Elon Musk's futuristic transportation startup Hyperloop One shuts down

Elon Musk's Hyperloop One, formerly known as Virgin Hyperloop, is facing its demise as reports indicate the company is in the process of selling off assets, laying off remaining staff, and preparing for a complete shutdown by the end of 2023. 

Once a promising futuristic transportation startup, Hyperloop One aimed to revolutionise travel through high-speed, low-pressure tube systems.

The closure involves the sale of assets and intellectual property, with Dubai port operator DP World set to become the majority stakeholder.

The company's test track in Nevada is also up for grabs, presenting an interesting opportunity for any potential buyer.

Founded in 2014 and having raised around $450 million in funding, Hyperloop One was a major player in the hyperloop space. 

Elon Musk's visionary concept, outlined in his 2013 "alpha paper," proposed propelling aluminium capsules through near-vacuum tubes at speeds up to 760mph, heralding a "fifth mode of transportation."

Despite initial optimism and significant funding, the company faced internal challenges, legal disputes, and financial constraints. 

Hyperloop One's struggles mirror the difficulties of realising Musk's ambitious hyperloop vision. 

While other startups persist in their hyperloop endeavours, the closure of one of the prominent players signals a setback for the once-prominent dream of transforming transportation through hyperloop technology.