Hyperloop One is reportedly shutting down

One of the longest-running hyperloop startups is reportedly shutting its doors. Hyperloop One, once backed by Richard Branson’s Virgin Group, will cease operations on December 31 according to Bloomberg News.

It’s the latest stumble in the tech industry’s attempt to bring life to an idea Elon Musk first put forth in a white paper in 2013. And it comes after Hyperloop One raised and spent hundreds of millions of dollars since its founding in 2014.