Hyperloop One is coming to an end.

It was previously the goal of Hyperloop One to construct a high-speed freight link that could transport cargo from Europe to China in a single day.

That will still be one of the numerous objectives the business is unable to achieve, though. A staff member verified to Engadget that Hyperloop One is closing following a story from Bloomberg regarding the shutdown. It was established in 2014 after Elon Musk’s article outlining his plans for hyperloop technology was published.

Initially, the business planned to carry passengers and freight in enclosed metal tubes across great distances at speeds comparable to those of an airliner. It was known as Virgin Hyperloop One from 2017 to 2022 as a result of funding from Richard Branson’s Virgin Group. However, Virgin subtly changed its branding when it decided to forgo passenger transportation in favor of concentrating on developing a cargo-only business last year. Due to a shift in objectives, Hyperloop One fired more than 100 employees at the beginning of the previous year.

The business has reportedly been experiencing financial difficulties for some time and has not, notably, been awarded a contract to construct a functional hyperloop system, according to Bloomberg. According to the news outlet, it has already let go of the majority of its surviving staff members, and those who remain will be let go on December 31. They are apparently in charge of managing the assets sales for Hyperloop One up until that point, including its test tracks and equipment.

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