Posted 3/2/2024, 3:12:00 PM
Hyperloop Startup HyperloopTT Faces Financial Troubles
- Hyperloop Transportation Technologies (HyperloopTT), a startup inspired by Elon Musk's Hyperloop idea, has struggled to pay employees and debts.
- The CEO wrote to shareholders that the company urgently needs $5 million to pay back loans, cover expenses, and pay months of unpaid salaries.
- HyperloopTT signed a contract to conduct a feasibility study for a Hyperloop in Italy, which will provide €1.6 million in revenue.
- The company was close to forfeiting all assets to an investor over an unpaid $1 million loan due at the end of February.
- HyperloopTT attempted to go public via a SPAC merger in 2022 but those efforts were dropped.