The company famous for its idea of shooting people at hundreds of miles per hour through a vacuum has shut down.
The goal of Hyperloop One, based on Elon Musk’s idea, is to significantly shorten travel times.
Previously they had support from Virgin founder Richard Branson, but he withdrew last year.
The company will lay off its remaining staff by the end of this year, according to Bloomberg.
The company has promised a new era of high-speed travel, using magnetic levitation (maglev) technology – already used in some transport systems – in vacuum tubes.
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This will reduce friction and air resistance, so the train can travel at speeds of 700mph (1,127km/h).
This transportation is also intended to be more environmentally friendly than current high-speed transportation.
However, although Hyperloop One built several prototypes in the Nevada desert, the project stalled as some experts expressed doubts about its engineering challenges.
This requires the construction of giant pipes in villages and in cities.
There is also a problem with the angles – so all the tubes must be in a straight line.
A trial of the system was conducted with two company employees in 2020 – the first successful passenger trip using hyperloop technology.
The pod reached a top speed of 107mph (172km/h) on a test run of 546yds (500m).
But the company announced a change in strategy in 2022, saying it would focus on transporting cargo rather than people.
This change also came with the announcement of more than 100 job losses, and was followed by more layoffs at the end of the year.
At the end of the year, it was reported that Richard Branson, once chairman of the company, was stepping down and the company was losing support from Virgin.
The company has also been mired in scandal over the years, with one of its previous directors Ziyavudin Magomedov jailed in Russia on embezzlement charges.
Another investor, Shervin Pishevar, left in 2017 after Bloomberg reported sexual harassment allegations.
