this post was submitted on 22 Dec 2023
163 points (96.0% liked)
Technology
57472 readers
3619 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
This is the best summary I could come up with:
Hyperloop One, once backed by Richard Branson’s Virgin Group, will cease operations on December 31 according to Bloomberg News.
It’s the latest stumble in the tech industry’s attempt to bring life to an idea Elon Musk first put forth in a white paper in 2013.
The original pitch for the hyperloop sounds like a zero interest rate fever dream: build lengthy vacuum-sealed tubes for shipping people and goods at super-high speeds.
But when Branson criticized Saudi Arabia following the killing of Jamal Khashoggi in 2018, the Kingdom pulled a planned project with the startup, and the billionaire stepped down as chairman.
Dubai port operator DP World wound up with majority control of the startup, and pivoted its focus to cargo in early 2022, cutting half the staff at the time and dropping the Virgin moniker.
DP World will wind up with Hyperloop One’s intellectual property, Bloomberg reports, while the rest of its hard assets — including a test track outside Las Vegas and other machinery — will be sold off.
The original article contains 245 words, the summary contains 170 words. Saved 31%. I'm a bot and I'm open source!