Richard Branson is reportedly Virgin Hyperloop One’s new chairman

Earlier this month, Virgin Hyperloop One co-founder Shervin Pishevar took a leave of absence from the company and his venture capital firm Sherpa Capital following allegations of sexual harassment and a November arrest for rape that didn’t result in a charge. Now, Axios reports that Hyperloop One has a new chairman — Richard Branson.

This fall, the Virgin Group invested in Hyperloop One, putting Branson on the board and adding Virgin to the company’s name. With Branson as chairman, the company has also reportedly gained an influx of new funding — $50 million worth — from current investors Caspian Venture Capital and DP World, which are based in Russia and Dubai, respectively. Virgin Hyperloop One was running out of capital and around 300 employees were at risk of losing their jobs if more funding wasn’t obtained.

The company has demonstrated its technology a couple of times this year and hopes to actually start putting it to work in 2018.

Via: The Verge

Source: Engadget - Read the full article here

Author: Daily Tech Whip

This article is part of our 'News Tiles' service. The site is currently in Beta. When it is fully operational you will be able to search through and arrange the 'Tiles' to display a keyword, product or technology over your chosen time period. For example you would be able to display all of the leading tech articles on the new Kindle Fire, in one spot in real time. You will also have access to our own original reporting and analysis as well as a polished place to post your own thoughts & reviews here, amongst the Daily Tech Whip Community. Please let us know if you have any feedback via the contact form or via Twitter. Don't forget to come back next week and see our full site and claim your name and your own free tech blog.

Share This Post On