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Hyperloop to shut down operations

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Virgin Hyperloop One pod
  1. Hyperloop One, backed by Richard Branson’s Virgin Group, is set to shut down per Bloomberg News.
  2. Despite significant fundraising and expenditures since 2014, financial challenges led to the closure.
  3. The hyperloop concept, proposed by Elon Musk in 2013, faced hurdles in practical implementation despite some demonstrations.
  4. Internal conflicts and rebranding occurred, with a name change to Virgin Hyperloop One after Branson’s investment.
  5. Dubai’s DP World gained control, refocusing the company on cargo transport in 2022 and selling off assets like test tracks.

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