Hyperloop One, the futuristic transportation startup that promised to whisk us through nearly airless tubes at airline speeds, is shutting down, according to Bloomberg.
The company is selling off its assets, closing down its offices, and laying off employees. It will formally close at the end of the year, at which point all of its intellectual property will shift to its majority stakeholder, major Dubai port operator DP World. Whoever buys the test track in the Nevada desert will have one hell of a Slip ‘N Slide if they want it.
Since its founding in 2014, the company raised around $450 million in venture capital funds and other investments. While there is still a small smattering of startups trying to build hyperloops, the demise of...