The company famous for its concept of propelling people hundreds of miles an hour through a vacuum tube has closed.
Hyperloop One had its sights set on making journeys significantly shorter, inspired by Elon Musk.
Richard Branson, founder of Virgin, had lent his support to this in the past, but withdrew it last year.
Bloomberg has reported that the company will terminate all of its remaining employees by the end of the year.
The company promised that this new era of high speed travel, which leverages maglev technology already available in some transport systems, would take place in a vacuum tube.
This would result in lower friction and air resistance, enabling the train to travel at a velocity of 700mph (1,127km/h).
It was intended to be more environmentally friendly than existing high-speed transport.
Yet, while Hyperloop One had created some models in the Nevada desert, the initiative was stuck with some professionals voicing questions about its engineering difficulties.
The building of massive ducts across the countryside and in urban areas would have been necessary.
It also experienced difficulties with bends, thus necessitating that all of the pipes be configured in a linear fashion.
In 2020, a trial of the system f was conducted with two company employees, which resulted in the first successful passenger ride utilizing hyperloop technology.
The pod attained a velocity of 107mph (172km/h) on the 500m (546yds) trial run.
However, the company declared that 2022 would bring a shift in policy, emphasizing transportation of goods instead of individuals.
The modification of that resulted in a statement regarding more than 100 personnel reductions, and this was soon followed by more job eliminations in the course of the year.
By the end of the year, Richard Branson, who had been the company chairman, had departed and the backing of Virgin had been withdrawn.
The company had also gone through various scandals, with one previous director, Ziyavudin Magomedov, being put in prison in Russia due to allegations of embezzlement.
Shervin Pishevar stepped down as an investor in 2017 after being the subject of sexual misconduct allegations reported by Bloomberg. on the computer
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The prototype pods are moved along a track through the use of magnetic levitation technology.
In 2013, Elon Musk published a report that put forth the original concept of a hyperloop system, which would involve capsules being propelled through a tube at high velocity.
Mr Musk owns a business, known as The Boring Company, that is investigating comparable technology using subterranean tunnels.
Other businesses worldwide continue to explore the concept.
DP World, the Dubai-based firm with a sizable share in Hyperloop One, was approached for a statement.
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