Elon Musk’s visionary transportation venture, Hyperloop One, has ceased operations

Hyperloop One, a startup focused on a futuristic hyperloop transit system envisioned by Elon Musk, is now leaving its destination, Bloomberg reports.

The transportation company is laying off most of its employees and selling the rest of its assets, including a 1,500-foot-long “loop” in the Nevada desert, sources cited by Bloomberg said.

Hyperloop One had previously raised $450 million, according to Pitchbook. The money went toward his project, which involves a network that uses vacuum tubes to transport pods, which transport people and goods to their destinations at speeds of up to 760 miles.

In 2017, Hyperloop One executives told The Verge that they hoped to have “operating hyperloops around the world” by 2020.

However, the startup has faced financial difficulties and over the past few years has gone out of its way to leverage assets. According to tradition, it plans to close its Los Angeles offices. and will be completely closed by the end of this year.

That’s a loss for proponents of hyperloop technology, of which Elon Musk is the most famous.

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Tesla’s CEO presented the new approach in the form of Hyperloop in an “alpha paper.” He called it “a mix between a Concorde and a railgun and an air hockey table” and suggested it could allow people to get from Los Angeles to San Francisco in just 30 minutes.

Musk started the boring company to explore ways other than national transportation methods, but the tunneling firm has scaled back its goal over the past few years.

Intentions to build Hyperloop prototypes have all but died under Chicago, New York, and Washington, D.C., and so far Musk’s lofty goals have come to nothing, just a 1.6-mile loop under the Las Vegas Convention Center. From where people can travel in Tesla cars through an underground tunnel (and sometimes get stuck in traffic).

The Boring Company plans to expand the Las Vegas loop to 69 stations. However, Musk tweeted last year that the company still plans to build a Hyperloop, but one that Musk has built at SpaceX’s Californian headquarters. The original prototype turned the Hyperloop into a parking lot.

Hyperloop One did not immediately respond to a request from Business Insider, which was made after normal working hours.

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