Hyperloop one to shut down after failing to reinvent transit
Once a high-profile startup, Hyperloop One raised more than $450 million since its founding in 2014, according to PitchBook.
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Once a high-profile startup, Hyperloop One raised more than $450 million since its founding in 2014, according to PitchBook.
The company had captured the public’s imagination since its founding in 2014, a year after Elon Musk released a white paper outlining a vision for hyperloop technology. The concept was a tantalizing promise of a new kind of transportation technology — and an end to traffic.
(Bloomberg) -- Hyperloop One, the futuristic transportation company building tube-encased lines to zip passengers and freight from city to city at airplane-like speeds, is shutting down, according to people familiar with the situation.Most Read from BloombergIran Sends Warship to Red Sea After US Sinks Houthi BoatsQuake Hits Northwestern Japan, Killing Four, Wrecking HomesIndia’s Crude Oil Imports From Russia Plunge on Payment IssuesUS Pushed Dutch Maker of Chip Equipment to Block Chinese Sales
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Tax filings originally obtained by Bloomberg revealed that Elon Musk plans to open a school in Austin, Texas, "focused on teaching in STEM subjects."Musk's private foundation, "The Foundation," requested tax-exempt status from the Internal Revenue Service as it continues to formulate plans to open a...