperloop One following an investment from Richard Branson's Virgin. However, the startup reverted to its original focus on cargo over passengers last year, leading to the removal of Virgin's branding.

Despite capturing the public attention with its promise of revolutionary technology since its founding, Hyperloop One faced challenges. It never secured a contract to construct a functional hyperloop, and its co-founders were embroiled in controversies, including workplace incidents and sexual harassment allegations. The company's value declined further when no large-scale hyperloop projects materialized after years of effort.

Other Musk's startup

SpaceX company is another of Musk's enthusiastic startups aimed at conquering space. Its Starship rocket is a key component of Elon Musk's plan to transport cargo and people to Mars. However, the first Starship launch on April 20 failed.

SpaceX faced another setback during the second launch of its Starship spacecraft. The rocket reached an altitude of 148 kilometers, but communication was lost shortly after liftoff.

After two unsuccessful rocket launches, SpaceX is gearing up for the third launch of Starship.