Hyperloop One Shuts Down

Hyperloop One, a transportation technology startup that focused on commercializing high-speed travel through tube-encased lines, has reportedly shut down.

Bloomberg cited an anonymous source familiar with the situation who claimed that Hyperloop had laid off most of its employees and is attempting to sell its remaining assets, including machinery and a test track. The report added that the startup closed its office in Los Angeles and set December 31 as the last date of employment for its remaining workers.

According to Bloomberg’s source, Hyperloop will transfer its intellectual property to DP World, a logistics company with a majority stake in the startup.