Sir Richard Branson’s Hyperloop business, which aims to build a futuristic means of transport, has cut half its staff as part of a shift towards moving cargo rather than passengers.
Hyperloop is building a transport system that will propel pods through tubes at speeds of up to 670mph. The technology was first proposed by Elon Musk. He said others were welcome to develop the technology as he was too busy with Tesla and SpaceX.
The company has completed a successful test run with passengers. But it has said it is now “changing direction” due to strong interest in a cargo service.
Employees at the company were informed of the job cuts on a video conference call last Friday, according to the Financial Times.
