Is a Company Owned by Elon Musk Closing? - Bloomberg

American company Hyperloop One, which was developing a high-speed vacuum train, is nearing closure. This was reported by Bloomberg, citing sources, as reported by TASS.

According to the media sources, the company is currently trying to sell its remaining assets, including parts of the test track and equipment. It has been noted that Hyperloop One has already laid off a significant number of its employees and closed its Los Angeles office.

The agency reported that other employees tasked with overseeing the asset sales have been informed that their work will conclude on December 31.

The intellectual property of Hyperloop will be transferred to the DP World conglomerate located in the UAE, which holds the majority of the shares, one source informed Bloomberg.

It is noteworthy that the concept of Hyperloop was proposed by Elon Musk in 2012.