The US transport company ‘Hyperloop One’ started its journey in 2014 with the aim of creating a high-speed transportation system. Elon Musk’s company wanted to build this transportation system between China and Europe. But the company is not meeting that target. The company is closing down.
Elon Musk published a research paper aiming to develop hyperloop transportation technology. Soon after this, the company collapsed in 2014.
Its original plan was to provide a transportation service where people or goods could be transported at super-fast speeds using pods floating in metal tubes.
According to a Bloomberg report, the company has been under financial strain for some time. In addition, the company has not been able to enter into any contract to build the Hyperloop system. Meanwhile, the company has laid off most of its existing workforce. And the rest will also be retrenched by December 31, said to the report.
