Hyperloop One STOP, a high-speed rail company.

Based on Elon Musk's idea, Hyperloop One's goal was to dramatically reduce travel time. It previously had the backing of Virgin founder Richard Branson, but withdrew last year.

According to Bloomberg, the company plans to cut remaining employees by the end of the year. The company promised a new era of high-speed travel using Maglev technology, which has been used in some transport systems inside vacuum tubes.

This reduces friction and air resistance, allowing the train to reach speeds of up to 1,127 km/h. It also had to be more environmentally friendly than current high-speed cars.

Hyperloop One had a few prototypes built in the Nevada desert, but the project was halted after some experts raised technical questions. This will require the construction of large-scale pipelines in rural and urban areas.

There were also problems with the edges, so all the pipes had to be straight. The system was tested by two company employees in 2020. This was the first successful flight of an airliner using hyperloop technology.

During the 500 m test, the speed of the basement reached 172 km/h. However, the company has announced a change in strategy for 2022, saying it will focus on transporting goods rather than people.

The changes included more than 100 job cuts announced, with more to come later in the year. At the end of the year, the company's chairman, Richard Branson, resigned, and the company was losing the support of Virgin.

The company has also been embroiled in scandals for years, with former director Ziyavudin Magomedov jailed in Russia on money laundering charges. Another investor, Sherwin Pishevar, left the company in 2017 amid sexual harassment allegations from Bloomberg.
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The Kong prototype uses magnetic levitation technology to move along a track.

The original Hyperloop was based on a 2013 report by Elon Musk, who proposed the idea of ​​pulling a capsule at high speeds through a tube. Mr. Musk runs his own company, The Boring Company, which explores similar technologies through underground tunnels.

Other similar companies around the world continue to research this concept. DP World, which owns a majority stake in Hyperloop One, has contacted the Dubai-based company for comment.