Startup bringing Elon Musk’s hyperloop dream is closing; future fades.

Futuristic transport startup Hyperloop One, which aimed to build Elon Musk’s hyperloop transit system, is shutting down. The company is laying off most of its employees and selling its remaining assets, including a test “loop” in the Nevada desert. Hyperloop One had raised over $450 million towards its goal of building a network of vacuum tubes that use air pressure to propel pods at speeds of up to 760 mph. The startup previously stated that it expected working hyperloops around the world by 2020. However, it encountered financial difficulties and shifted away from passenger travel. This closure is a setback for advocates of hyperloop technology, with Musk being the most famous advocate. Plans to build hyperloop prototypes in cities such as Chicago, New York, and Washington DC have been abandoned. Musk’s ambitious plans for a hyperloop have so far resulted in a 1.6-mile loop beneath the Las Vegas convention center, operated by his tunneling firm, The Boring Company.