Richard Branson steps down as chairman of Virgin Hyperloop One

TechCrunch | 10/22/2018 | Staff
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Richard Branson has reportedly stepped down from the chairman role of Virgin Hyperloop One.

In a statement, cited by Reuters, Branson said that the company would require a more time than he could devote to the company.

Stage - Company - Evolution - Chair - Business

“At this stage in the company’s evolution, I feel it needs a more hands-on Chair, who can focus on the business and these opportunities. It will be difficult for me to fulfill that commitment as I already devote significant time to my philanthropic ventures and the many business within the Virgin Group.”

What wasn’t mentioned was the cancellation of a planned project with Saudi Arabia after Branson criticized the kingdom and suspended negotiations around an intended $1 billion investment from the nation’s Public Investment Fund into Virgin’s space operations.

Branson - Business - Leaders - Ties - Kingdom

Branson is one of several business leaders who have cut ties with the Kingdom of Saudi Arabia following the alleged assassination and dismemberment of dissident journalist Jamal Khashoggi.

Virgin Hyperloop’s largest investor is the United Arab Emirates shipping and logistics company DP World. Earlier this year, the two companies launched a logistics joint venture that would bring hyperloop technologies to the industry. DP World first invested in what is now Virgin Hyperloop back in 2016.

Month - Virgin - Hyperloop - Results - Feasibility

Earlier this month, Virgin Hyperloop released the results of a feasibility study conducted with Black & Veatch of the company’s planned route through Missouri to link St. Louis and Kansas City.

The independent report, authored by global infrastructure solutions company Black & Veatch, analyzes a...
(Excerpt) Read more at: TechCrunch
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